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The Accounts Payable function has many key partners including business units, purchasing, vendors, employees, accounting, auditors and the CFO and Controller. Satisfying the demands of all these stakeholders can be a daunting task at best and an unwieldy burden at worst. The constant inquiries, disputes, requests for information and correction of errors can grind AP productivity to a halt. But what if these stakeholders could perform AP related tasks on their own without any help from AP staff? This is the concept behind self service. Self service can be a powerful tool that reduces costs and improves service levels through shorter cycle times without compromising internal controls. At the same time, self service minimizes errors by virtually eliminating the re-entry of invoice data which can easily lead to data entry and payment errors.
Self service can be leveraged throughout the entire AP processing lifecycle from invoice document submission/capture, to streamlining and managing the workflow processes themselves, to managing AP resources, to inquiry, to audit.
Self service empowers Accounts Payable because it:
The savings realized by the switch to self service frees resources to be applied to higher value added assignments such as contract compliance, cash management, improving productivity, vendor rationalization and spend analysis.
