Manual Accounting Processes vs Automated
Regardless of size, every company has important accounting records to manage. Many companies use use manual processes. Unfortunately, manual accounting practices can be time consuming, and subject to errors. Additionally, paper files are one of the least secure ways to maintain data.
Companies who convert paper items, like invoices, to electronic format and automate their processes add efficiency and control while lowering costs. Any size business in any industry can significantly improve their accounting practices when they:
- Automatically sort, route and classify documents to increase efficiency.
- Improve internal information control for compliance and accountability.
- Reduce supply and personnel costs to save money.
How Does your AP Department Measure Up?
Do your A/P Document policies and procedures provide for:
- segregation of duties
- role-based security
- vendor discounts
- safeguarding of check stock
- frequencyof check runs
- level of authoritydollar limits for multiple signers
- transaction level logging?
Here’s What We’ve Discovered
34% of companies indicate that vendor invoice discrepancy resolution is the highest pain point in managing trading partner satisfaction! 36% of companies had an indication of check fraud! 4% of invoices contain errors. Ask yourself: What’s your error detection system?
Benefits of Paperless Accounting Automation
Companies who improve their accounting processes with paperless technologies and automation see an immediate improvement in control and reduction of errors.
- High automation companies have saved 70% of the cost to process vendor
- Companies that switch from paper to electronic save $5.46 per invoice.
- Digital records provide full control
- Audit trails enable proof of who touched what and when, where, and why.
Any company that processes invoices needs automation! In many cases, it works seamlessly in conjunction with other ECM products, making users’ jobs even easier. Automation can also deliver visibility into company processes and finances, allowing for improved workflow, cash flow and spend analysis.
Running your A/P Processing at its full performance potential contributes to lowering your operating risks and costs from financing activities.