It’s Time For A Change In The Accounts Payable Process: Using Automation To Transform AP
Do you want to handle the accounts payable process less efficiently than other companies?
Of course not! But that’s what companies who don’t automate their AP processing are choosing every single day.
Implementing accounts payable automation lets your company transform AP and turn it into a system that helps your company save money. Here’s a list of the ways AP automation can make a positive difference in your accounts payable department.
Speed Up Processing
Automation reduces the average cycle time for invoices to just 5.4 days. When the invoices are attached to purchase orders, the system usually matches and processes them in 12 hours or less. When you speed up processing this much, you can take advantage of early payment discounts and eliminate late payments.
Save Money With Every Invoice
Organizations that don’t automate spend more money on invoice processing than those who do. On average, fully automated accounts payable processing saves an average of $14.93 per invoice. And with savings like that, there’s no good reason to stick with manual processing.
Simplify Invoice Handling
A flexible, user-friendly system like the one from NextProcess makes it easy to get invoices into the automation system. You can submit invoices via email, EDI, direct upload, or by sending them to our high volume mail center. We process and store all invoices in an SSAE-16 and HIPAA compliant environment to ensure your company’s and clients’ security.
You get to customize how the AP system handles approvals. For invoices that fall within custom parameters that you set, the system can automatically process the invoices and approve payment. For invoices that you decide require human approval, the system sends update and reminders to those in charge of approvals. To keep things moving quickly, multiple approval reminders or escalation emails can be sent to those who haven’t provided invoice approval.
Strategically Manage Employee Time
When you automate invoice processing, you free-up employees in the AP department for other tasks and see savings in labor costs. Now that you’re auto-processing up to 90% of your invoices employees have the time they need to handle tasks like customer service, processing exceptions invoices, and other value-added activities.
Start With Automation Today
If you’re ready for a change in the accounts payable process, contact NextProcess today. We’ll be happy to answer any of your questions and set up a free demo to let you see first-hand how our system can improve your accounts payable.