It takes little effort to find a plethora of third-party resources that tout the cost-savings and increased efficiency that accounts payable automation (AP automation)can generate. In fact, a 2018 Ardent Partners report discussing the current state of ePayables confirms that “transforming an AP Operation takes a commitment of time, energy and resources…but research shows that, if done well, it’s a worthwhile investment that can deliver long-term advantages.”
It’s hard to ignore the benefits of a Best-in-Class AP automation solution:
At its most basic, AP automation consists of four main components:
Streamlined workflow – replacing manual routing of invoices with electronic processing adds a new level of visibility for better overall AP management and more opportunities to capture early-payments discounts.
Automated indexing and storage – removing the paper from filing systems and implementing electronic imaging and archiving provides the capability to link related documents leading to smoother audits.
Integration between AP and back-end systems – when AP functionality is integrated with an organizations’s ERP, the resultant ‘360-degree’ visibility into financial data gives decision makers the insight they need to make strategic financial decisions
Tailored reporting for stakeholders – the enhanced reporting features provided by AP automation solutions gives CFOs, controllers and treasurers sophisticated options for viewing and analyzing financial data so they can customize dashboards to their specific needs.
And while these descriptions have value, it’s even more impactful to see real-world results and hear directly from organizations that have successfully adopted automation in their AP departments.
Consider these results:
- A global distributor of electronic parts was able to reduce their inbound invoicing costs by 88% by achieving straight-through processing and implementing a scanning solution.
- A company that provides amenities for U.S. zoos and aquariums deployed an AP automation solution that integrates with MS Dynamics and saved 40% annually in associated paper expenses.
- A global leader in door opening solutions is now able to automatically upload invoices into its JD Edwards platform, significantly improving productivity.
- A leading coal preparation and material-handling organization was able to reduce unprocessed invoices at month end by 70% with invoice automation and Optical Character Recognition (OCR).
For more real-world examples of how accounts payable automation is worth the investment and has helped organizations like yours, read the full ebook,“The AP Automation Payoff: 4 Real-World Examples of the Transforming Power of AP Automation”.