Want to help your organization save $600,000 this year? Of course, you do!
The first step is to stop dragging your feet on deploying a fully automated accounts payable system.
Companies that have fully automated accounts payable lower their average invoice processing costs almost 30 percent, according to the Association for Information and Image Management (AIIM).
Let’s put that in terms that are sure to get your senior management’s attention: that savings translates into approximately $300,000 per year for a business that processes 10,000 invoices per month at an average cost of $10 per invoice.
Those savings are conservative.
The AIIM survey showed that nearly one-third of those businesses with fully automated AP reduced their invoice processing cost even more: 50 percent or more. That $600,000 a year using the calculation above. How’s that for the start of a business case?
If you think you can achieve these savings with a semi-automated accounts payable solution, think again. Semi-automated systems such as scanning and data capture solutions deliver about half the savings per invoice of a fully automated system, according to benchmarking data from The Hackett Group.
How is this possible?
With full accounts payable automation, invoice data is digitized and automatically extracted, validated, routed for approval, and stored. This eliminates the costs of handling, routing, storing and retrieving paper documents, and keying invoice and payables data. Nearly all invoice data can be extracted automatically without human operator intervention. Workflows allow for several levels of approval, complex coding, and allocations across departments. Information on approved invoices is seamlessly uploaded to any GL or ERP system and automatically queued for payment.
If your organization wants to save money, contact Nexus. We can help you build a business case for full accounts payable automation that is sure to win over management.
Can you access all of your GL System or ERP Package data in your AP system, or vice versa? Using disparate systems that are not integrated leads to a number of challenges including:
- Inefficient Processes
- Weak Operational Controls
- Poor Financial Visibility
Download this white paper to learn how a fully integrated accounting workflow can help increase staff productivity, give you better control and visibility, and the ability to better manage cash flows and working capital.