Category: Accounts Payable

New England Advisory Firm Reduces AP Processing Time by 40%

As businesses grow, they tend to encounter growing pains. For BlumShapiro, New England’s largest business advisory firm, this involved an increasing volume of invoices. As the firm continued to grow through several acquisitions, their manual processes were becoming increasingly expensive and inefficient. Manually searching for misplaced invoices and handling paper documents proved to be one… Read More »

14 Accounts Payable Best Practices

1. Pay from original invoices: Paying from copies can cause errors. If you must pay from a copied invoice, be sure to double check your records for a matching invoice number and dollar amount. 2. Separate duties and internal controls: By separating duties and internal controls, for example limiting who can add or access your… Read More »

3 Questions Every Finance Manager Should Be Able To Answer

Where are your invoices in process? Visibility is a major concern for Accounts Payable departments. Lack of visibility begins with the invoice process. Invoices are sent to different offices, are manually forwarded, and entered into an ERP system. These invoices are almost impossible to track until they reach the ERP system, leaving little to no… Read More »

AP Department Potential: Infographic

Is your Accounts Payable department living up to its full potential? In this Digitech infographic, you will be able to see how your AP processes stacks up to: Fraud & duplicate payments Customer satisfaction Financial process control Error detection Automation improvements Process costs An AP department that has realized its full performance potential will lower… Read More »

Mailroom Automation: Why You Should Outsource Your Mailroom

Tackling your paper problem can be difficult if you ignore the source. Many organizations have set out to improve their paper-intensive processes with workflow automation – yet many have not addressed a major contributor to their paper problems…invoices received in the mailroom. The solution? Mailroom automation. In order to increase mailroom efficiency and drive productivity… Read More »

Important Accounts Payable Metrics

Is your Accounts Payable department performing at its best? How can you tell? In order to be successful, organizations should strive for continuous improvements and establish evolving objectives to push innovation, efficiency, and success. However, identifying areas for improvement and implementing change can be difficult without first understanding your current situation. Your accounts payable department… Read More »

How Accounts Payable Automation Works

If you are currently investigating an Accounts Payable solution, then you are looking for the benefits that AP automation can have. When it comes to your company’s finances – ROI is the name of the game. However, once you have discovered the benefits that accompany a great AP automation solution, you now have to understand… Read More »

What is the Average Cost to Process an Invoice?

What does it cost to process an invoice? If your organization has a best-in-class AP invoicing process – then the answer is around $3.34. However, for the average organization, the cost to process an invoice is about $7.00. While the cost of invoice processing varies from company to company, there is one undeniable truth: Paper invoices and… Read More »