Streamlining Operational Performance Through Accounts Payable Automation
A/P INVOICE MEANING
As even the most successful organizations struggle to optimize and sustain profitable performance, they increasingly turn to innovative computing solutions. Automation of accounts payable (A/P) processes is an increasingly advantageous method of considerably improving operational outcomes. By utilizing automation software, organizations can drive improvements in accuracy, reduce cycle times and auditability and unlock tremendous cost savings.
For the C-Suite executive seeking to leverage A/P automation software and optimize operational efficiency, it is important to understand the core components of the solution. An effective A/P automation software solution will comprise basic components which handle the following aspects of the procurement lifecycle: data capture, approval and workflow, and document imaging.
Data capture is fast becoming crucial element of A/P automation systems. By leveraging powerful optical character recognition (OCR) technologies, information from invoices is recorded into the accounts payable system quickly and accurately. OCR converts analog data from paper and digital documents into digital information quickly reducing costs and manual errors.
An approval and workflow module is also essential for robust automation. comprehensive approval process should be based on user-defined rules that are built into the organizations existing workflow. Rules should be flexible in order to address variety of criteria such as vendor, amount and item. This allows for automatic routing of documents to various stakeholders according to the specified criteria.
The last component of A/P automation is document imaging. Document imaging plays vital role in optimizing the procure-to-pay cycle. By scanning invoices and other documents, organizations are able to capture images and data quickly while eliminating the need for manual entry. Off-site storage mitigates risk of data compromise and facilitates access from any location.
Each of the elements of automation software listed above can provide tremendous benefit for company over the course of fiscal year. Enhanced accuracy and audibility can help organizations remain compliant with their finances and operational objectives. By focusing efforts on invoice automation and data capture, considerable cost savings can be realized through employee time and resources.
For any finance executive who is considering leveraging accounts payable automation software for their organization, it is important to weigh the benefits of solution that integrates data capture, approval and workflow and document imaging. By leveraging the power of modern technology, businesses can achieve greater operational efficiency, cost-savings and compliance.
