Manual, paper-based AP processes have been a consistent bottleneck for organizations that have not yet transitioned to digital invoice workflows. In fact, many members of AP and finance teams spend more than 50% of their day looking for paper invoices. Companies that have at least begun their digital transformation have reduced the paper chase by about 80%. This time savings leads to not only greater business efficiency but also provides a stronger competitive advantage in the market.
Organizations that take process transformation, including AP automation, seriously can demonstrate how their back-office process efficiency leads to stronger cash positions, better control over cash flow and solid vendor relationships. These advantages lead to other benefits, such as higher business financial ratings, faster time to market with their products, and more focus on their customers. All because they take care of their accounting spend management.
Now, when we take a step back and look at where this transformation starts, it is often because the manual processes are the straw that breaks the camel’s back, in the accounting department. At the heart of AP departments is the ERP system. Organizations rely on their ERP systems as a system of record to run their business. Data has to be correct, and consistent. Most of all, though, it has to be meaningful. While ERP systems, such as Dynamics GP, offer a particularly powerful package, they do not offer proper insight into all areas of the business – such as tracking and managing paper-based processes.
Because of this, many organizations look to AP automation. AP automation extends the value of ERP systems like Dynamics GP, providing the ability to track invoices throughout the process and manage their cash effectively. AP automation gives businesses fresh insight into their AP process and how their invoice processes and data impact their business.
The tedious process of receiving paper invoices, manually routing to AP, entering information into the ERP system, manually sending them to one or more approvers, hoping it’s approved, and so on, results in a 35-day approval time. This is coupled with little to no insight into the invoice process and how the data is used.
AP automation allows businesses to store complex data and processes and open avenues for better analysis, greater efficiency and a stronger market position.
AP Automation with KwikTag
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