AP Process Automation
Is Your AP Process Stuck in the Past?
Manually routing invoices using physical inboxes is an outdated process. To remain competitive, today’s accounts payable departments need optical character recognition, data analytics, and automated workflows to optimize resources. If your accounting department isn’t using modern tools, it’s time your process had a makeover.
What Accounts Payable Process Automation can do:
- Make invoice processing time 50-90% faster
- Allow AP clerks to attend to more valuable tasks like exception handling
- Provides automated, 3-way matching, ensuring purchase orders, invoices, and receipts match
- Streamline audits by providing document access to guests
- Enables you to claim payment discounts early
- Provides process and cash flow visibility to management for better efficiency
AP Automation With OnBase
Our Accounts Payable Solution, lets your AP department perform invoice processing quicker, easier, and with more accuracy. Whether you take invoices via fax, EDI, mail, or email- the OnBase AP automation solution will digitize, organize, and deliver your documents, with support content, to the right location to be reviewed, coded and approved.
OnBase lets you:
- Retrieve goods receipts, invoices, and vendor contracts directly from your favorite ERP
- Evaluate and approve invoices from Outlook or wireless devices
- Optimize your workload distribution with real-time updates
AP Automation Overview
Ready to automate your accounts payable process? Let’s get started.
Accounts Payable Process Automation Articles
Managing the Invoice Tug-of-War: AP Versus AR
ECM is like a one-stop-shop for information that touches all the areas of an organization’s finance operations.
So when you are negotiating with your vendor’s AR department or your customer’s AP department, think about how long it would take you to gather all of the information you will need to win your argument
How to move toward a more strategic workforce
With configurable approval hierarchies and automated dispute management tools, dynamic IWA solutions essentially remove non value added tasks from AP workload
Moving Beyond ECM: 5 Emerging Trends
Consider the following emerging broad trends that will mold and shape the world of content management in both the short and long term
Accounts Payable Process Automation In Different Industries
Construction
The world’s leading general contractors and construction organizations can’t afford accounting errors. They refine their AP processes using OnBase and Requordit.
Government
State agencies, city clerks, police departments, justice departments, and municipalities need to be able to show their work. These entities rely on OnBase and Requordit to automate their accounts payable workflow.
Energy & Utilities
Utility companies handle hundreds of thousands of transactions every day. Our software enables them to perform accounts payable tasks quickly and efficiently.
Manufacturing & Distribution
To maintain good customer relations, manufacturers and distributors need accurate accounts payable systems. Our software helps them to meet their AP needs efficiently.
What’s OnBase?
The Foundation of the Connected Workplace
OnBase is the world’s leading point-and-click configurable ECM solution. It automates your processes, manages your important business content in one secure location and works with your other applications to deliver your information whenever – and wherever – you need it.
Invoice Processing
Paper driven, manual accounts payable (AP) departments still process the majority of business invoices, although it has proven to be less efficient than an AP automation solution. In the traditional system, AP invoices are routed manually via paper or through a scanned electronic invoice attached to an email.
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Once the route is complete, an employee must manually type the information from the invoice into the automated system. This system adds many costs, wastes time and is prone to human error.
Many of the costs of using a manual AP process are hidden. As such, they are often underestimated. In general, if multiple people must handle a single invoice before it is approved or placed into an AP invoice solution, the costs of data entry, lost time and human error may represent over 50% of the cost of processing.
Many companies forego AP automation because of the upfront costs to implement the new system. However, the money a company saves pays for these costs very quickly. Research has shown that manual invoice processing can cost as much as $20 per invoice, while automating the process drops that cost to $4. The payback for implementing an automated invoice system ranges from six to 18 months. Some of the benefits you can expect from automation include –
- Cutting the cost of data entry by up to 95%
- Getting rid of postage fees
- Automation of the approval process for all invoice types, including contract, PO, non-PO and expense
- Improving employee morale and overall satisfaction because of touchless processing
- Cutting back up to 90% of invoice processing time
- Reducing process bottlenecks
- Almost instant document retrieval
- Increased bottom line savings
Requordit provides an AP process automation solution that takes your company paperless and improves your workflow process. Revenues and cash flows will improve as your system for processing payments improves. You will also enjoy better relationships with your suppliers, vendors and end users.
Your invoicing is the lifeblood of your company – do not leave it to slow and inefficient traditional methods. Upgrade into an automation system that will connect you to a better way of doing business.
Expense Report Processing
In the modern world, accounting departments are usually overwhelmed with numerous tasks that they have to complete on time. These experts are generally asked to do more with less, and they are being pushed more than ever.
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Recruiting more employees to reduce the workload is not an option for many organizations and so, finding smart ways to lighten up the workload through expense report automation solution is crucial than ever.
Automating the expense management process can make everything simple and more efficient for both the management and the employee. Automating your organization’s workflows and implementing the best practices for your business accounting can significantly reduce your department’s workload and improve cycle time, accuracy, and overall employee satisfaction.
Effective planning, budgeting, and management of travel, entertainment, and other expenses is crucial for companies- both small and large. Manually collecting all the receipts and filling out the expense reports in a spreadsheet or on paper can be time-consuming and tiresome for both your employees and the accounting staff who will be forced to enter the figures into the ERP system manually. By providing a simple expense report system that can automate some of these processes, it will significantly reduce the time spent.
The most critical part of any expense report automation solution is the integration into your company’s accounting system. By automating the information flow between the two systems, the accuracy of data is assured, and your accounting experts can always do a quick review of the data before posting.A simple expense reporting system will help you to accomplish thefollowing:
• Reduce the cost of the organization’s every expense transaction by approximately 80%
• It will also reduce the costs of processing and auditing significantly since the expense management process will also be automated
• Increase employee productivity and satisfaction
• Eliminate the risk of lost documents that can lead to the denial of reimbursement
• Reduce the costs with negotiated corporate travel rates and enforce internal policies
• Reduce the numerous risks posed by non-compliance
Keep in mind that as your organization grows, expense reporting becomes a significant burden and you can’t afford to ignore the importance of automated expense report systems. You will need appropriate software to streamline the expense reporting process to enhance employee productivity and satisfaction.
Requordit offers you a reliable expense report automation solution that provides you with the ability to create, code, approve and efficiently report on all expense reports that are in process and those that have been completed. Our solution will bring the much-needed visibility to expense management and improve adherence to company policies. Contact us today and let us help you take care of your expense reporting.
Swift Turnaround, Proven Methodology,
Best-in-Class Project Management
Strategic Planning
Once we have completed a collaborative assessment of your Accounts Payable system, we will create innovative solutions developed in over 20 years of industry-specific experience to generate the right solutions for your long-term needs.
Solution Implementation
Guided by your point-of-contact project manager, your developer team can create project roadmaps for a complete overview of Accounts Payable tasks, expedite follow-ups and deliver solutions quickly and efficiently.
Quality Assurance Testing
Once our Accounts Payable automation software solutions have been tailored to your needs, we will put it through an exacting and thorough quality assurance and testing process to make certain that the system will perform as expected.
User Training
Your accounts payable staff will be fully trained to use your new AP automation software to both verify that the solution meets your needs and ensure that it is used properly by your AP staff.