Plans are in place to increase sales. It is anticipated that, at the very least, there will be higher volumes of Purchase Orders created, more and different Vendors to manage and an increase in the number of invoices to be processed. Does Accounts Payable have the resources to manage a larger quantity of invoices, vendors and other tasks? For that matter, how is AP managing with the work they are currently tasked with?
Or maybe the growth of a company will be through mergers or acquisitions. The impact to all back-office functions will be swift once the papers are signed. Has the big bang to Accounts Payable been considered?
Reduce the need to bring in, then train, new and reliable resources in a short period of time. Lower the risk of non-compliance as volumes of invoices increase. Prepare for growth by implementing an Accounts Payable Work Flow System and let this tool do the heavy lifting . . . at a lower incremental cost.
An AP Automation system can auto-process 500 invoice in the same amount of time as 100 invoices without adding resources. Exception invoices can be identified, and the reasons for the exceptions, applied to the invoice records in less time than having an individual research than address each one. Automatically route invoices to the purchaser or requisitioner without AP being involved at all!
Reporting that is available within a work flow system upon implementation, or that can be created to a company’s specifications, can also identify bottle necks allowing the AP personal to spend their time on isolating the root causes of exceptions rather than continuing to work the same issues over and over again.
As the volumes of invoices increase, the pace can become frantic for Accounts Payable as they also manage the Vendor Master, Vendor Queries, getting invoices paid on time. Reduce the risk of errors or non-compliance to business rules. Implement a system that is not affected by pressures or frustration and that can process invoices 24 hours a day without complaint.
Want to learn more? Contact New England Document Systems. They have the experience, and the resources to assist you; from answering your questions about available solutions to helping you to implement the right tool. Contact us to discuss just how much improvement you want to see in your Accounts Payable Operation, especially if the company is growing.
This article is part of New England Document Systems’ partnership with industry experts. This contribution was written by Anne Wheeler of CS Process Flows, LLC. Anne is a Consultant and Project Manager specializing in Accounts Payable processes and systems.