New Year’s Resolution: Digitize your AP Documents
The beginning of a new year is the perfect time to review your company’s processes and see how they can be made more efficient.
One of the best places to start is by reviewing your accounts payable processes.
The accounts payable department is essential to keep your company running smoothly. In today’s business world, improving AP is made much easier by automation.
If your company isn’t yet using an AP automation software, 2019 is the year to change that!
Why you should digitize your AP documents:
Improve Supplier Relationship
When identifying and contracting a vendor, many companies fail to recognise the opportunity to build strategic business partnerships.
By digitizing your documents and properly managing the life cycle of supplier invoices without error or lost documentation, the accounts payable team can contribute to build strong supplier relationships, important to the overall financial health of any company.
Avoid Late Payment Fees
Whatever the cause, if your business is consistently missing its payment terms, it is time to rethink its processes not only to improve the relationship with suppliers but also to avoid late payment fees.
The best solution for avoiding late payments, fees and interest is to scan your documents and automate you AP workflow, ensuring maximum visibility throughout the process.
Simplify Exception Processing
While the invoice approval workflow is supposed to work smoothly, exceptions can slow down the entire process.
Your quality control process has to catch errors, not just in the process but also in the original invoice or the purchase order.
Identifying exceptions require your attention and not every invoice with a minor issue is critical. Knowing how to identify and handle exceptions adds a great deal of efficiency to your workflow.
Octacom Document Management Solutions for Accounts Payable take care of receiving and digitizing your invoices on a daily basis as well as validating and extracting the data for uploading into your ERP or accounting system.
You will have access to key metrics and 100% visibility at every step. We can even archive documents for you and help you get your vendors on board using our Vendor Portal.
These are some of our clients:
To find out more about Octacom Accounts Payable Automation services, please contact us today.