Fresh thinking about accounts payable

Fresh thinking about accounts payable

5th April 2017

Digital transformation – believe the news stories and it’s happening all around you. But the question for many businesses is – where do I start? Where can I deliver ROI?

One area that we recommend you focus on is accounts payable. Digital transformation could be the answer here if you suffer common problems including late payment penalties caused by inefficient processes, multiple payments of the same invoice or missing early settlement opportunities. Or perhaps you want to reduce the time your organisation takes to input invoice data or, later on in the process, to file and retrieve data.

And with many businesses mobilising their workforces, you might want to ensure your accounts payable process is in sync – allowing selected people the ability to access relevant data while on the move so they can respond quickly to questions.

These are some of the reasons why accounts payable invoice automation is becoming an area of focus for process improvement. Put simply, standardising financial management processes through automation can improve workflow and cut costs.

The business case for automation is compelling. The average cost for a UK business to process a single invoice is £13. That’s the estimate from PWC – Gartner puts the figure even higher. If you process 500 invoices per month, that adds up to £78,000 per year. Automation with the right solution can potentially slice this cost in half.

Allied to the economic case are significant process benefits. You can reduce errors by eliminating any manual re-keying of invoice data. You can accelerate the approval process  and make it quicker and easier to identify and manage exceptions. And improved internal controls improve quality and compliance.

So the ROI can be considerable. Here at Itec, we can help implement effective change with Document Capture & Workflow software solutions to capture, manage, store, preserve and deliver content and documents, related to your organisational processes.

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