Over 13 billion, yes billion, accounts payable transactions are processed in the US annually and more than 80% of them are paper-based. Accounts payable departments all over the country are drowning in paper. Thankfully, accounts payable scanning is a solution that can eliminate paper altogether. Below are some scanning solutions for common AP problems.
Problems with Lack of Visibility & Control: There is no visibility into the AP process when it is paper-based. Invoices move from desk to desk until they make it to their final destination. It is difficult to ever know exactly where a document is at any given time and the constant movement of paper makes lost, missing and duplicate documents a common issue. Solution: AP automation through document scanning offers greater visibility into the AP process. Each document is tracked and routed to ensure it gets where it needs to go and can be found at any point. Digital documents are also protected against being lost or misplaced as they all are stored in one digital repository and cannot be mistakenly deleted or misfiled.
Problems with Low Quality and Errors: When AP employees are forced to touch every transaction, it is difficult to filter out and prioritize which need the most attention. And, without clear prioritization and focus, more errors are made, like keying and matching errors. Solution: AP document scanning will make it easy prioritize documents by process and due dates. Your department can streamline processes in a way that ensures fewer errors.
Problems with Delays in Processing & Low Productivity: Manual data entry is an inefficient and time-consuming process. Along with filing and retrieving documents, these processes result in delays of payment causing late fees. Not to mention that these mundane tasks are not the best way to leverage your accounting and finance talent. Solution: Automatic data entry, filing and retrieval streamline processes, enabling your payments to be made on time. By automating your AP process, your staff can focus on higher-value, strategic priorities.
For more information, contact InStream today.
