Go Green with Document Management

How to Streamline Back-Office Functions - Start with A/P

Posted by Mike Paperalt on Aug 22, 2019 11:00:00 AM

Introduction

The back office is the portion of a company made up of administration and support personnel.  These personnel do not usually interface with customers.  Back-office functions include accounting, record maintenance, regulatory compliance, human resources and IT services.  The back office can be thought of as the part of a company responsible for providing all business functions related to its operations. Even though they are "behind the scenes," back-office personnel provide essential functions to the business. The back office is an essential part of any organization. It is their roles that enable and equip front-office personnel to perform their customer-facing duties. The back-office is sometimes used to describe all jobs that do not directly generate revenue.

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Topics: AP Department Solutions, Paperless Accounts Payable

5 Easy Steps to Automate Your Accounts Payable & Eliminate Paper

Posted by Mike Paperalt on Apr 24, 2019 4:49:05 PM

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…

 


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Topics: AP Department Solutions, Paperless Accounts Payable

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

Posted by Mike Paperalt on Jul 26, 2018 5:25:00 PM

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).

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Topics: AP Department Solutions, Paperless Accounts Payable, Invoice Processing, A/P Automation

The Hidden Costs of Paying Invoices

Posted by Michael Coppola on May 13, 2016 5:46:33 PM

The Hidden Costs of Paying Your Invoices

Do you still process your invoices by hand?  If you do, you’re not alone, but all indications are that soon manual invoice processing will be a thing of the past.  So…if you’re not looking at alternatives, maybe it’s time to start.  Our white paper can help you.

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Topics: Paperless Accounts Payable

Benefits of Paperless Accounts Payable Get A/P Employees on Board

Posted by Michael Coppola on Jan 28, 2016 5:09:22 PM

Benefits of Paperless Accounts Payable Get A/P Employees On-board

Going from traditional paper-based invoice processing to paperless processing brought these benefits for one manufacturing company:

  • Reduced invoice processing time from more than one hour down to 15 minutes.
  • Achieved a 90 percent classification accuracy
  • Lowered the processing cost per invoice from about $63 to less than $16

Just how were they able to achieve such results, and can your business expect a similar outcome from going paperless?  The answer is yes.  And, no.

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Topics: Paperless Accounts Payable

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