Goodbye Paper, Hello Digital!
Are you still using a lot of paper in the office? Maintaining paper files, even for backup purposes is no longer necessary. Hardly anyone is using paper anymore. If you are, you’re being outmaneuvered by competitors who are digitally transforming their entire businesses to experience significant savings, lower risks, and fewer bottlenecks.
Why Digital Transformation?
Because of unstoppable momentum! And now, COVID had accelerated the paradigm shift in how business works. Supply chains were decimated and access to resources were greatly restricted. Cash flows dried up. Companies had to reinvent themselves to survive. Their existing processes and procedures could no longer rely on people sitting in cubicles on the phone placing timely parts orders with suppliers, and suppliers getting paid on time to meet their deadlines.
Revenues, receivables, and payments had suddenly become unpredictable. Businesses needed a solution that was more responsive to change that could cut out all the delays of what had to be done to keep the doors open and livelihoods intact.
Now look at the office landscape and the trends. Virtually everybody is pursuing digital transformation. Every existing workflow that utilized paper for communicating, documenting, transacting, approving, complying and storing content and data is being reconsidered. New digital technology has been ramped up for automating those legacy processes.
Accelerate Digital Transformation with AP Automation
“The global digital transformation market is projected to grow from $469.8 billion in 2020 to $1,009.8 billion by 2025, at a compound annual growth rate (CAGR) of 16.5% during this period.” (Research and Markets, 2020).
But change can be overwhelming. Where do you begin? Given today’s economy and difficulty of sourcing materials and resources from suppliers, transforming your Accounts Payable makes sense to make your organization lean and responsive. The costs are minimal, and the rewards are many to keep your company solvent and strengthen supplier relations.
5 Simple Steps to AP Automation
A good way to start transforming your company to the digital world is through automating Accounts Payable. Your entire AP process can be automated through 5 basic processes:
- Scan incoming invoices electronically, whether paper, email, fax, or eForm.
- Capture and verify accuracy of invoice data.
- Apply routing and hierarchy approval rules.
- Route invoices for coding, approval and payment.
- Transfer data to your ERP system and archive.
All you need is an Internet connection to provide a single pane of glass into the workings of your AP operations. What this process does is save time and money, streamlines your invoice and mailroom processes, provides visibility into invoices over their entire lifecycle, and permits invoice management from anywhere.
AP Automation eliminates manual procedures, reduces human error and fraud, improves approval times, avoids duplicate payments, improves cash flow, reduces processing costs, matches invoices to POs, takes advantage of vendor discounts & rebates, and logs compliance. It also positions data to be available to other company systems.
Work with the Trusted Leader in AP Automation
With a focus on providing “best in breed” software and service solutions, NEdocs provides industry-leading solutions for Invoice Automation. This customizable process, coupled with NEdocs’ AP Mailroom for invoices, enables companies like yours to significantly lower invoice processing costs and enhance overall financial management.
With decades of experience in document and content management, NEdocs offers the ideal combination of expertise and technology to assist you in streamlining and modernizing your accounts payable procedures without disruption to operations.
For further information or a demo of the NEdocs AP Automation Solution, feel free to contact us online today or call (603) 625-1171.