Streamlining Accounts Payable Processes
Streamlining Accounts Payable Processes
Automated AP Reduces Errors, Waste and Transactional Costs
- Wondering how to improve employee efficiency and productivity?
- Looking to reduce wasteful expenditure?
- Want to speed up your AP tasks?
Streamline your accounts payable processes to improve business efficiency and boost your bottom line.
By automating AP, your team will spend less time performing tasks like data entry, approving or looking for invoices and filing, and have more time available to perform tasks that drive greater benefits and higher returns to your organization.
Consulting an expert on AP automation will give you the opportunity to discuss your current systems, how they can be improved and what returns you can expect to see. Client organizations that have implemented AP solutions from AOS Digital have achieved at least 2 clear wins:
1. Improved employee efficiency by 45%
2. Reduced transactional costs by 80%
5 Tips to Streamline Your AP Processes
1. Decide how much automation to implement: Real time AP reporting (or straight through AP processing) visibility and analytics improve the financial decision making process. Your accounts are always up-to-date. You and your team will have real-time visibility as well as secure access and control of AP processes from wherever you are. Small and medium-sized businesses have been the biggest beneficiaries of remote access to AP reporting systems as it lowers manpower requirements and cost.
2. Automate AP: AP reporting and the internal workflow involved with it is highly complex. Automating AP can help you make some game-changing process improvements. It helps keep track of all your incoming invoices and related expense management documents (including mileage reimbursement), virtually eliminates data entry errors as well as avoids overpayment or late payment fees. Simply put, you will be able to find the information you need and move tasks along faster by having better control over large volumes of receipts and invoices.
3. Reduce the amount of paper: Paper-intensive, manual processes reduce productivity as well as increase responses times, transactional costs and the risk of errors. After all, the time you take to respond to a client determines the payment cycle. Also, being overwhelmed by all the paperwork often means compliance issues during an audit. Automated Accounts Payable can eliminate almost all of these problems. It enables your accounts team to focus on core functions rather than spend time chasing paper trails.
4. Next-generation mobile AP solutions: The ability to capture or approve invoices while on the go can be a huge benefit for users that are constantly moving around or even for businesses with multiple locations. In addition to saving time and ensuring invoice delivery, mobile purchase order solutions are also considered to be an added advantage for executives who can review processes and status while travelling. While some experts are of the opinion that it will take a while for mobile AP to catch on, it may happen sooner rather than later. Think about it—who among us doesn’t take a smart phone everywhere we go?
5. Consult an automated AP expert: You don’t need to be an expert to know that your automated AP or expense management solution must match your business needs. Design, implementation and integration (with existing systems) are key to making the most of your investment. Staff must also be properly trained to use it. Constant monitoring and tweaks are also required to optimize efficiency. An AP process automation expert will put you on the right track.
AOS Digital will work with you to enable better control of your AP process, reduce errors, and increase the number of invoices paid on time or early to maximize discount terms. We help you get rid of the paper by giving you a new way to store it, move it and sign it.
Use our innovative automated AP solutions to remove process-clogging inefficiencies and wasteful expenditure. Start today!
Call 215-230-8501 or contact us online to learn more about our automated accounts payable solutions.