(PART 2) Automation is No Longer a Question of If – or When; It’s How Fast
7 Steps to Proving the ROI of AP Automation for Your Business
Welcome back to part two of this blog series: 7 Steps to Proving the ROI of AP Automation for Your Business.
Download the interactive PDF to follow along; fill in the blanks with your company’s statistics to help build your business case for automation.
Let’s talk some more about the accounts payable process.
Here’s an example of a typical AP process:
Receive a paper invoice, route it to AP. Enter information into ERP system. Make copy. File original. Route to approver. Hope it’s approved. Cut check, file invoice. Route to CFO. Sign. Route to Accounting. File. Send check in mail. Breathe.
If your AP process looks anything like that, it’s time to reconsider. How much time does AP spend typing and coding data each month, when they could be doing more important things? Imagine if an AP Automation solution extracted data automatically. How long does an invoice or a receipt sit on someone’s desk, waiting to be filed or routed to someone else? Imagine how much time you and your team could save having your entire AP process available at your fingertips.
Yeah, there’s a lot of time to save. It’s definitely time for AP Automation.
For step five, let’s talk about efficiency. Does your accounting process need any clean up? For example, are there any duplicate vendors that you could clean up to make data coding and processing faster?
Does your business have multiple entities? Would it benefit by using intercompany transactions? Is that even something you’ve considered?
It’s time to start thinking about some spring cleaning.
Watch the video below to see how AP Automation can reduce your AP process from 35 to 5 days.
Check back for the third and final segment of this blog, as you continue to build your business case and ROI for document management and AP Automation.