AP Automation Will Put a STOP to Your Manual Processes
Accounts Payable Automation or AP Automation for short, why you want it now! If you’re in accounts payable, no one needs to tell you how much time and effort it takes to process a single invoice, you are painfully aware how difficult it is. But others in your organization may not know your daily grind, and they probably don’t understand how you manage most of your company’s payments. AP is typically buried in paper. Approvals are difficult with files being misplaced, or approvers being out-of-office, invoices getting lost in inboxes, and snail-mail or courier between locations can be slow. And 3-way matching of POs, invoices and receipts manually, is extremely time-consuming.
The facts are clear – outdated paper processes are probably costing your company dearly. The time and cost it takes to process each invoice is an important benchmark to understand. According to a survey by the American Productivity and Quality Center (APQC), it costs the top 25% of companies surveyed an average $2.07 to process each invoice. In comparison, it costs 5 times more, or more than $10 per invoice, for the bottom 25% of companies.
Why such a wide difference? AP Automation! You can streamline your core AP business functions and significantly reduce admin time by automating your AP processes with a document management system such as DocLink.
What Can Document Management Solution DocLink Do for You
Simply put, DocLink is your entry point to becoming a digital company. It allows you to eliminate all your paper and streamline your manual processes in AP. With DocLink you can capture, process, retrieve and deliver your business files automatically. Tasks are completed in seconds and minutes, instead of hours and days. DocLink also provides you with visibility into your entire AP lifecycle.
The primary benefits to using DocLink for automating your AP processes include:
1. The ability to provide self-service document access
2. Timely approvals from anywhere
3. The elimination of filing and minimization of tedious data entry
Ultimately, these contribute to a huge win for streamlined approvals.
DocLink’s customer Palm Springs Aerial Tramway is an excellent example of these benefits. The Tramway increased ridership from 400,000 to 650,000 annually and hasn’t had to add a single staffer to handle the additional AP workload.
Tara Meinke, VP of Finance/Accounting for the Tramway states: “DocLink has been a lifesaver for us, a game changer. It has really improved our AP function, just in every aspect, in regard to saving time, saving space and just having the documents at your fingertips.”
Wouldn’t you like to be more strategic about accounts payable, instead of spending all your time processing invoices? You CAN automate your entire Accounts Payable process from POs to payments to improve productivity.
Stop the stranglehold all these documents have on you. Check out DocLink’s recent AP Automation video, and then contact us today to learn more about how you can go paperless and spend less time managing your data.