Are you paying too much to process invoices? A recent study by the American Productivity & Quality Center indicates that companies without an established AP automation and invoice processing solution pay as much as $10 to process just one invoice. Let's take a look.
Why Pay Too Much?
Is an outdated accounts payable system to blame for your company's high operating expenses? The more touch points in the AP process, the more you're paying to complete it. AP automation and invoice processing is a solution that helps organizations overcome the challenges caused by traditional methods. Here's how automating your back-office AP processes can help save your company time and money.
- Reduce manual activities — By capturing and converting incoming invoices to digital formats, they can be routed to a centralized storage location to begin the automation process. Scanning and OCR technology captures critical data, routing invoices to the next appropriate department or person in the process. Accounts payable departments can avoid the errors and delays caused by manual procedures and data entry.
- Streamline processing — AP automation and invoice processing automatically matches incoming invoices to purchase orders. When something doesn't match up, the system helps prevent double payments, detects possible fraudulent payment requests, and provides oversight for each transaction. Automatic notifications alert AP departments of workflow status.
- Improve client relations — Your suppliers expect prompt payment. AP automation and invoice processing eliminates the problem of lost invoices, missed due dates, and over or underpaying your suppliers. Your company benefits by generating goodwill, reducing the frequency of late payment fees, and taking advantage of early payment discounts.
Are you getting less than you should for your goods and services because of an antiquated payment process? Contact us at HGi Technologies to learn more about AP automation and invoice processing today!