Go Green with Document Management

According to The Accounting Coach, "the accounts payable process or function is immensely important since it involves nearly all of a company's payments outside of payroll. The accounts payable process might be carried out by an accounts payable department in a large corporation, by a small staff in a medium-sized company, or by a bookkeeper or perhaps the owner in a small business.

Regardless of the company's size, the mission of accounts payable is to pay only the company's bills and invoices that are legitimate and accurate. This means that before a vendor's invoice is entered into the accounting records and scheduled for payment, the invoice must reflect:

• what the company had ordered
• what the company has received
• the proper unit costs, calculations, totals, terms, etc."
  
  

Introduction

How Much Do Manual Invoice Processes Cost?  Is it Worth It?

What if you could automate your A/P Processing? If you’re thinking about digitizing invoices, you’re not alone! The Institute for Finance & Management (IOFM) indicates that 70-80% of invoices are still paper.

• Fact: 66% of Invoices are on paper
• Fact: $11.66 is the average cost to process a paper invoice
• Fact: 62% of labor costs are consumed by A/P

So, what are you supposed to do?  You can’t change the way people invoice you.  They send them in paper, so you have to process them that way, right?  WRONG!  You can change the way you process them.  Accounts Payable automation helps you enhance A/P process efficiency, improve control of information, and save money.  Here’s how…

Is Your A/P Department Operating at Its Full Potential? 

If your business is like most, your AP department is wasting time, money and ecological resources with processing paper invoices. You’ve probably heard about  the benefits of having a paperless accounts payable system, but with all the paper currently in AP, it seems downright impossible to go paperless.  Yet Accounting Process Improvement begins with paperless AP!

While switching to a paperless accounts payable process can be a challenge, those challenges can be mitigated by doing it right from the outset (and by using a knowledgeable vendor to help you make the switch). Going paperless in the accounts payable department has advantages across the board (check out the infographic below).

Infographic:  A/P Automation Saves $$$