Accounts Payable – How to Improve Efficiency & Accuracy of Your Operations
Accounts Payable (AP) departments tend to have a lot on their plate. Unfortunately, this leaves them with information overload and many responsibilities to juggle. As a result, they face many challenges. In fact, in order to take a closer look at what exactly these obstacles are, Hyland surveyed 200 AP professionals. Above all, the results found that the top AP challenges are having too many paper documents and files, having too much manual data entry, and the presence of invoice exceptions causing process delays. Additionally, they pointed to difficulties like struggling to modify processes when necessary, having automation solutions that aren’t user-friendly, having approvers take too long, and having data errors and discrepancies that cause additional process delays.
Fortunately, AP departments are able to tackle these challenges head on with AP automation. For example, partially automated AP solutions can help, including tools like workflow solutions and reporting dashboards. Workflow automation helps organizations of all sizes to optimize business processes, enforce consistency, and promote accountability. Additionally, workflow can help you decrease the time that’s needed to make corrections and enforce process rules.
Want to learn more? This webinar recording demonstrates the various ways that AP automation can help you and your department. You will learn more about partially automated AP solutions, but also about mostly and fully automated AP solutions. Additionally, you will gain an understanding of how you can leverage the capabilities of an OnBase solution to improve the management of your content, processes and the data needed to support invoice management and processing.
Accounts Payable Automation Takeaways:
- Key takeaways from Statista and Hyland’s 2018 State of Accounts Payable Report
- The primary challenges that organizations currently face in Accounts Payable
- The advantages of gaining visibility, control and efficiency across the procure-to-pay lifecycle
- How intelligent data capture streamlines Accounts Payable processes