Fast-Paced Invoice Processing with AP Automation
Have you ever tried running downhill? It’s that feeling of just trying to keep your feet moving fast enough to keep the rest of your body from toppling over. In this fast-paced business world, trying to compete takes every edge you can find. This is as true for accounts payable as any other department in your company. But here’s the problem: without the right tools, it’s the same as running downhill. Eventually, you’re going to go toppling forward right on your face.
The reason is simple. Trying to speed up the old paper-based invoicing system is like trying to keep up with a new motorcycle while you’re on a bike. You can keep up for as long as it takes the motorcyclist to release the clutch. It doesn’t matter how fast you are or how hard you train, you’re eventually going to run up against the limits of human leg power. Similarly, there is only so much you can do to increase the workflow speed in a paper-based invoice system. You can only increase the labor hours devoted to keeping track of that paper, scanning it, entering and re-entering its information into your computers, mailing it, filing it, and all the rest. The worst part is that these tasks are duplicated over and over again. It’s wasteful and cumbersome and you can only reach a certain speed before the laws of diminishing returns catch up.
Not so with accounts payable invoice automation (APIA). The most advanced, comprehensive APIA on the market, InvoiceWorks® by iPayables, is designed to take every task in the invoicing workflow and reduce it to its most elemental form. In other words, it allows the fastest possible taskmaster – your computer – do almost all the work. With InvoiceWorks® everything is fast-paced e-invoicing. This includes not only the workflow process needed to get invoices paid accurately and in the least amount of time, but storage and configuration of data such that it can be retrieved, analyzed and checked against other information.
How fast-paced are we talking? We commonly hear reports of reduction in invoice-to-payment turnaround time from a few weeks to a few days. Instead of paying late fees, our clients find themselves negotiating dynamic discounts with happy suppliers who get paid faster than they ever thought possible. For the accounts payable department, this translates into a lot of money saved.
This is the way to compete in the computer age. Upgrade your bicycle for a motorcycle and see how efficient you can be with the best tools for your department.