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Automate validation of your documents

A typical employee of the Accounts Payable Department manages about 20 invoices per day and each costs $17 to process (according to Aberdeen). In one month, the costs can rise to $10,000!

What often takes the most time is validation of all the documents concerning the billing to be able to ensure the supplier will be paid the correct amount.

The process is long, because the invoices received must be compared manually with the purchase orders and delivery slips. The three-way match slows down the process enormously, because you don’t have any way of comparing the documents other than one invoice at a time and checking whether the amounts and the details match. Not only does checking the details of the order take time, but the employees must enter new data manually every day, which generates errors, payment delays, and above all, employee frustration, because the job is very tedious.  For the organization in general, it quickly becomes costly to take so much time to process a single invoice!

Do you recognize yourself? 

Such a situation can prevent you from paying your suppliers on time and directly affects the quality of your relationship with them, and the strength of your financial position.

Did you know there are simpler ways to transform your accounts payable process in depth, at your own pace? These solutions do not require major investments, but ultimately can optimize processing of payments.

Here are some examples of quick gains for your company:

  1. Ask your suppliers to send you their invoice in PDF version. This is a common and widespread format, easy to generate, that will save them time and money.
  1. Since you now have the data from the supplier invoices digitally in hand, it is possible to check automatically the differences that exist between the delivery slip and the invoice, to identify the changes that might have occurred at the time of delivery.
  1. If there is no change, the invoice can be approved automatically and the payment initiated.
  1. Only manage the exceptions or the cases of non-compliance manually.

Do you want to deploy these steps or go farther? Contact us to see how you could improve your accounts payable processes through actions that are quick and easy to deploy.

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