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 automation is a solution that can eliminate paper altogether from these AP processes and quickly fix these 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 offers visibility right 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: Automation is designed to prioritize by process and due dates. It has a strict focus and streamlines processes in a way that ensures fewer errors are made.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 complete processes on time enabling not only for payments to be made on time, but even early enough to qualify for early payment discounts. By automating your AP process, your staff can focus on higher value strategic priorities.For more information about the benefits of Accounts Payable Automation, and how it can help your AP department, please visit biels.com or follow us on LinkedIn!