Have you ever wondered what kind of value your company could gain from implementing accounts payable (AP) automation system? I am here to give you the inside scoop! In this presentation by Judy Bicking, a subject matter expert from IOFM and 27-year veteran of Johnson & Johnson, she walks us through her pains prior to AP automation and the success she saw after her team put the solution into action. You will also get a taste of the look and feel of AP automation.
Manual AP Processing Pains
Let’s face it, the mission for AP is to pay invoices on-time and accurately. How can AP accomplish their mission, and will your organization blame AP for any late payments? Does your organization suffer from missing or late payments? And, do you have the visibility to track early payment discounts, or even how many invoices are assigned to AP specialist vs. approvers in real time?
With a manual process it is hard to have visibility into the key metrics your organization should be tracking. However, having visibility is important to improve your business, and you want to make sure your staff and suppliers are happy. How can that happen if AP is being blamed for late payments or if suppliers are unhappy when they are getting late payments?
These are simple but vital questions you should be asking yourself when assessing your process. So … how can you fix your AP process and address all these concerns? Automation!
A Look into AP Automation
Automation allows you to control the process, get rid of data entry errors, and access real-time data to measure your KPIs and important metrics. It isn’t a dream — you can really have all of that! Let’s dive a little deeper into automation and see how it works and explore some key factors you want to consider when looking into an automated solution. Keep in mind you will want to have a solution that will:
- Capture and dispatch invoices
- Have dashboards to track real-time data
- Have invoice verification interface
- Have an easy to use workflow for payment approvals
- A mobile application
- ERP integration
- And a supplier portal
From implementing AP automation, Judy saw an increase in her company’s bottom-line savings through discount management, operational management, spend management and accurate and timely closings. Not only did she gain on cash value for their organization, she was able to use real data to remove bottlenecks, reduce cycle time and study the spend!
Listen to our recorded webinar on Earning Real Cash (and Company) Value from Leveraging AP Automation to see how you can alleviate all your AP processing pains!