17 Jul Would you Prefer your AP in Manual or Automatic?
In most organizations, the Accounts Payable team’s role is to ensure invoices are received and processed in a timely fashion. AP departments need the support of management for two major reasons: to adopt a process that emphasizes the importance of optimizing payables and freeing up working capital to fuel growth. If your AP process is still stuck in manual mode, then maybe it’s time to upgrade to an Automatic?
Time to Automate
A failure to adopt effective accounts payable processes can hamper a company’s ability to process invoices in a timely manner, take advantage of available discounts and set either longer or shorter payment terms with suppliers. This is all depending on which are most favorable; not to mention the high-level of frustration it creates for your AP team.
These consequences arise when businesses, rely too heavily on error-prone manual processes to approve requisitions, scan supplier invoices and issue payments. Many organizations lose the ability to receive early payment discounts by over-extending payment cycles or simply accept discounts without calculating the cost of capital outlay. Most organization lack the processes and systems to prevent late payments, under- or over-payments, duplicate payments or missed payments.
Accomplish More with Less
Organizations that implement an AP automation solution will usually see immediate benefits within the first 90 days. They quickly find they can accomplish more tasks in a faster time-frame and with fewer resources. Ultimately, this can reduce their AP costs by as much as 80%.
Key to Automating AP
They key to automating your AP process is creating a strategy that compliments your current process, reduces the risk of manual errors and strengthens internal controls around accounts payable processing. Change can be difficult, but at V3 we specialize in making it as painless as possible for our clients. Our AP Automation Managed Service does all the work for you. We can have you up and fully automated in less than 8 weeks. Our solution eliminates data entry, routes invoices through easy to follow rules-based workflows, and seamlessly integrates into any ERP solution. The only question you’ll be asking yourself is: why you didn’t do this sooner?