Indicators on Account Payable Automation You Should Know
Accounts Payable Automation leads to measurable savings for an organization. One of the advantages is that companies can reduce their carbon footprint by taking advantage of the Internet and web-based outsourcing (Dahl, 2009).
In your organization, has a vendor invoice ever sat under the paper pile on someone's desk? Has your company ever paid a hill twice because a duplicate invoice slipped through? Do you store your historical accounts payable files in boxes off-site or in some faraway room? Does your company make copies of invoices and send them to multiple locations for approvals at various levels of management?
With the onset of cloud computing and new technology, analyzing the cost and efficiency of the payable process can now get the attention it deserves in small to mid-size organizations. If you answered yes read more to one or more of these questions, your organization suffers from "accounts payable pains," and you probably spend between $12 and $20 per vendor invoice to process that paper.
Not to worry, there is a solution. Automating your accounts payable process and workflow can eliminate these pains and save your organization significant resources at the same time.
Recently, and especially in the U.S. and among Fortune 1000 companies worldwide, accounts payable departments are becoming an area of importance within an organization's strategic plan. With the onset of cloud computing and new technology, analyzing the cost and efficiency' of the payable process can now get the attention It deserves in small to mid-size organizations. Rarely is there something truly evolutionary in the field of accounting that actually leads to measurable savings, is easy to do and relates to accounts payable. But the automation of accounts payable is precisely that: new, efficient, and capable of saving significant resources — financial and non-financial — and, as an added bonus green.
Dahl, C. (2009). Accounts payable automation leads to measurable savings. CMA Management, 83(7), 12.