Every business must pay their bills. But it’s surprising how inefficiently the task is tackled at most companies. To be fair, it’s not easy.
Invoices arrive any day of the week, at all hours of the day. Sometimes they arrive at a central location; sometimes they arrive at separate office locations all around the country. They may come by fax, email, mail, or even delivery. But almost always (even when they arrive electronically and are invariably printed) they are managed on paper.
The problem with paper is that has to be filed, routed, and approved for payment. To be sure, it’s the hardest thing to deal with in accounts payable. It can take a person as much as five minutes or more to file away a single paper invoice. And, if invoices are routed for approval… they routinely pile up in peoples’ inboxes; they get lost; people claim they never received them; vendors start calling.
How well your AP procedures are managed can have a significant impact on the company’s bottom line. If you are handling paper invoices – especially a lot of paper invoices, then the impact is all but certain.
We recently introduced a new method for handling invoices electronically that eliminates the headache and helps you avoid the financial impact of inefficient AP practices.
We suggest a new approach, where invoices are digitally converted on arrival. Everything is made full-text searchable for fast and easy retrieval at any time down the road. Workflow is used to automate routing and approval steps. This puts you in greater control over payment cycles, freeing up time and adding more flexibly for payment schedules. And, not least of all, reporting tracks everything.
Here’s a quick video overview of this method for AP invoice automation: