CALL 1.888.739.1934 Request Information
Streamline. Eliminate. Automate.

Savings with Accounts Payable Automation

Reduce high operating costs with Accounts Payable Software

Many companies are very familiar with manual accounts payable processing:

OneIt begins when an invoice is received by the AP department. The invoices can arrive by email, mail or maybe someone dropping a paper invoice on your desk.

TwoOnce the documents are received, they are handed to an AP team member and the invoices are manually typed into an accounting system and may be scanned as well to create a digital file.

ThreeEach invoice is validated and approved by someone with the right authorization level before it is paid. This means lots of emails asking for approval, getting approval and then forwarding to the next person.

 

When AP processes are not centralized, handling each new invoice can be confusing for everyone involved.

Also, manual processes have great tendencies for mistakes and failures (one of the primary problems associated with AP teams) affecting the workflow, time and cost.

 

*According to a recent 2017 PayStream report, most companies currently receive the majority of their invoices in paper and email format:

© 2017 PayStream Advisors, Inc | www.paystreamadvisors.com

 

Automated Accounts Payable workflows make the process easier, accurate and efficient. Through a combination of shorter payment cycles and improved processes, automated accounts payable provides solutions that can help cut clutter and paper.

 

With automated invoice processing, the accounts payable staff can get more done in less time.

Many AP automation outsourcing and software solutions come with optical character recognition (OCR) capabilities that eliminate the need for manual keying the invoices, allowing you to maintain a more efficient workforce so your business can achieve major cost savings as fewer staff members are required for the AP department.

This means your AP team can focus on more important tasks such as general accounting, process improvement and handling exceptions rather than spending time processing every document manually.

*Research from PayStream shows that companies that adopted automated invoice processing and workflow automation in AP achieve improvements in approval times, employee productivity and reduced processing costs:

© 2017 PayStream Advisors, Inc | www.paystreamadvisors.com

About Octacom

Octacom provides document and data management solutions to clients across North America from mid- and large-sized corporations, governments to non-profits. Established in 1976, we are a privately held, 100% Canadian owned company.

Leveraging our OdissTM Document Management Software, we create tailored solutions to simplify and automate processes by changing the way you manage, access and maintain your information, providing you with the tools you need to do things more efficiently with increased productivity.

Working with Octacom allows you to improve customer service, lower your operating costs and realize a positive impact on your bottom line. Eliminating paper-intensive and outdated processes will help your organization achieve these goals and allow for more focus on your core business priorities.

Learn more about Octacom’s Accounts Payable Automation solutions and how we can help you save money, improving your business processes and operations.





No comments