Improve your AP Process
Nearly every business deals with Accounts Payable
Oftentimes, the processes in the AP department are heavily paper-intensive and time-consuming. In fact, for most businesses with manual processes, it takes roughly 16 days just to process one invoice. This ends up costing the organization in the form of labor, late fees, and printing and paper costs. An automated Accounts Payable solution can help an organization reduce those costs, keep more of their hard-earned profits and keep employees happy and productive.
Pain points our solution addresses
If anyone in your organization is saying any of the following, then you can benefit from our document capture solution:
• Manual AP processes are slowing down turnaround times and my AP department is
• Our invoices are rarely paid on time and we are almost never able to take advantage of prompt pay discounts.
• We need to be able to increase our processing but we can’t afford to hire more staff.
• Our manual processes are costing us too much in labor and human error.
• Our AP staff is frustrated with the process and they feel like they can’t ever catch up.
Quick stats about manual AP processing
• Average cost to manually process an invoice: $22.75
• Average time it takes to manually process an invoice: 16.3 days
• Percentage of companies with manual processes that can take advantage of prompt pay discounts: 16%
• Cost in labor to find a misfiled document: $120
• Cost to reproduce a lost document: $220
Quick stats about automated AP processing
• Average cost to process an invoice with automated process: $3.40
• Average time it takes to process an invoice with AP automation: 6.1 days
• Percentage of companies with automated processes that can take advantage of prompt pay discounts: 47%
• Automated AP processing greatly reduces or eliminates the issue of lost documents and errors
What can an organization gain from improving its accounts payable department?
• Increase the overall productivity of Accounts Payable staff by eliminating or greatly reducing manual data entry
• Reduce the amount of hours staff spends processing invoices
• Eliminate or greatly reduce the issue of lost invoices
• Trade in late payment penalties for early payment discounts
Example: If your company processes $10 Million worth of invoices and gets 2% net 10 from 80% of your vendors, and you are able to take advantage of the discount on all of them, you’d save $160,000 on your invoices.*
• Reduce the cost of processing an invoice and save significant money in the long-run
Example: The average cost to process an invoice manually is $22.75. If you manually process 1,000 invoices per month, or 12,000 per year, assuming your processing is the same as the average, invoice processing costs your business $273,000 annually. If you switch to automated invoice processing, the average cost to process the invoice is about $3.40, so the cost of processing the same amount of invoices for one year is $40,800. That’s an annual savings of $232,200.*
• Improve the audit process
Who should be thinking about document capture as a solution?
• Also…CEO, CFO, CTO
• Accounts payable department manager
• Key accounts payable employees and supervisors
Important features of the capture solution
• OCR to convert scanned documents into meaningful text
• Classification to automatically separate invoices based on vendor >> Accelerated Classification Engine to automatically classify documents and extract data during the workflow without the need for configuration in advance
• Auto Zone Creation to allow the capture solution to auto-place smart zones
• Table Extraction to quickly extract line-item data
• Migration to iView on the IBM I and 60 other ECM systems and the ability to send data to just about any ERP
* These numbers are examples based on averages. Actual cost savings will vary.