Are you still dependent upon a manual system to process your vendor invoices? If so, not only does it mean your system is obsolete, but you’re simultaneously putting yourself and your business in a disadvantaged position.
In automating your accounts payable (AP) processes, it’s essential that you track some key metrics. In this post, we’ll explain why this is important, which accounts payable metrics to track, and how to use each one to improve your invoice processing system.
There’s been a lot of talk lately about the power of workflow automation and what it can do for a business. However, some companies are reluctant to embrace this phenomenon.
Have you ever wished you could cut back on your invoice processing costs without sacrificing efficiency and work quality? A study carried out in the United States showed that an average company spends as much as $25 pushing one invoice through a paper-based system. At the same time, half of all companies take between five and 15 days to process a single invoice when they do so manually.
The main responsibility of accounts payable (AP) departments is to ensure all valid invoices from vendors are approved, processed, and paid.
We’ve already given you 15 reasons why you should automate your accounts payable (AP) processes. It saves time, reduces costs, leaves your employees free to do the more-pressing tasks they need to tend to, and so on.
So you’ve decided to go paperless, and want to give accounts payable (AP) workflow automation a try, right?
It’s time to talk about optimizing one of the least-sexy business processes out there: invoice approval.
When invoices are processed effectively, it directly yields a positive impact on turnaround time, operational efficiency, and your overall bottom line.
Traditionally, invoices are processed and approved manually, but it’s important to understand that there’s a better way to do this in the 21st century and it’s automation.
