Accounts payable (AP) is one of the most paper-intensive areas within your organization despite utilizing accounting/ERP systems and incorporating some degree of electronic invoicing. AP departments continue to struggle at effectively processing growing invoice volumes, often with fewer employees due to attrition. As a result, manual invoice processing increases the risk of errors, slow approvals and late payments. However, it doesn't have to be this way with invoice processing automation and document management software.
Three Common Challenges & Solutions
Manual Data Entry & GL Coding
requiring AP staff to manually enter invoice data from paper invoices exposes organization to data entry errors, high costs and processing delays
- Challenge: moving paper invoices from desk to desk - and often from office to office - slows approval and increases the risk of documents "lost in the shuffle"
- Solution: automated invoice approval enables AP departments to quickly route invoices to employees and managers, reduce cycle times and enable management functions to highlight invoices stalled during the approval process
Late Payment Penalties
- Challenge: slow, inefficient invoice processing and approvals often expose companies to late payment penalties
- Solution: by employing automated invoice processing, organizations can complete approvals more quickly, eliminate the risk of late payments and take advantage of early payment discounts
AP Automation Implementation
Forward-thinking accounting departments employ electronic solutions that enable them to capture invoices as they are received, automate data entry and the approval processes, and manage invoices not just for billing purposes, but also for litigation and eDiscovery.
The Windward Group has deep expertise in helping you achieve this level of invoice processing automation with any document management system, so that you can:
- Reduce operating costs by automating manual tasks to capture, organize and deliver invoices, attachments and other business-critical information
- Retrieve information via Microsoft Office and Microsoft SharePoint, to enhance the quality of decisions, increase customer service levels and improve productivity
- Use Windows-based tools to centrally configure and manage application resources such as templates and repository parameters, storage devices and business rules
- Leverage advanced workflow capabilities to speed approvals and improve process efficiency
- Integrate directly with archival storage systems for cost-effective retention, protection, and disposition of fixed content