Accounts Payable Automation
A global shift is taking place transforming accounts payable (AP) away from its traditional transaction-driven mentality. Instead of being seen as a back office transactional engine churning through invoices and fielding supplier calls, AP is coming to the forefront as a strategic contributor in the business.
The goal for finance and accounting teams is to reduce costs and improve efficiency throughout the financial process. And investment in SAP Enterprise Resource Planning (ERP) is critical for managing the key business functions of your organization, but you will still find some productivity gaps in managing and controlling the associated document and request driven processes.
We continue to find gaps in automated processes where there are activities and tasks between systems, such as keying and re-keying information from one application to another, logging into supplier portals to gather information, and manual updating of financial data or ERP applications from Excel spreadsheets.
It’s lunchtime. And while you have a mountain of invoices to process, you’re grabbing a quick meal to go before heading back to the office. Standing in line to place your order, you look up and see the menu above. Sandwiches, salads…and then you notice something that makes you look again. Invoice Automation. That’s odd, you think. Why would invoice automation be on a to-go menu?
Jack is working late. Again. Working late has become the rule rather than the exception. As manager of the accounting department, Jack rests his head in his hands and looks up around at the paper invoice mountain that consumes his desk. Staring at the pile of invoices immediately in front of him, Jack ponders how to best parse these out to his team members for processing.
In the last blog, I presented an overview of the five ways information capture will revolutionize your document and data processing. Let’s take a closer look at the first way now: automation through centralized, high-volume capture, also commonly referred to as batch capture.