If you're a complex organization with multiple P&Ls that's looking to gain better control and reduce the time of your accounts payable process while reducing your G&A expenses, you probably already know that a digital transformation can help get you there. At the same time, you may believe that such a transformation will take months or even years and you may foresee a lot of up front investment and pain in the process.
That doesn't have to be the case.
Regardless of your organization's complexity and whether your Accounts Payable process is centralized or decentralized, you should be able to eliminate the manual processing, approving and storing of incoming invoices for accounts payable and should be able to bring the cost of processing those invoices down to a fraction of the current price.
It's estimated that the average company spends between $12 and $20 per invoice to approve and pay. Digitizing the process should bring it down to less than $6 per invoice (and in most cases, much less than that). That should be the case, regardless of the number of active vendors you are paying and the complexities of various departments or subsidiary processes and protocols.
Digitization when done well should mirror all of the current processes you like, improve the ones you don't like, yet still bring the cost down. Your selected provider should provide you with all of the tools to enable the transformation and the workflows you desire during the transition phase and from there should also set up a new way to onboard vendors into your system. Finally, the best systems are continuously improving for optimum performance and your satisfaction and success!
It sounds too good too be true and too painful to get there but it doesn't have to be. Choose a provider who can handle the digital transformation with minimum up front costs and with NO MANUAL DATA ENTRY required and one that has an excellent record of digital accuracy. (Believe us, that matters! Feel free to ask us why!)
Learn more about how Accounts Payable Digitization can reduce the current headaches of your administrative complexities yet increase your operational efficiencies...and even contribute PROFIT to your bottom line.
Read, Listen or Watch more about Accounts Payable Automation and Digital Transformation
- Accounts Payable Automation for Cost Saving and Improved Efficiency
- Four Ways Payments can Impact your Business
- Electronic Payment Systems
- Top 3 Accounts Payable Practices: How to Implement Them for Success
- Which Should You Use? Purchasing Cards or Virtual Cards?
- How Payments Impact Your Business and Relationships