Piles of paper invoices created a huge amount of work and stress for your accounts payable department. The constant pressure of getting invoices processed, approved and paid can cause human error, filing mistakes and even missed payments. Automation your AP department turns those piles of paperwork into digital files. After the invoices have been scanned, data is instantaneously captured and sent where it needs to go like your organization’s accounting software or document management system.
In the simplest of terms, an automated AP system saves time, is completely customizable to fit the needs of your department and company, is easy to implement and of course – saves money.
Since manual data entry and human error is eliminated from the process, up to 8 times as many invoices can be processed in the same amount of time it would take to complete one. Optical character recognition within the automation pulls specific information from an invoice making that information properly stored and searchable. AP automation can save your company hours and even days of work so your AP staff can focus on more important tasks.
We know that every organization serves a different purpose and has different needs. That’s why AP automation can be constructed to fit and increase the efficiency of any AP process. Individual invoices will be examined and added to the software so information is easily recognized and categorized. Some companies have vendor numbers that need to be collected, while others need handwritten invoices decoded as well as typed. AP automation isn’t a one-size-fits-all program. The right automated process will be made specifically for your process, department and company for maximum effectiveness.
Implementation of an AP automation system can happen within days. You just need to decide whether in-house or outsourced scanning is right for your organization. In-house scanning allows your department to access the AP process at any step. They scan invoices in-house and have the installed accounts payable automation software right at their fingertips.
If you choose to outsource your process, American Micro’s Post Office Pick-Up is a great, efficient program. We pick up your mail right from your mailbox, or you can email us your digital invoices and we’ll scan all your purchase orders, invoices, shipping and receiving information, cancelled checks, and correspondence. The information is entered into an automated workflow system and your AP staff is notified by email when invoices are ready to be processed. The invoices then just need to be matched with purchase orders in the accounting system and approved.
So where do the cost savings come in? The savings in time means less overtimes and even less staff that is needed in your AP department. Automation also results in being able to take advantage of early pay discounts, and never having to pay a late fee again.