You have a dashboard in your vehicle that informs you on the status of your fuel, engine temperature, and other important functions. When a problem occurs, your car’s dashboard will warn you so that no further damage is done to your engine.
What if you could use the same status and warning indicators within your accounts payable process? What if you could be alerted to any potential problem before it’s too late?
New automation technologies utilize dashboards with real-time analytics to monitor every accounts payable process. With readily available information (e.g., invoices pending approval, DPO, spend analysis, etc.) necessary to accomplish daily tasks, monitor performance, and spot problems or opportunities, every action is smarter and more strategic — keeping your AP engine roaring.
How’s Your Accounts Payable Engine Running?
Even a small pothole like losing an invoice can lead to big problems like losing supplier’s support, making it necessary to monitor your machine. Not being able to see into every phase of processing is a problem that’s sure to turn your accounts payable check engine light on.
5 Reasons Your Accounts Payable Check Engine Light Is On:
- A manual-laden invoice process
Was Fred Flinstone’s car efficient? No. And neither are processes that require manual labor to function.
- High invoice error rates
A shifty car salesman may be able to get away with adding an extra 0 to a payment, but your accounts payable department won’t. Get it right the first time.
- Vendor discounts being missed
You don’t put diesel in a car that takes unleaded, it’s a no-brainer. Just like how your accounts payable department should be capitalizing on spend saving opportunities.
- Low staff productivity
Your staff is the engine that drives your company. If that engine isn’t providing the horsepower necessary to move your automobile, you’re not going anywhere.
- Duplicate invoice payments being made
When your hood turns into a second exhaust pipe, you know you’re about to pay big bucks. Like when you paid that invoice twice. Have fun explaining that to your boss.
Whether it’s time for a tune-up or a trade-in, if your accounts payable process isn’t capitalizing on dashboards with real-time analytics, it won’t get very far. Because it can’t. Because without monitoring your processes, you don’t know where you’re currently standing, leaving you with no idea where you’re headed.
Download the white paper, Overcoming the Challenges of AP Invoicing, to discover how your company can kick its invoicing processes into high gear with an accounts payable automation solution that provides advanced functionality with dashboards and real-time analytics.