Many AP employees start their day with an inbox full of invoice-related requests. These requests can include invoices that need to be coded or questions regarding approval or payment status. Manual, paper-based processes are inefficient and hinder process visibility and team collaboration. Often, AP departments spend more time on data entry and paper shuffling than being productive. Members of an AP team spend more than 50% of their day looking for invoices.
These inefficiencies cost your business time and money. KwikTag has created a step-by-step guide to help determine if your business is ready to automate.
; fill in the blanks with your company’s statistics to help build your AP automation business case.
- First, consider all of the paper on your desk or in your office. Did you know that filing cabinets cost $25,000 to fill and $2,000 to maintain annually? Also, think about how your AP team is feeling at the end of the month or during audit season. If any of this made you cringe, it might be time to consider going digital.
- Second, look at what your business relationship is like with your vendors. Are they getting paid on time? Are vendors frequently calling on payment status? Does your business capture early payment discounts? Some things to think about…
- Let’s take it a step further and quantify how many invoices your business receives per month? Do they come by email or by paper? How many of them get lost?
- How much time does your AP team spend every month typing and coding data? This data could be easily entered with an automation solution, saving time. How long does an invoice sit on someone’s desk before it is passed along in the process? Imagine how much time you and your team could save with your entire AP process available at your fingertips.
- Next, think about any areas of your AP process that could use some spring cleaning, such as duplicate vendors, multiple entities, etc. How much of this could benefit from going digital?
- Think about the visibility you have into your invoice approval process. Do you know where an invoice is at any given time? Do you have any data about the bottlenecks in your process? If you answered “no,” or hesitated to answer either of these questions, it’s time to consider AP automation.
Pause and think about everything you’ve considered in steps one through six. Wouldn’t it be great to have complete visibility into your AP process and other documents across your organization? Wouldn’t it be a relief if your invoice data was extracted automatically, and approval routing was a simple click of a button? That brings us to step seven!
- Finally, take all of the information you’ve gathered above and use it to build your business case for AP automation!
With an intelligent , your business can see measurable results, such as invoice processing costs reduced by 80% and accelerating the AP process from 45 days to just a few hours or less. It gives AP and finance team members visibility into invoices and their workflows at every step in the process.
So, you see, there’s never been a better time to go digital!
AP Automation with KwikTag
With 20+ years of experience in the Dynamics community, KwikTag offers accounts payable automation solutions designed to provide a completely digital, touchless workflow from invoice capture to payment processing. Our AP automation solutions for Dynamics GP and Business Central are completely cloud-based (SaaS) and designed using industry standard invoice workflows. AP automation with KwikTag minimized data entry, saves time and increases efficiency by automating invoice approval and payment processes.
Learn more about AP automation with KwikTag at .
