Written By: David Miller
Accounts payable automation or AP automation is the term used to describe the ongoing effort of streamlining the business process and workflow of an accounts payable department. The process is straightforward, however, can become very cumbersome, especially if a company has a very large number of invoices. Problems are compounded when invoices that require processing are on paper. This can lead to lost invoices, human error during data entry, and invoice duplicates. These and other problems lead to a high cost per invoice metric. The goal of automating the accounts payable department is to streamline this invoicing process, eliminate potential human error, and lower the cost per invoice.
Did you know that it costs approximately $38.00 to process a single invoice?
Some of the most common AP automation solutions include; E-invoicing, scanning and workflow, online tracking, reporting capabilities, electronic invoice user interfaces, supplier networks, payment services and spend analytics for all invoices.
When business adopt AP Automation the invoice arrival and presentation is almost immediate invoices are paid sooner; therefore, the amount of time and money it takes to process these invoices is greatly reduced.
Did you know that with AP Automation it costs approximately $3.00 to process an invoice?
These solutions usually involve a third party company that provides and supports an application which allows a supplier to submit an electronic invoice to their customer for immediate routing, approval, and payment.
Here at MEDI we want to support your business; before, during and after your organizations transition to a fully automated Accounts Payable process.
• More Efficient = More Effective. With an easy to learn and simple to use platform; automated workflow reduces invoice processing time, eliminates data entry errors and increases productivity along every step of your AP workflow.
• Intelligent Data Capture will show how smart you are. With intelligent data capture, invoice data is electronically extracted and categorized, then routed for two and three-way matching and approvals. Manual data entry and entry errors are eliminated.
• Being in Compliance is a Snap with secure, permission-based access with audit trail make complying with accounting and industry regulations easier. The audit process is more manageable with onsite or remote access to the electronic data.
• Powerful Integrations Make Your Job Easier by eliminating duplicate data entry by accessing invoices and related documents within your accounting and ERP systems. Export data directly to Excel for even more flexible reporting.
• Secure Access at Any Time, From Anywhere allows you to securely review, route and approve invoices from anywhere at any time, on any desktop or mobile device to ensure the procure-to-pay process is fast and efficient.
• Free Up Your Budget for Better Investments. Think about it; paper, files, staples, paperclips, filing cabinets, printer supplies and storage. It adds up. Invoice processing with a smart AP Automation helps you to cut costs and increase productivity.
Give us a call (800) 731-6334 or send us an email to email@example.com if you’d like to learn more.
FUN FACT: The US treasury estimated that implementing e-invoicing across the entire federal government would reduce cost by 50% and save $450 million annually