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Current Filter: >>>>>> Seven good reasons to automate Accounts Payable Editorial Type: Strategy Date: 01-2014 Views: 5243 Key Topics: Document Accounts Payable Capture Workflow Management Key Companies: Kofax Key Products: Key Industries: Health | |||
| The Accounts Payable process can be difficult to tame, but it is well worth the effort, explains Thomas S. Senger, Senior Vice President, EMEA Software & Solutions at Kofax Accounts Payable organisations are charged with simultaneously reducing costs, improving performance, achieving regulatory compliance, increasing visibility and enabling the corporation's strategic initiatives. Not only do these goals conflict at times, they compete for the same resources, limiting AP's ability to accomplish them. Many technologies have been applied to the Accounts Payable process, including financial management systems (ERP), capture, intelligent document recognition, EDI, e-Invoicing, workflow, and the cloud. But industry experts agree that substantial benefits remain to be realised through an end-to- end invoice and AP process automation that these technologies have not delivered.
SCOPE OF THE AP PROCESS
1. Large volumes of transactions arriving in different media and formats. The typical organisation lives the nightmare of 80% paper invoices, but the remaining 20% come in all shapes and sizes - EDI, XML invoices from supplier networks, fax, email attachments, etc. The seemingly simple process of AP in fact is intricate and complex. Still, the benefits of addressing this intricacy and complexity with the right automation are clear and compelling, as we'll explore in this fresh look at seven reasons to automate AP.
ONE: IT'S A GOOD INVESTMENT In addition to the reduction of personnel costs for the capture and entry of invoice data, organisations also benefit from self-service supplier interactions, a reduction in duplicate invoices, increased discount capture, and the elimination of late payment penalties. So where should you look when estimating the benefits that can justify your investment in end-to-end AP automation? Here are some of the common areas that yield the greatest return:
• There is great value in a single, consistent, automated process for all types of invoices, paper and electronic. Without this technology, organisations rely on different processes, managed by different people, with different methods of viewing and interaction.
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