Accounts Payable processing is one of the largest resource hogs in business today, yet still remains one of the most error prone processes within an organization and our company proved no better at managing this process. We found that we too suffered from many of the common errors in Accounts Payable such as data entry errors and matching errors to disappearing invoices, unapproved invoices, and most importantly, lost opportunities for vendor discounts . We also had the heavy task of audit and tracking after our invoices were processed.
Research showed us that the average error rate of an accounts payable department is 1.6% and this is due to lack of controls, poor visibility and poor documentation. We knew that many different AP Workflow technologies existed. The real question was which ones specialized in complex three way matching and had open architecture to integrate with our proven AnyDoc/AnyApp software and into various ERP and Content Management platforms.
We went on a search to find solutions to offer a complete AP package to our clients and found several technology options. We picked one to implement and operate internally so that we have first-hand experience to advice our clients on how to get the most benefit from AP automation and avoid the normal start-up and transition speed bumps.
Implementing the complete accounts payable package allowed us to streamline the entire process by eliminating paper handling, reducing data entry, benefiting from two and three-way matching, enabling “Straight Through” processing, and streamlining the approval process through electronic notification. This alone increased accuracy and allowed us to take advantage of vendor discounts. It also allowed us to refocus and redeploy finance resources appropriately. With modern accounts payable automation technology, you too will find that you can once again focus your resources on what makes your business great and let technology manage your AP burden.