Reduce Manual Tasks
Your AP staff spends the majority of its time processing paper…sorting it, delivering it, filing it, and finding it when it gets lost. Manual processing inevitably leads to errors and missed opportunities, regardless of training and experience. And when they’re not handling paper, they’re chasing approvals, responding to supplier inquiries about payments, or answering questions from senior management about cash requirements.
AP Express automates the entire process. Invoices and vouchers are scanned and digitized, eliminating the inevitable errors associated with manual entry. Workflows speed the process from entry to final approval and archival. Built in dashboards provide real time visibility into your team’s performance and strategies for managing your cash position. Elevate your team’s performance with AP Express.
Increase Invoice Receipt and Entry Speed
According to a recent study by the Aberdeen Group, the industry average for processing a single invoice is 14.2 days, with a cost ranging between $5 and $25 per invoice. Manual processing also exposes you to the risk of fraud and clouds your view of cash flow requirements.
AP automation can dramatically increase efficiency, reduce cost, and improve insight. Business Finance Magazine estimates that implementing an AP automation solution can save an average of $16 on processing costs per invoice. Consider for a moment the impact of that one statistic on your business. Reducing transaction costs is just a fraction of your potential savings when you automate AP. AP Express helps you pinpoint fraudulent invoices, interdict suspicious payments, and capture a larger volume of early payment discounts.
Improve Accuracy and Agility
Have you ever had to tell a supplier you needed to call them back so you can track down information in response to their question? The routine is familiar. A staff member then spends the afternoon sending emails and sorting through files, trying to reconstruct what happened. Fire drills like this impact your teams productivity and morale, and your reputation with suppliers. Your team needs accurate insight from the moment you receive an invoice, and real time tracking as it moves through the AP process to final approval and payment.
AP Express provides everyone in finance with full transparency and visibility into the payable process. AP Express digitally documents each step and provides a full audit trail, from receipt to archive. Approvers can view images of the invoice and code lines for account distribution. ERP users can view invoice images and payment status, making customer service more efficient and effective. Finance leaders can track key metrics, pinpoint problems and opportunities, and analyze spending trends.