Automating an Accounting Function such as Accounts Payable Delivers an Impactful Signal to Your Team
Healthy organizations from all industry verticals are continuously enhancing the customer experience through digital automation. In retail, banking, restaurants, transportation, even healthcare… the customer experience is becoming more frictionless, user-friendly and cost-effective.
Have you considered the same for your employees and internal processes and functions?
You may have an easy-to-use web portal for HR related employee benefits such as health care, insurance and payroll functions. Or you’re leveraging an internal communications tool such as an instant messaging service that allows remote employees to stay connected in real time.
For some business models, accounting functions such as the accounts payable (AP) process represent an untapped workflow that’s begging for digital automation. AP, or the processing and payment of large volumes of vendor invoices, can be a mostly manual, labor-intensive and paper-heavy routing and approval process.
Is your Accounts Payable process a costly old relic?
The best AP automation software can easily improve the efficiency of an accounting group’s AP work by 500%-800%. Leveraging the latest optical character recognition (OCR) technology, a customized business rules engine and single look-click-approve functionality, robust AP automation can:
- Streamline manual data entry, paper handling, routing, scanning and other workflow tasks to simplify the process and reduce unnecessary work
- Position the company to scale efficiently with digital accounting solutions that can handle increased work volumes without adding headcount
- Reduce the costs and hassle of paper routing and storage, including Priority Shipping from stores to HQ, onsite filing space and offsite storage facilities
- Archive and store copies of paper invoices and/or import the images into the ERP
- Improve vendor and spend management through greater visibility and customized reports that generate visibility for real-time decision-making
- Stop the costly and antiquated practice of printing and mailing paper check payments by automating payment approval data into ACH or other digital payment functions
The results of replacing a manual, labor and paper-intensive process like Accounts Payable with digital AP automation software are impressive:
- Eliminates 90% of menial, unskilled labor requirements, repurposing staff to more impactful cost reduction or value creation tasks
- Standardizes a process that becomes less dependent on tribal knowledge and more resilient amidst turnover
- Delivers a “let’s work smarter, not harder” message to employees, and serves as an example of successful digital transformation within your company culture
Automation software can improve costly and outdated workflows, and stimulate the digital transformation of your culture, employees, customers and supplier partners.
Learn how OneDataSource’s powerful accounts payable software can reduce administrative complexity, increase operational efficiency and improve your bottom line. Start now by contacting firstname.lastname@example.org.
* This was a guest post from David Kelley. He is a partner at TechCXO and works as a fractional CFO with a wide range of companies. Contact David at email@example.com.