Posted By Ash Conversions International
If you’ve read the numerous benefits of implementing ACI’s AP Assistant™ Accounts Payable Workflow Automation, then you know that our automated workflow has the power to improve your AP department. Automation will greatly reduce human error (in fact, by up to 80%), while ensuring there is never a late payment.
By upgrading from a paper-based system to an automated electronic invoicing system, you will not only minimize errors, but your organization will save a lot of money in the long run as well.
Lower Labour Costs
According to a 2015 survey on Accounts Payable Process Productivity by the American Productivity and Quality Center, the median cost of processing an invoice is over $7.
The more manual intervention there is to process an invoice, the higher the cost. APQC found labour costs consume 62% of total AP costs. By implementing a system that uses less paper and more automation, more money is saved on labour, while giving employees more time to handle other tasks.
Common errors associated with a manual workflow includes misplacing or losing invoices, paying invoices twice, and making late payments due to late invoice approval. These mistakes are costly to any organization because of the time it takes to manually fix these errors and inaccuracies.
Storing records electronically is only one solution; implementing a system that will accurately capture data and process it electronically will save you time, money, and headaches. Plus, it will also enable your organization to capitalize on early payment discounts!
Speaking of storing records electronically, how many filing cabinets does your office have? How many hours have your employees spent filing paperwork? Think about the cost of purchasing filing cabinets and file folders for storage, the many hours spent filing, and paying late fees when an invoice isn’t paid on time.
With an AP solution that favours digital processes over handling paperwork manually, your office will save money on filing paper since processing will be electronic. Your office will also save money on manual invoice approvals which can mean invoices getting lost and causing late payment and improper accruals. Finally, you can save on office space by storing paperwork electronically.
Are you ready to save your hard-earned dollars by implementing an automated workflow system that will improve your organization’s AP department? It’s time to look at ACI’s AP Assistant™ Accounts Payable Workflow Automation. Our platform reduces invoice-processing costs, gives you increased control and insight, and scales to your company’s specific needs. Check our solution page for more information, or contact us to set-up a demonstration and see first-hand how simple invoice processing should be.