Konica Minolta ECM Blog

Every Accounts Payable (AP) department has its bottlenecks and areas that take the most time and resources to process. It is one of the most paper intensive departments in an organization and when left to manual paper invoice processing you simply cannot operate at full capacity. Paper and manual processes hinder you from taking advantage of early payment discounts and the ability to reduce your costs per invoice. The goal is to process more invoices with spending less time and money to do so. With an AP Automation solution you can cut your costs by 67% and achieve a high ROI on your solution that will pay for itself within the first 12-18 months.

[Tweet “Konica Minolta ECM Blog”]

Maybe you have heard of AP Automation solutions before but you have never really researched the topic in depth. Going Paperless and automating any business department is a process that first starts by educating yourself. The challenge for many is feeling overwhelmed by the process and just giving up and keeping the same old AP processes in place just because it’s just the way its always been done. The process does not have to be overwhelming, it should be a smooth journey to finding the right solution fit for your needs.

4 Benefits of an Automated AP Solution:

• Reduce Cycle Times – Prompt payments enable early payment discounts, eliminate late fees and reduce duplicate payments caused by suppliers resending overdue invoices. The result is increased supplier satisfaction and maximized cash flow.
• Eliminate Lost or Misfiled Documents – Invoices are captured online immediately so they never get lost or misfiled. The copying, faxing and resending of invoices is eliminated.
• Reduce Document Transport and Storage Costs – Eliminates mailing invoices for review and approval reduces need for physical storage space.
• Improve Productivity – Reduced AP invoice preparation, manager approval and back office processing times increases efficiency.

Enterprise Content Management (ECM) solutions for AP departments leverage intelligent software and existing vendor information to automate document indexing and trigger electronic workflow. This allows users to skip manual processes and allows them to find documents quickly and easily.

Sort invoices, enter data, match to PO, and route for approval – repeat as needed. Accounts Payable professionals know this process in their sleep, but when invoices stack up, it can seem never ending.  The fact that the majority of invoices are received in paper format and require manual data entry is the number one challenge in the invoice management process.  Manually processing invoices drains you of your most valuable resources: time and labor.

Here is your chance to move your organization beyond paper pushing to delivering strategic value. For more information or to ask us questionsContact Us, we are here to help you.