If your company is still receiving paper invoices or paying bills, you’re not capitalizing on today’s best practices. You’re also missing out on the unlimited potential for savings after relieving your AP team of time-consuming tasks such as opening the mail, data entry and filing mountains of paper.
Paper-based processes are expensive because of the time-intensive manual tasks inherent in invoices and paper checks. Some companies think they’ve automated their accounts payable process by scanning and e-mailing their paper invoices when all they’ve really done is digitize an outdated operation and add an element for tracking invoices using e-mail.
These companies may have saved a few days by getting the bill to the approver electronically, but they haven’t eliminated the task or the time associated with it. In fact, they’ve added costs, because they had to buy a scanner and pay for the document imaging system.
By carefully examining the overall process and establishing the time associated with each step in the organization’s process, leaders of well-run organizations can make strategic decisions on how to eliminate costs from their departments.