If you are an Accounts Payable Manager, chances are you are under pressure to improve efficiencies while cutting costs. While being able to do more with less may sound impossible – it isn’t. Leveraging technology can significantly reduce many of the tedious manual processes that take up the majority of AP’s time and resources. According to Aberdeen Group, the average cost to process one invoice is over $15! Here’s
Scan each invoice as it arrives
Do you know the costs associated with locating or replacing one lost invoice? According to
Data extraction technology
Forms Magic classifies each scanned document and extracts relevant data with tremendous accuracy. This eliminates the need for AP staff to manually type each field into the accounting system, allowing them to focus on tasks that will have a positive impact on the bottom line.
Ability to track each invoice
The majority of AP automation solutions have some sort of tracking feature. For example, Vision360 Enterprise has a dashboard that provides 100% visibility of each invoice. It allows you to track which step of the process each invoice is in, and how long it has been in that step. If an invoice exceeds a user’s approval limit, that invoice is then escalated up to the next authorized approver.
Take full advantage of vendor discounts
When a discount vendor is identified in the automation software, it is expedited through the process to ensure that
Whether you are processing a hundred invoices a month or a hundred thousand, there is a solution to help reduce costs and improve efficiencies. Most of our clients see a return on investment in 12 months or less. As
If you would like to learn more about how automation can help your specific AP environment, give us a call today!
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