During the coronavirus pandemic, it is especially important for accounting departments to be able to process invoices remotely and in the current competitive market, be able to process them in less time and more cost effectively. Digiscribe is excited to announce, through its new partnership with Nvoicepay, an expanded AP automation solution that streamlines the accounts payable process from receipt to payment. Starting with receipt of invoices, through automated workflows for review, approval, and processing, and now to automatic payment with Nvoicepay autopayment platform, this AP solution helps accounting departments significantly reduce the time and effort it takes to process and pay invoices, whether they are working from home or in the office.
What Are the Biggest Issues Facing Accounting Departments Today?
In a recent webinar with accounting professionals, 80% of respondents said 75-100% of their invoices are processed manually, while the other 20% said manual processing is used for 51-75% of their invoices. Considering manual processing costs 3x as much as using an automated solution, a lot of companies are paying significantly more than is necessary. Taking into account the current recession, accounts payable outsourcing is an easy way for companies to cut costs now.
All-in-One AP Solution: Digiscribe + Nvoicepay
Digiscribe, a leader in business process outsourcing services, including digital mailroom services, document scanning, and AP workflow automation software, is now offering their services in conjunction with Nvoicepay’s intelligence-driven payment automation solution.
Without Nvoicepay’s solution for AP automation, the regular invoice process is cumbersome and time consuming:
- Incoming invoices are received in your mailroom or inboxes
- Invoices are distributed to AP staff
- Invoices are compared to the PO, coded, approved, and manually entered into your ERP/GL coding software
- A payment in your ERP is selected, multiple payment runs are completed, and vendor questions are answered
- Any payment exceptions are managed and reworked, and payments are reconciled
This process takes a significant amount of time, is susceptible to manual error, at risk of fraud, and very difficult to complete remotely. Digiscribe and Nvoicepay’s partnership significantly optimizes this process:
Maintain Your Business Workflow
When the coronavirus pandemic first started, many companies panicked as they were unable to get incoming invoices from their closed mailroom to their remote workers. Luckily, with Digiscribe’s outsourced mailroom services, companies had their paper and electronic invoices sent to Digiscribe for digitizing, data capture, and electronic distribution for review and approval by the remote accounting team.
Once in any ERP, Nvoicepay’s payment automation solution can now help companies more quickly and easily pay their suppliers, unlocking value in their payments process and achieving remarkable results through dynamic payment data management and a superior supplier experience.
Also, according to those on a recent business continuity webinar, the biggest pain point their department faced was a decentralized AP workflow process. Accounts payable outsourcing can reduce operational costs while ensuring internal controls, improving your remote team’s productivity, and streamlining the AP process across multiple remote locations and approvers.
Increase Transparency and Reduce Fraud Risks
Since the start of the coronavirus pandemic, there has been a growing risk of fraud and lack of insight into processes being done remotely. Accounts payable automation services help mitigate that risk. Storing processed invoices and payment information in the cloud also makes these business critical documents easily accessible within seconds should you face an audit or need to respond to a vendor post-payment.
Improve Communication and Customer Service
Internally and externally, there are benefits to Digiscribe and Nvoicepay’s new partnership. Internally, it can ensure cash flow management and externally the partnership enables improved supplier relationships through a reduction in late payments, less manual errors, and quick access to digitized invoices should any issue arise.
Regardless of how the current pandemic impacts your business in the short-term, outsourcing your AP processes can save your business time and money in the long run. And as you work on your business continuity plan to keep operating over the next few months, there are a number of other cost-saving measures you can implement to make your company more competitive during the current recession. To learn more about your options, check out Digiscribe’s business continuity white paper, including a helpful checklist of what factors to consider to cut costs long-term.