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Accounts Payable departments have progressed in recent years to become increasingly more efficient, timely, and organized in their operations. The days of relying on cluttered seas of paper and manual processes that slow down businesses are gone. With today’s electronic tools, CFOs can make sound fiscal decisions and AP departments can accurately predicting budgetary items. Yet a whopping 96% of organizations still claim to depend on “snail-mail” and fax machines for processing invoices, a statistic that should see a stark decrease as awareness of the incredible cost benefits that come along with e-invoicing and financial process automation surface.
Taking the digital leap
Today’s best-in-class operations involve technologies like automated data capture and invoice processing tools, as well as more competent e-payable solutions that are user-friendly and save valuable time – not to mention money. Proper implementation of automated solutions can make all the difference in providing a quick and easy leap to electronic invoice processing.
Small changes mean big savings Eliminating the paper trail of invoices has been evidenced as saving a significant amount of money for businesses embracing forward-thinking, new e-invoicing trends. Whether a corporate colossus or an ambitious small business, the transfer can allow you to cut your invoice costs down to nearly a quarter of what they were before. In fact, the most successful businesses process a relatively small figure of 11% more of their invoices digitally than the average AP department, but the otherwise minuscule statistic makes all the difference in setting these businesses apart and being categorized in a profitable league of their own. Though the transition may seem expensive in the short-term, the cost-savings that lie on the horizon are well worth any initial drawbacks.
Centralizing for a more profitable tomorrow
Modern AP departments have a considerably bigger role in supporting CFOs, buttressing their role as makers of informed decisions that allow for the highest degree of accuracy possible. Automated processes develop a more seamless workflow when effectively integrated with other internal systems, a simple but avoidable roadblock that continues to set businesses back in making the transition to automation. As your organization looks to innovate in its own AP department, be sure to choose your provider wisely. Providers should be able to cater to your specific needs, with a long-term strategy that decisively meets all of your needs for ease-of-use, efficiency, and enduring success. With many different options available for invoice matching, workflow automation, and e-invoicing, you want to do your research and make sure that the option you go with is going to fit best with the processes that your business already has.
About the author: This piece was written by Corcentric’s VP of Product Marketing, Rob DeVincent. Corcentric offers comprehensive, automated invoice processing solutions for AP departments.