How To Accelerate Your Accounts Payable Process - Go Paperless

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Professionals Said Total Invoices Increased As Much As 10% In The Past Year. 24% Reported An Increase Of Greater Than 10%.

As competition increases, organizational leaders are asking all departments to play a more strategic role in driving growth and controlling costs. accounts payable is no exception.

But AP teams are already under pressure to do more with less. Invoice volumes have increased, while at the same time, invoice processing is expected to grow more complex.

Nearly Half Of Surveyed Ap Professionals Think Invoice Processing Will Become More Complex Over The Next Two Years.

Lost Efficiency

Organizations have increasingly relied on technology to improve operations, but for many ap departments, invoice and payment processing remain manual and paper-intensive.

Your Accounts Payable Automation Solution

OnBase centralizes all critical AP documents and automates processes on a single platform. A leader in cloud storage for ECM, only OnBase combines extensive integration and mobile capabilities to grant remote and non-AP users access to the information they need to accelerate invoice processing.

With OnBase, AP departments spend less time filing and searching for information on paper, and more time analyzing information to support the strategic goals of the organization.

Regardless of size, finance teams spend about half of their time on transaction processing.

AP teams spend countless hours manually keying in and sorting invoice and payment data from multiple documents and sources.

Even when an AP department is using a technology solution to manage processes, frequent changes in staffing, vendors, or invoice approval limits can still bring work to a halt – especially when IT resources are required to modify the solution to meet the change.

50% of all invoices still arrive as paper, roughly one-third arrive via email, and 19% are sent via electronic data interchange (EDI).

This Leads To:

  • Data entry-errors
  • Misplaced documents
  • Missed or delayed Payments
  • Needless discrepancy resolution and extra approvals

Limited Access

Globalization has increased the growth of mobile office workers. When invoice approvals are required from mobile employees, but they cannot access the relevant documents and information from cloud-based or remote networks, it can cause significant delays in invoice processing.

Over the next several years, the number of remote consultants, field professionals, and other mobile workers will proliferate. Many AP organizations are already looking for ways to meet this impending challenge.

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