More and more organization leaders are realizing the need to overhaul their antiquated Accounts Payable Departments. The money being sunk into manual processes is causing executives to re-evaluate their model. The substantial gains from implementing an automated solution are being realized and companies are taking notice of this technology movement.
The Hackett Group’s most recent Purchase-to-Pay Performance Study shows that organizations with high levels of AP automation save 39% on invoice processing costs and enjoy 15-20% faster invoice processing cycle times compared to the peer group. The nearly 40% cost savings has the potential to deliver substantial impact to your bottom line.
Process optimization is no longer just for the big players. End-to-end solutions are becoming affordable and easier to implement at every level of need. Cost benefits from eliminating unnecessary complexity is just as beneficial for small companies as it is for the industry giants.
How AP departments benefit from standardization and automation solutions:
Preparation: Automatically sort paper documents, there is no longer a need for staff to manually match or group invoices.
Verification: Automated code verification, routing, and approval is accomplished through workflow functionality.
Processing: Instantly matches PO-based invoices and processes both PO and non-PO invoices without human involvement.
Quality Control: Reduce need to investigate deviations with database lookup and validation.
Visibility: Instant visibility into invoice status helps prioritization; allowing your company to eliminate late fees and capitalize on early payment discounts.
Cloud Storage: Securely file, store, and retrieve invoices all from one platform resulting in quick lookup for customer or supplier inquiries.
AP automation now has the ability to streamline the entire life cycle of an invoice. WorldView has leveraged industry-leading software and over a decade of experience in document management to offer their automation solution: Cloud Capture for AP. Learn how Cloud Capture can help you optimize your AP processes.