To start off your week right, here are the best articles we shared from last week.
In this blog, we cover the methods a company can use to improve profitability, which is a concept that goes neglected in lieu of other business focuses. The three profitability methods we cover are improving data management and workflow, capturing early pay discounts and reducing procure to pay processing time.
“According to a 2011 Aberdeen Research study, Best-in-Class organizations that have implemented automated accounts payable software process invoices in just 3.8 days, compared to the lowest performing companies at 20.8 days. Yes, 20.8 days. What could your team do if it had an extra 17 days to do something other than process invoices? With accounts payable automation, invoices are scanned, data is instantly recognized and reconciled against ERP entries, then routed automatically for electronic approvals – saving tons of time – and money.”
In our most recent 2-part blog post, we explain the importance of Enterprise Content Management (ECM) to a business. This technology can help a business become closer since many businesses are hindered by multiple, complex departments that lack proper communication.
“Most companies have learned by now that the use of technology can help create efficiencies in many areas of business. But it can be an enormous task prioritizing and budgeting for the right product, at precisely the right time to gain the most benefit for your specific needs – and having that success feed your bottom line. In order to expand business intelligence, insight and efficiency, the place to start is document management, or Enterprise Content Management (ECM).”
While part 1 justified why ECM is necessary, this part discusses the importance of AP Automation in the cost saving process. With the elimination of manually processing invoices, AP invoices can be processes as soon as they are received, demonstrating how time and overall costs are saved one invoiced at a time. That’s just the start of the saving.
“Instead of manually processing paper invoices, ECM is a platform to securely capture, process, and route your AP invoices automatically – from one database. Invoices can be indexed, classified, and via workflow rules, funneled directly into current EPR solutions like Sage ERP or Microsoft Dynamics GP. A full system integration eliminates the need for double or even triple data entry.”