Do you have a great Accounts Payable team but always seem swamped?
Do you lack the tools required to make significant improvements?
Do you see these types of problems in your AP department?
Slow invoice processing time
Lack of management tools
- Manual data entry, routing, processing and approval procedures slows the process and makes it difficult to capture early payment discounts, leads to late payment charges and may damage supplier relationship.
You need automation tools to speed up processing.
- "You can't manage what you can't measure" ... and, in a non-automated system, it is virtually impossible to obtain real-time KPIs to benchmark performance.
You need better business support tools - this is true for both the department manager and the VP/CFO.You need reporting tools for accurate information.
High costs per invoice
- The risk of error is inherent in any process involving paper and manual procedures, and errors can be viewed by entities outside the company. This is particularly problematic in AP departments, which are subject to scrutiny by external audits for regulatory compliance. In addition, the time and cost to correct errors is considerable.
Lack of visibility
- Manual data entry, resolving errors and slow processing time all drive up the cost per invoice. Studies have shown that automation reduces the per invoice cost by over 60%.
You need automation tools to improve processes and reduce costs.
Constant vendor phone calls
- Fast access to information brings a level of control and oversight that is absent in a manual system. Visibility also make it easier to assess AP operations and develop strategies for improvement.
You need electronic data tools for faster access to information.
Difficult data retrieval
- Vendors have to call to get up-to-date information regarding invoice status, expected payment date and dispute reconciliation.
You need to give vendors tools to allow them access to the information they need.
- Finding information quickly is very difficult in a paper-based system ... and very costly.
You need tools to electronically link documents and notes to invoices for faster and more complete information access.