No matter what business you are in – healthcare or law, automotive or manufacturing, Accounts Payable (AP) is central to your finance department. Traditionally mired in mounds of paperwork and suffering from the inefficiencies of manual processing, many AP departments have thrown up their hands in frustration while other areas of the business benefit from newer systems and better technology. Businesses now have access to software to streamline everything from sales and marketing to HR, AR, payroll and customer communication. But too many times the AP team gets left in the dust.
So what is the answer for AP? It’s called automation – and AP managers, controllers and CFOs across the globe are waking up to better productivity, reduced costs and significantly more efficient AP processes.
If you aren’t automating your AP, you are missing out on cost savings, critical business insight and a reduction in errors and procure to pay processing times. In addition, organizations who implement AP Automation can improve vendor relations, as well as capture early payment discounts. Bottom line- AP Automation Systems accelerate productivity and help you more accurately predict financial performance for your organization as a whole.
Join us for this series of 6 blogs to help you identify the right level of AP Automation for your organization, which tools and techniques are best for you and how to implement with a phased approach for long term success. We will walk you through the basics of AP Automation technology and also expand into more advanced solutions to give you a better understanding of which elements are right for you. The truth is, not everyone needs an all-encompassing AP automation solution. And just like Rome, it can’t be built in one day. Our goal is to give you the tools you need to transform your AP with a phased approach –to keep your cost of entry low and improve your chance of long term success. Upcoming posts include:
Understanding the Benefits and Capabilities of Document Management Technology
In this section we will explain the elements of a basic content management system, including invoice capturing, indexing, workflow and storage and how to implement as a very easy first step in the electronic AP Process.
Utilizing Different Levels of Data Capture For Ease and Efficiency
An overview of how various technologies can read data and how this information is shared. Understand basic capture with structured templates to more advanced technology like barcode readers, Optical Character Recognition and Intelligent Data Capture and the benefits of each.
Optimize Indexing in Your Enterprise Document Management System
Systems with advanced search capabilities can significantly reduce processing time and get you to the data you need faster. But this level of sophistication requires the right indexing strategy for the data so you have the right information without overdoing it. We will tackle the ins and outs of indexing and how to know where to draw the line.
Leveraging Workflow Functionality For Maximum ROI
Implementing workflow can have a positive impact on your AP processing – from simply electronically routing an invoice to a full integration with an ERP or CRM system. We explain when it makes sense to deploy basic to advanced workflow and what you need to consider to ensure scalability and compatibility with other systems.
Home Sweet Home: Understanding Data Storage and Accessibility
Whether you are looking to store your data on-premises or on the cloud, security and accessibility are critical to the success and longevity of your system. We will review the pros and cons of both storage options and how to manage security, accessibility, compatibility and compliance for optimal performance and peace of mind.
Many organizations have moved to automate. Now it’s your turn – we CAN help you understand how to transform your entire AP process from start to finish with innovative technology for long term ROI. Be sure to check back to read the latest post in the series.