Recent years have seen huge advances in digital process management, automation, cloud services, Artificial Intelligence as well as hybrid services. These advances have laid the foundation for the next generation of Account Payable performances and possibilities – beyond what is possible with legacy Accounts Payable automation. Here are the 10 Benefits of Accounts Payable Automation today:
Unlock Workforce & Business Potential
Staff can be freed from the manual and repetitive to focus on strategically important tasks and challenges – helping to drive the business not just manage it. With empowered workforces and more effective operations comes stronger supplier relationships and governance as well as better terms, more sustainable business and ultimately greater customer satisfaction
Better Cash Management and Reporting
Advanced search, & real-time dashboards, at a glance visibility of your AP operation, bottlenecks and KPI ensure more informed, data-lead decisions faster to control cash. Ability to access to prompt payment discounts and avoid late payment penalties – improves supplier relationships
Modular & Integrated
AP solutions can make it easier to take the AP features and capabilities you need to improve your AP process. AP solutions can then seamlessly integrate with your existing accounting and ERP systems. Integrating some AP solutions is less complicated these days and doesn’t have to involve the usual heavy charges and complex change projects associated with customised ERPs
Lower Risk & Enhanced Compliance
Through full control and tracking of every change by user, workflow and event for. Built in checks and controls for fraudulent activity as well as rules for archiving
Flexible Delivery and Hosting Models
From traditional on-premise to fully managed hybrid or private cloud environments to suit your requirements
Pay as-you-go
Flexible procurement options removes the financial challenges and risks associated with capital investments – Pay per invoice rather than a capital investment
Lower operating cost & faster performances
Businesses using AP Automation can see up to 81% lower processing costs and 73% faster processing cycle times. (Business Insider 2020). Manual interventions can be removed the length of the P2P and AP process including approval and exception handling processes according to business rules
Scalability & Resilience
Automated operations and Pay as a you Go services are more scalable and can gracefully flex meet the demands of peak times without additional staff or resulting in operational white space during quieter times
Operational & AP Process Excellence
Embrace Best Practice P2P and Accounts Payable process management through digital process management and workflows– Best practice can be built in to digital processes and they can be configured or completed customised to suit your specific requirements and business
Less waste & inefficiencies for the toughest AP Processes
Fewer mistakes and manual rekeying at the start even for the most troublesome invoices – 100% Capture accuracy is possible – Lower capture failure than traditional OCR is achieved using advanced invoice capture and extraction with invoice processing machine learning algorithms. Any exceptions where machine learning algorithms aren’t 100% confident can be handled as a service meaning that 100% capture accuracy from a client point of view is now genuinely possible. This was a major source of manual interventions for AP teams. AP digital workflows can perform the necessary checks to enforce best practice and keep the AP process moving – ie detect anomalies or other requirements such as early payment and treat accordingly
We offer no-obligation consultations and business cases to help you identify the right approach to transforming your AP. To find out more or to book a consultation, please call +44 (0)1962 835053, email enquiries@processflows.co.uk, or fill in the form below.
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ProcessFlows transition to Konica Minolta – FAQ
/in News & Insights /by ProcessFlowsHere is a simple Frequently Asked Questions page to assist you regarding the transfer of ProcessFlows business activities to Konica Minolta Business Solutions (UK) Limited .