Accounts Payable

departments for the long-term success of companies in our new “New Economy”. analyzed with overhead costs for each potential savings, vendor, or AP, one of the first places that the company will be able to compare. Several times, the process is inefficient and immersed in the application of some simple technologies and proven best practices can produce significant results.

Typical methods AP has to manage a team of trained professionals, operating expenses and processing invoices. Often this is the use of accounting software such as Quickbooks, SAP, Oracle Financials, Microsoft Dynamics designed or one of hundreds of software to assist in the management of an organization. This software, commonly referred to as ERP systems, provide a greater level of detail and fantastic function, associated companies, the data in their operations, they are creditors or debtors.

The real challenge is the data entry of paper invoices or PDF-based management and three-way game and approval process with the life cycle of AP connected. Many companies rely on substantial human resources to manual data entry of payroll data in the ERP system, which often can result in significant supply cost for the company. In addition, the manual data entry is often followed or preceded by a detailed approval cycle in which the physical paper bills are passed by an organization for review and approval.

This manual processing steps for AP often result in overpayments, duplicate payments, and sometimes missed payments in the form of fines imposed on suppliers for not meeting the agreed. In addition, the bills are often lost or misplaced, as he passed through the approval cycle and hours are spent by the staff review and approval of invoices from paper.

With the addition of other technologies and proven best practices, however, companies can begin quickly in order to reduce the cost of debt. In fact, most acknowledged companies that invest in an automated accounts payable return on investment within three to six months of use.

Accounts Payable automation solutions that enable organizations to eliminate the need for manual data entry of invoice data. Instead, they rely on advanced OCR or optical character recognition technology to accurately identify the elements of billing metrics and provide this information to the ERP system. This eliminates the incorrect entry of information, and these systems can even be configured to automatically GL Coding invoices according to predefined rules.

In addition to the elimination of manual data entry and reduce errors, provides an automated solution liabilities companies the tools to electronically route invoices for approval cycle.

This means that instead of a stack to approve invoices, managers and staff will be notified by e-mail and use their browsers to click to approve or reject bills that they need to review. This lost or misplaced invoices, and also helps ensure a prompt response from all participants in the life cycle of the agreement guaranteed.

It is important that managers understand that the liabilities automation is not a substitute for an ERP or accounting software system, but an important tool to improve cost savings and added value in the process of accounts payable. AP Automation Solutions also offers the flexibility with multiple accounting systems or ERP, so that they continue to pay dividends if and when the organization decides to work change from one program to another.

In addition to savings from an automated accounts payable during the life cycle cost of a change, there is another inherent advantage of this type of benefit system – Compliance. When an organization experiences an audit, these systems offer a clear track approvals, including date and time stamp to indicate who approved or rejected invoices. In addition, copies of invoices with a few mouse clicks can be called, instead of manually poring over piles of physical records.

Whether your company is facing difficult economic times or not, can be further exploration of AP Automation is a key factor in overall health and profitability of your business. If you do not know where many companies that offer these solutions can work with you to a detailed report on investment (ROI) analysis of specific targets for cost savings and metrics that can begin to improve the health of your company.


Audit of Accounts Payable