With fluctuating volumes of invoices arriving in every possible format, manual keying of data into systems and inefficient approval workflows, the probability of errors, lost documents and non-compliance is high.
Fortunately, the benefits of accounts payable automation are proven and documented for companies small and large. Major reductions in invoice processing cycle times and costs, near total visibility into documentation and metrics and seamless ERP integration are creating hyper-efficient AP departments that are also strategic hubs of business intelligence.
With increased levels of process automation married with more robust data and greater visibility into invoice details and the overall AP process, AP departments are poised to unlock significant value from invoice and payment management activity.
Improving the efficiency of your invoice processing is just a jumping off point to a new, more strategic role for your AP department. When optimized productivity is matched with information clarity, AP has the tools to transform into a business intelligence powerhouse.