You’ve implemented workflow for invoice approvals, reduced the number of manual checks, implemented payment cards and you’ve even implemented a supplier portal to reduce the number of supplier queries.So you think you have an automated AP department. But do you really? Are your systems integrated or is your data siloed across departments, systems and business stakeholders?
While a streamlined AP process can make invoice workflows and approvals more efficient, a holistic view of your company spend can help you in many ways. What is complete AP automation and what does it mean? Beyond just automating invoice workflows and approvals, a streamlined AP management process solves typical AP process pains.
To help companies manage these challenges, I thought I’d outline some of the top AP process “pain points” that I see among my clients:
Pain 1 - Whose desk is it on? It’s difficult playing invoice detective when there is no way to monitor and report on how many invoices have been received and are waiting for payment.
Pain 2- Is the invoice approved? With no visibility into the process, it’s challenging to find out where an invoice is in the approval process and if it’s ready to be paid. Pain 3 - How can I save more money? To gain more negotiating power, often times AP departments have to do more manual work to see their aggregated spend in order to take advantage of supplier discounts.
Pain 4 - How can I save more time? Cutting down on cycle time, and getting individuals to review and approve invoices faster can not only save time but also lead to obtaining early payment discounts.
Pain 5 - Finding the right people.Without a streamlined AP process, finding the right person to approve an invoice can be tricky, adding days or weeks to the cycle.
An efficient, streamlined AP organization has a direct impact on the company’s bottom line.If you’re experiencing any of these challenges, it may be time to rethink your AP automation. Get all ten pain points and learn what Chris recommends to address them at our Webinar “From Capture to Pay: Bring Insight to Your Invoice Process” on November 12, 2014. As a bonus, you’ll also get her top 10 steps to measure how close you are to an automated process.