A staggering 13 billion accounts payable transactions are processed in the United States alone every year. With so many transactions, there are plenty of room for errors and mistakes. However any AP manager can tell you that AP mistakes can be very costly. Compliance, regulatory and corporate standards all require that AP departments maintain consistency and constant organization. Below are some problems that arise with manual AP processes.
Lack of Visibility and Control
Your AP process has little visibility when it is paper-based. You rarely know the exact location of your invoices, as they tend to move throughout the office with no structure. Therefore, you tend to have little to no control over your AP processes.
Many Errors
Since your physical AP documents make their way throughout the office, they end up passing through many hands. With so many people handling the AP documents, they become prone to damage and loss. Keying and matching errors are a common occurrence.
Low Quality
When you manually process paper documents in your office, your important documents can easily become torn, damaged or stained. Damaged documents are particularly hard to read, making processing more difficult.
Delays in Processing
If your AP department is still processing paper documents, then you probably experience many processing delays. Manual data entry is a time-consuming, outdated process that leads to inefficiency across the entire office. Also, manual document filing and retrieval can result in payment delays that cost your company a lot of money.
Low Productivity
As stated above, manual document processing is an arduous, time-consuming process that hinders office productivity and efficiency. Having your accountants and financial employees sift through file cabinets is certainly not the best way to maximize company talent. Your company needs an AP solution that allows your staff to redirect their focus towards more important aspects of the AP department, so that they can foster department growth and efficiency.
The Solution:
The only answer to all of these problems is AP Workflow automation. InStream has extensive experience transforming AP departments across the United States. We will revamp your outdated AP processes, providing you with efficiency and productivity. Automatic data entry, filing and retrieval will complete your processes on time. This will allow payments to be made on time, increasing organization. By automating your AP process, your staff can focus on higher value strategic priorities.
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