AP Workflow Automation: Ultimate Efficiency
Transforming an AP Department into a highly efficient organization can be extremely challenging, but with AP Workflow it can be achievable. Now with the addition of accounts payable automation it can definitely lead to successful results. By definition AP workflow automation embodies the rules for automatically routing invoices through the invoice approval process. This can transform an AP organization from a mediocre operation into highly efficient enterprise.
Three Core Components of AP Workflow
There are three components at the core of accounts payable workflow that give organizations the capability of having unparalleled performance and unmatched efficiency. They are as follows:
- Data Capture – Back end integration, File upload, PO Flip
- Electronic Forms – Electronic invoicing (AP automation)
- AP Workflow Automation – Approvals, Exception Handling, Tracking, Reporting and Two & Three way Matching
AP Workflow Rules
There are particular tasks connected via specific paths for allowing the work to flow in any organization. The basis for that flow is a set of process defining rules. Those AP workflow rules can be used for dealing with tasks that are very basic, such as just having to fill out travel requests and get approval; and go all the way up to complex processes used to connect dissimilar departments for the purpose of managing the company’s inventory.
AP Workflow Automation
That’s where AP Workflow Automation comes into play. The subtle differences in areas of workflow automation can result in a dramatic alteration to technology performance within an organization. AP Workflow Automation has highly-structured capabilities, while still accommodating tasks and activities that are knowledge-driven, as well as flexible in nature. A company’s software will then have the ability to handle transitioning between provisional and total automation when necessary and where applicable.
Accounts Payable Automation Frees Up Time
Ultimately, the main goal of accounts payable automation is the streamlining of tasks which include the processing of invoices, resulting in the ability to use people in the most effective way. It has been found that organizations that are unwilling to automate can suffer severe limitations in their overall business practices. AP Automation is preferable, since it can result in the standardization of routine processes like processing invoices, making for a more adaptable and consistent enterprise. In addition, it can eliminate repetitive manual tasks, like having to track down lost invoices and freeing up workers’ time to focus on activities that add value to the organization.
AP Automation with AP Workflow is Attainable
Just choosing the optimum technology and software isn’t quite enough. What it takes for total Electronic Invoicing with AP Workflow success is making the proper choice of a partner for guiding an organization through all of the initial automation steps. This is crucial due to the many levels of refinement required when it comes to AP workflow. With all of these requirements in place then can progress be attainable.