AP workflow- Beneficial, and How to Get Started
Recently, new workflow software and cloud solutions have become available to automate invoice processing.
Benefits of AP Automation
Many organizations using AP workflow automation software have experienced the following benefits:
Reduced payment cycle time from weeks to hours
Increased on-time payments with early payment discounts now achievable
Inclusion of related documentation with each invoice POs, expense vouchers, recurring payments, and expense accruals
Increased visibility for management, from bottleneck identification to impact on cash flow
Elimination of paper in the approval process so you can “go green”
No capital expense with cloud-based workflow automation
Three Simple Steps
To get started, you’ll want to identify a partner that is experienced with workflow automation software as well as your back-end accounting/ERP system. Your partner will then implement your AP workflow automation system in these three steps:
Map out all users and decision makers throughout the organization
Incorporate business rules, escalation scenarios and exception handling
Complete a dry run, incorporate changes, train users, and deploy
AP workflow automation software typically functions as a module of document management software, which represents the archive where documents are securely stored and retrieved. Cloud document management has recently become available, allowing organizations to take advantage of everything the software offers at a fraction of the cost. When combined with outsourcing document scanning, organizations can cost-effectively take advantage of document scanning, workflow automation and cloud document management and without any capital expense. If you’re still processing invoices manually, it’s time to consider AP workflow automation software and document management.