Many AP employees start their day with an inbox full of billing-related requests. These requests can include invoices that need coding or questions regarding approval or payment status. Paper-based manual processes are ineffective and hinder process visibility and team collaboration. Oftentimes, AP departments spend more time entering data and shuffling papers than being productive. AP team members spend more than 50% of their day researching invoices.
These shortcomings cost your business time and money. KwikTag has created a step-by-step guide to help determine if your business is ready for automation.
- First, consider all the paperwork on your desk or at your desk. Did you know that filing cabinets cost $25,000 to fill and $2,000 to maintain annually? Also think about how your AP team feels at the end of the month or during audit season. If any of this has left you upset, it’s time to think about digital transformation.
- Second, look at what your business relationship with vendors looks like. Do they get paid on time? Do sellers frequently ask for payment status? Does your company get early repayment discounts? Some things to think about…
- Let’s take it a step further and determine how many invoices your business receives per month? Do they come by email or by paper? How many of them are lost?
- How much time does your AP team spend each month writing and coding data? This data can be easily entered using an automation solution, which saves time. How long does a bill stay on someone’s desk before it gets swiped in the process? Imagine how much time you and your team can save with the entire AP process available at your fingertips.
- Next, think about which areas of your AP process could use some spring cleaning, such as duplicate vendors, multiple entities, etc. What is the benefit of this digital transformation?
- Think about the insight you have in the invoice approval process. Do you know where the invoice is at any time? Do you have any data about bottlenecks in your process? If you answered “no,” or hesitated to answer any of these questions, it’s time to consider AP automation.
Pause and think about everything you thought about in steps one through six. Wouldn’t it be great to have a complete view of your AP process and other documents across your organization? Wouldn’t it be convenient if your invoice data was extracted automatically, and the approval routing was with a simple click of a button? This brings us to step seven!
- Finally, take all the information you gathered above and use it to build your business case for AP Automation!
So, you see, there has never been a better time than now to go digital!
AP Automation with KwikTag
With over 20 years of experience in the Dynamics community, KwikTag offers Accounts Payable automation solutions designed to provide a completely digital, touchless workflow from invoice capture to payment processing. Our AP automation solutions for Dynamics GP and Business Central are entirely cloud-based (SaaS) and designed using industry standard invoicing workflows. AP Automation with KwikTag reduces data entry, saves time and increases efficiency by automating invoice approval and payment processes.
Read more from KwikTag here.
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