It is no secret that the AP department is often the most paper-clogged in the entire office. Furthermore, AP documents must be constantly organized and maintained, in order to avoid costly fees that occur when you don’t achieve compliance. It may sound very difficult to achieve AP organization, but InStream’s AP Automation solutions will help your company gain the organization and efficiency you need.
When your company implements AP Automation, you will cut down on expenses and time wasted. Additionally, your company will gain revamped efficiency as you will no longer have to scramble to manually process physical documents and invoices. Below are just a few of the benefits that AP Automation will provide to your company
Manually processing AP documents is extremely costly. As stated above, the AP department probably deals with the highest volume of paper documents in the office, with countless invoices, contracts and purchase orders that need to be regularly processed. InStream’s AP Automation solution will allow your department to digitally scan and capture all documents, so that they live in a secure, digital location. This digital location will ensure that documents are easily retrievable for later access. To give you an idea of just how much money you will save, consider this example. One of our clients was processing an average of 1,500 AP documents per month, spending $7.80 to process each document. With InStream’s AP Automation system, the cost of each processed document dropped to just $2.50. This means that the company will save a staggering $95,400 per year. These cost-savings will benefit your company for years to come.
Labor is also a crucial expensive factor. A digital AP Automation system will reduce the need for overtime, or for extra employees. Time is money, and your employees don’t need to waste precious time that could be best spent elsewhere. InStream’s AP Automation system eliminates those long file cabinet searches. With digitized AP documents, your files will be instantly accessible with a click of a mouse. When your AP department no longer has to waste time on invoice processing, they will be free to redirect their time and energy towards more important projects.
Since AP departments are typically subjected to the most regulations and compliance standards, there is a lot of risk associated with manual document processing. Lost documents along with failure to meet compliance can end up costing your company a lot of money. With InStream’s AP Automation solution, you can instantly correct data with a click of a mouse, allowing you to eliminate errors before they become a problem.
The most important benefit of AP Automation? Revamped department efficiency! Your office will experience revamped efficiency, transforming your slow, paper-clogged processes into an efficient, quick department. InStream’s AP Automation solutions include a number of efficiency-based features. Some of these features include:
- Optical Character Recognition
- Advanced Data Extraction
- Automated Classification
- Quality Assurance