One of the fastest growing segments of the document imaging industry is the automation of Accounts Payable invoice processing. Corporations and organizations are asking departments to do more work with less people, and the only way you are going to accomplish these goals is to put technology to work to solve the problem.
For years, AP departments became graveyards for file cabinets full of invoices. At the end of the year the folders would be put into boxes and the boxes would be sent to an off-site records storage facility to rot on the shelves of a warehouse.
By this time the damage was already done, AP departments had wasted valuable time and resources processing invoice payments with file folders full of paper that made their way from one desk to another, with clerks trying to find the appropriate supporting documentation to justify the payment, and then wait for signatures to actually cut a check.
Fast forward to 2013 and all of this had disappeared from companies who have recognized the need to automate their invoice processing functions and have implemented document imaging and management systems that capture the paper invoice as soon as it arrives and everything else is done electronically, including the payment, or they will print and mail a check at the end of this cycle.
Capture technologies have played a major role in driving this transformation of the accounts payable departments in organizations of small and large businesses in every industry segment one can think of. There are hundreds of case studies and white papers from many vendors showcasing excellent examples of the automation of your AP processing systems.
Here are just a few of the many benefits you can realize when implementing this type of system:
- Automate the creation of purchase orders and requisitions so that all your transactions or born digital, and stay digital, as they are integrated with scanned documents.
- Paperless invoice processing is not a dream; it is a reality in today’s business world. We can convert paper invoices into digital images and related metadata which allows you to see this information on a web-based portal throughout the automated processing cycle.
- Once in the system, this invoice information can be managed electronically, routed to authorized individuals for electronic match and sign-off and issue payment – while allowing you to take quick-pay discounts offered to you by your vendors. These savings alone can usually pay for your new system.
- Working with digital images of the invoices and electronic files from your purchase order or ERP system, allows for quick matching and identification of any problems so that they can be resolved quickly.
- Today’s new capture technology and web-hosted document imaging systems allow you to communicate with your line-of-business software or ERP system for a seamless integration and completely automated accounts payable system.
If your company or organization is still processing a lot of paper invoices every month, then it’s time to speak with one of our accounts payable professionals who will process samples images at no charge and demonstrate how you can automate your process quickly, easily, and save your company time, money and resources while doing more, with less. And you can pay for the system with your quick pay discounts.