So what’s the latest global “process overhaul” movement? Executives are desperate to improve the efficiency of their accounts payable department. They’re leaving behind manual, paper-based AP processes and moving toward more automated processes. According to The Hackett Group report, Accounts Payable Automation: Five Technology Advancements Helping to Break Down Adoption Barriers, it costs a highly automated organization $4.95 to process and pay an invoice, while less automated organizations spend $8.12.
Imagine how your AP process could be optimized if you could approve or reject an invoice directly, via email, without connectivity to your corporate network. Or if you could automatically match an invoice line to a purchase order receipt instead of a PO, greatly increasing the ability to process invoices without manual intervention. Just that alone could provide greater control over company payables.
There’s good news for AP pros. New advancements in AP automation allow Oracle and SAP customers to match invoice lines to multiple POs. In instances where the system cannot find an adequate match, an improved interface for searching and finding the correct data is critical. By replacing manual, error-prone and costly AP processes with automatic classification, separation and data extraction, you can:
- Increase processing speed: leverage high-speed computer systems to process documents in just a few seconds, reducing delays and helping companies meet service level targets.
- Reduce operating costs: drastically decrease the manual labor required to process high volumes of documents, and reduce the number of costly downstream processing exceptions.
- Increase visibility of documents and data: store documents electronically, along with comprehensive index information that allows AP staff to search and retrieve them efficiently.
By accurately capturing all invoice data at the start of the AP process, organizations are better able to achieve true end-to-end automation of the procure-to-pay process. AP automation holds the key toward transforming accounts payable from a cost center into a profit center.
Kofax has encapsulated best AP practices from decades of experience and hundreds of implementations into business process flows, eliminating communication bottlenecks while optimizing AP processes.
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