Streamline your accounts payable processing and reduce costs while making faster decisions. As organizations grow and change, managing accounts payable can become cumbersome.
Transactions are increasingly more complex to manage. Payments get delayed by manually circulated invoices for approval. These bottlenecks can create processing errors, lost documents, and lost opportunities for early payment discounts.
To stay at the forefront of the competition, companies need to make timely and savvy decisions. AP Workflow delivers the ability to handle a larger workload without needing to hire more staff. Accounting departments can streamline the Accounts Payable workload to quickly process incoming invoices and issue payments more efficiently. Employees are empowered to make better decisions in less time and the company can automatically detect and take advantage of early payment discounts.
AP Workflow Benefits
Lower processing costs. Processing invoices electronically typically costs 30% less than the same process would cost using traditional paper-based methods. Eliminating the need for copying, faxing, printing, mailing, filing and storage costs can add up to tremendous savings for the department and the company.
Increased efficiency. Vouchers and invoices are automatically matched and filed electronically. Piles of paper are eliminated from desks and there is no longer a need for manual matching. Information is easily accessible on the network for authorized persons to review when needed.
Intelligent process automation. Documents are routed electronically based on parameters you designate. Workflow is designed to be configurable to adhere to your organization’s policies and procedures. This includes how to handle exceptions, where to route payments for approval based on specified criteria like amount, branch, etc. and who can access files for viewing, processing or authorizing.
More payment discounts. With electronic capture of Accounts Payable information, collecting and processing digital and paper invoices and supporting documents is accelerated. These documents can be expedited to management to allow adequate time for issuing prompt payments and securing early-pay discounts.
Easier management. Managers can gain more active control over the accounts payable process with AP Workflow software. Managers can monitor employee productivity, identify potential bottlenecks and reroute items for more efficient processing.