If your company is still receiving paper invoices or paying with paper checks, you’re not capitalizing on today’s best practices! You’re also missing out on the unlimited potential for savings after relieving your accounts payable (AP) team of time-consuming tasks, such as opening the mail, data entry into your accounting system, and filing mountains of paper.
Let’s take a sneak peek at some of the benefits of AP automation prior to our 30-minute webinar on Tuesday, August 15.
Save Your Organization Money
Research by PayStream Advisors shows the average cost to process a transaction is 44 percent higher when conducted manually versus through an automated system. Some organizations are paying more than $22 to process and pay just one invoice. However, many organizations are cutting their processing costs in half by automating their accounts payable process. Thanks to reduced routing and approval times, late-payment fees are also avoided. The industry average to get an invoice approved and processed is 28 days. With AP automation, many organizations are seeing a turnaround of just two to three days.
Improve Scalability for Growth
When organizations grow, their invoice volume grows, too. In a manual, paper-based process, additional AP staff would be required to handle the increase in time-intensive tasks. With AP automation, these manual tasks are eliminated and the overall process is streamlined. The AP clerk can quickly verify invoice information is coded correctly and assigned to the right approver(s).
The system flags exceptions and routes them to an AP associate who determines whether to call the vendor or research the issue further. And, since all the information is stored in one location, there’s a dramatic decrease in the number of inquiry calls from vendors. Essentially, automation removes the heavy lifting, so even if invoice volume skyrockets, the process for receiving, approving, and paying those invoices is reduced to three steps: code, approve, and post to the general ledger (GL).
Reduce Manual Labor
No longer does a team member need to worry about fixing data entry errors and transpositions. AP automation reduces the frustration of manually working through exceptions, and eliminates repetitive and time-consuming tasks for every member of the team.
Organizations can reduce their AP and payment processing costs by up to 60 percent with automation, eliminating all the manual tasks associated with paper invoices and checks in the process. By automating the accounts payable process, organizations can track invoices electronically, streamline workflows, and have a central repository for invoice data that can be accessed anytime, anywhere.
Join Abila and AvidXchange next Tuesday, August 15, at 1 p.m. EST for an educational webinar to learn more. Click here to register for the webinar today.
About the Author
Haley Martin is Director of Marketing for Abila Product Partner AvidXchange. A software as a service (SaaS) provider, AvidXchange has automated the invoice and payment processes for more than 4,500 clients throughout North America, spanning industries that include nonprofit, real estate, and finance, among many others.