According to a recent Forrester Research survey, Best Practices: Invoice-to pay process automation, companies still process 90 percent of invoices manually and this can cost as much as US$20 per invoice. Automation of Accounts Payable saves time and money, and improves process accuracy and efficiency. According to this survey moving to an automated invoice process reduced costs by 90 percent and errors on invoices by 37 percent.
For companies that process a large number of invoices, automation is an effective workflow solution that helps improve overall business processes while reducing costs and increasing employee productivity.
An automated solution, with appropriate rules and approval rights, removes any guesswork. Employees don’t have to remember every policy and adhere to every rule; the system does it for them. Compliance with statutory requirements, which often vary across verticals, can be challenging; an automated process eliminates mistakes.
Online access means a business executive can approve commission cheques, salary increases and customer invoices anywhere within seconds of notification, speeding up the approval process.
An automated process captures, manages and stores every document. This methodical, detailed approach is invaluable for financial control measures and simplifies audits. If an automated system is properly integrated, discovery becomes efficient and timely. Automatic reminders, alerts and escalations increase security and provide easy, on-demand access to the complete transactional record.
Outdated manual processes are rapidly becoming obsolete in today’s data-driven business world. They are a barrier to cost efficiency, accuracy and savings. Automation of Accounts Payable promotes a culture of efficiency, continuous improvement and accountability.