I enjoy Accounts Payable for a variety of reasons:
Yes, I have seen late fees being added to invoices, accounts, etc. Normally most companies will not pay late fees. Very rarely do they get paid to vendors.
If you are not automated and want to be, there is a high cost to getting it set up. The company needs to evaluate the cost and efficiency to justify the change.
If they are already automated, is the process/software working the way it should?
What issues arise from the automation? IE: Are there exceptions in the queues that need worked? What if we pay the wrong vendor? How do we handle duplicate invoices coming through?
Before automation, there is opening the mail, stamping it, coding it where necessary, getting the approvals, was it lost and need another copy, etc. Depending on the type of invoice, who needs to approve it, enters it, etc. it could take up to two to three days to be processed and ready to pay.
Automation is more efficient when it comes to workflow. The invoice is scanned in, routed to person who approves electronically, gets coded and then sends it back to be processed and paid. This can be done in hours again, depending on approval levels, controls built in system, etc.
Automation allows the department and company to focus on other items/issues. It takes certain issues out of the equation like missing/lost invoices, getting approvals before being paid out, turn around time quicker for processing, and less/no paper.
I’ve worked in large and small companies and seen a lot. A paperless environment does have a lot of pro’s. If a company has the support, staff, finances and the volume to support it, it’s worth the transition to automate.
If you are considering going through an Accounts Payable Digital Transformation, please reach out to our team. We can share additional information including software pricing, support offered, and a demo of the software to help you make a decision!
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