“Insanity: Doing the same thing over and over and expecting different results.” – Albert Einstein
If your company is processing more than 500 invoices per month – repeating the same manual process over and over, and not improving efficiency – you are losing money, and your financial sanity.
But there is a solution. With business process automation, businesses are gaining efficiencies. Accounts Payable processing is no exception. If you are managing the AP process manually across multiple people, vendors, offices, states or even countries, chances are you have felt the tide of insanity rise more than once. It doesn’t have to be that way.
By automating the AP process you will increase efficiency – saving time, money and resources. Your team has instant access to all the financial information they need – speeding up invoice processing cycle time, reducing errors and eliminating misplaced paper. Higher efficiency in your AP processes means reduced costs throughout your business, a healthier balance sheet for your company and a healthier frame of mind for you and your employees.
A report by Accenture highlights automation of data as a critical component of success:
“…leading enterprises are pursuing digital strategies that leverage mobility, analytics, and cloud to improve business processes, take advantage of real-time intelligence, expand the boundaries of traditional workforces, and transform the way data is managed and used.”
Take the United Way of Greater Knoxville (UWGN), for example. One of 1,350 United Ways in the United States, they operate with a small staff. Before implementing AP automation, forms, checks and invoices were fragmented between various offices, filing cabinets and storage facilities. Staff was overwhelmed with high volume transactions and little efficiency.
AP automation helped UWGN save personnel resources with automatic routing of vendor invoices and purchase orders requiring approvals. Employees from any location can instantly retrieve, view, print and email documents from any computer. UWGN has better cash flow visibility and control over the invoice process and costs. They have eliminated demand for costly physical storage space. Receivables have improved, as well. The new system allows them to scan and record all incoming checks and payments, and provides a daily report with all receivables – moving everything along from daily postings to deposits – saving time and reducing costs.
Another area experiencing the shift towards automation is healthcare. Practices streamlining patient data with Electronic Medical Records are applying the same concept to their back office. Capital Cardiology Associates (CCA), a growing practice with more than 25 physicians in seven locations, experienced first-hand the benefits of process improvement.
Time, overwhelming storage space requirements and the potential liability of misplaced documents were only some of the issues with their existing paper system. CCA found that their processes were incurring unnecessary costs and inhibiting patient services.
Through AP automation, CCA realized direct financial savings, reducing both printing costs and physical storage space. They saved time with same-day approval processes and obtained a 2% quick pay discount on one of their larger medical supply vendors. Employees are now able to access financial data regardless of location and benefit from improved accountability and more efficient workflow.
Every facet of business benefits from productive document-based workflows. By treating AP Automation as a necessity, your organization can unlock new ways to reduce costs, operate efficiently and stay ahead of the curve. And maintain your sanity.
Want to see AP Automation action? Take our 4-Minute DocStar ECM AP Automation Tour today.
 Accenture Technology Vision 2014 Identifies Six IT Trends Driving Digital Power Shift as Large Enterprises Assume Role of Digital Disrupters.