Digitizing post-processed invoices can benefit most organizations. It provides more reliable access to paid invoices, lower costs and greater efficiency. But you can have even deeper efficiency gains, larger cost reductions and a higher ROI. How?
Workflow Automation for Accounts Payable Processing
Workflow automation software used in conjunction with document management provides even greater benefits. These include:
- reduced errors
- less dependence on temporary employees
- shorter processing times
- lower cost
- elimination of redundancy redundancies
- greater efficiency
Many companies have wanted workflow automation for accounts payable processing for some time now, but the software has been too pricy. Not anymore. Automation is more affordable (and more accessible) than ever, and many of our clients are turning to us to help automate their accounts payable processing.
How It Works
Business process automation for accounts payable processing starts with outsourcing your mailroom (and inbox for receiving invoices) to Digiscribe. After this, there are two general paths for routing, tracking, and managing your invoices digitally.
- With full automation, when incoming invoices are scanned and indexed, an automated workflow is triggered based on your business rules. Invoices are electronically routed throughout your AP department for review, approval and payment.
- With “straight-through” PO-based invoice processing, all data is entered directly into your accounting system for immediate processing, based on PO matching. You won’t need to manually enter anything except for invoices without a matching PO.
Both paths will increase productivity, decrease lost documents, and lower expenses. And it’s all really simple for you.
AP Processing Benefits
Our automation software is 80% more affordable than many competitors, but price alone shouldn’t be the deciding factor for selecting a partner for workflow automation. The right partner is a company you trust who also delivers five of the biggest benefits process automation should provide the accounts payable department.
- Cost Reduction: Our clients report an almost 30% reduction in invoice processing costs—mainly because AP clerks can focus on high value tasks.
- Decreased Cycle Time: Many organizations report up to 40% of incoming invoices are processed completely hands-free, expediting processing times.
- Improved Visibility: AP automation software allows for better monitoring of cash flow, payment status and employee workload.
- Better Cash Management: Thanks to greater visibility, management is able to make better, more informed financial decisions.
- Integration: AP automation software allows correspondence and supporting documentation to be directly accessible through your accounting system, so more information is available when manually processing certain invoices.
AP automation is just part of the big picture. These same measures to save time and money can be applied to other departments. We’ve helped to automate document processes for HR, order processing, and more for even more time, money and space saved. This is a big benefit for businesses—streamlining keeps you competitive.