AP Automation: A Good Investment
If you think Accounts Payable automation is expensive or time-consuming, you may still be plowing your way through mountains of paperwork in the AP department. AP software is more than just a business fad – it’s a wise investment that saves money and time. Once the AP process is moving along smoothly, you’ll also have fewer headaches worrying about accounting errors and future audits.
In a report from May 2012, the Aberdeen Group indicated that organizations can save upwards of $40,000 for every 10,000 invoices by streamlining their AP process. The most efficient systems cost about $2 to pay each bill, while the majority of companies are playing well over $6.
One of the advantages to automatically processing incoming invoices and outgoing payments is that you don’t have to worry about invoices getting lost or buried in piles of paperwork. You’ll save money by cutting down on late-payment penalties, and by taking advantage of early payment discounts.
When you choose Next Process AP software, you’ll drastically reduce the amount of time spent on invoices. Our high volume mail center quickly gets your paper invoices digitized, and the AP software automatically handles multiple kinds of electronic invoice submissions. No more worrying about filing paper invoices or sorting out different types of electronic invoices.
AP automation software cuts down on the number of “touchpoints” each invoice passes through. The invoices move through the system quickly and efficiently, and you can choose to code certain types of invoices for automatic electronic approval. For invoices that require human approval, you can program the system to send multiple approval reminders or escalation emails if the invoices aren’t approved in a timely fashion.
Next Process’s proprietary data capture technology ensures over 99% accuracy on every invoice. Not only are you saving time by not having to manually enter invoice data, but an automatic AP process cuts down on errors and delays. No more time-consuming invoice entry, no more avoidable errors.
Don’t spend extra time and money filing paper copies of invoices and payments. Next Process’s centralized document repository makes it simple to access every invoice the system has ever processed. The database is easy to search, and you can downloading the data with just a few clicks once you’ve found that you’re looking for. This simplifies record keeping and is invaluable for future audits.