With the onset of increased amounts of invoices due to your business growth, it is more challenging than ever for accounts payable departments to get their invoices reviewed, approved and paid on time. Not only is this a large concern for growing businesses, but so is the need to budget for more accounts payable employees to get through the workload if your process is not automated.
Issues with manual AP processes include:
-Failed, late or duplicate payments
-Increased costs in late fees and interest charges
-Little to no visibility or control
-Lack of accountability
-Increased risk of data inaccuracies
-Longer monthly, quarterly and year-end closes
-Lack of security
Automating your AP process during a time of growth can directly support the business growth and success of your company. By eliminating manual and inefficient processes in your AP process, your company’s bottom line and cash management will also significantly improve. This is mainly due to the fact that with automation, you can get more done with the same amount of people.
We understand you may already have a system in place to get your invoices into your ERP. You may have Accounts Payable Clerks that manually enter data and then file your physical invoices. In doing this, the average cost for a company to approve and pay an invoice is over $15.60, or could even exceed $38.75 per invoice. Automating your front end AP onboarding process could lower the cost per invoice by as much as 65%.
By onboarding your AP process with Recordsforce, you can eliminate the cost of manual data entry and filing of your invoices. Our SSAE-18 compliant Accounts Payable Scanning Solution drastically reduces the time spent searching for and entering information from your invoices.
First, Recordsforce will collect all your incoming invoices, whether they be hard copy or digital. We then digitize the paper invoices, download the emailed invoices and prepare them for data extraction. The data you require will then be extracted automatically from the invoices using OCR, AI and IDC. This process is then quality reviewed to ensure it is complete and accurate. Lastly, the invoices are formatted and delivered to you directly into your ERP or workflow.
With Recordsforce’s Approval Workflow, you can gain the visibility, accountability and control needed to distribute your invoices automatically. It can also save your company the time and money by removing the need to have someone manage the lifecycle of an invoice. The Approval Workflow can securely distribute invoices to proper users and forward them through successive steps automatically. Invoices can even be prioritized based on specific criteria, and transparency into each task within the process is available.
What about paying your suppliers? Unlike bank solutions, Recordsforce payment processing services do all the work for you. Simply upload your existing check file, fund your payments and we take over from there. We securely enroll your suppliers online, encrypt their account information, store it on your behalf and require secondary authentication for administrators using the website.
Using Recordsforce to automate your AP process will allow you to gain control and visibility into your process and save you time and money. If your business is growing and your company is working on a plan to scale, now is the best time to automate your AP processes and improve your current operations.
Learn more at www.recordsforce.com