From Invoice Capture to Archive: How to Achieve End-to-End AP Automation

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Bartholomew Maxwell
8 years ago
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1 From Invoice Capture to Archive: How to Achieve End-to-End AP Automation

2 About The Institute of Financial Operations operations ecosystem, with a particular focus on the accounts payable and accounts receivable disciplines four associations: International Accounts Payable Professionals (IAPP), International Accounts Receivable Professionals (IARP), the National Association of Purchasing and Payables (NAPP), and The Association for Financial Ops magazine, a dynamic, content-rich website, educational and networking events, online educational About OnBase 2

Accounts Receivable Professionals (IARP), the National Association of Purchasing and Payables (NAPP), and The Association

3 EXECUTIVE SUMMARY departments have automated pieces of the AP process, but an end-to-end solution should include the ability to Forces of change are at work as AP departments process more transactions with fewer staffers and AP managers 3

ability to Forces of change are at work as AP departments

4 Current AP processes attachment must be hand-keyed, and those received computer-to-computer through electronic data interchange ROI TIP #1: and Image Management (AIIM). 4

5 ROI TIP #2: most versatile solutions will accurately process stacks of unstructured documents with little line-item detail. Even more advanced systems will incorporate memory technology to remember inserting page breaks. capture systems combined with AP automation solutions enable AP professionals to manage the process end to end, including: 5

Even more advanced systems will incorporate memory technology to remember inserting

6 ROI TIP #3: Automating even part of the process, such as matching invoices to POs, helps reduce chances for mistakes or Because businesses have different needs and demands, an automation solution should be customizable and still In addition to the operational relief automation offers over paper-based systems, automated processes provide 6

demands, an automation solution should be customizable and still In addition to the

7 If AP automation systems save so much time and money, why hasn t everyone adopted them? What is your No. 1 obstacle to getting AP automation projects approved? 1.4% 8% 15.2% Lack of capital % Senior executive attention and sponsorship % Lack of a business case - 4.3% Solutions are not compelling enough - 5.1% Lack of internal IT resources - 13% 33.3% 19.6% Too many other projects % Supplier resistance - 0% Lack of automation/technology savvy among suppliers - 1.4% Other - 8% 13% 4.3% 5.1% The most successful installations are those that have taken a holistic approach, involving all stakeholders from With enhanced mobile capture solutions, users can continue to work and make business decisions no matter

1% Lack of internal IT resources - 13% 33.3% 19.6% Too many other projects - 33.3% Supplier resistance - 0% Lack of automation/technology savvy among suppliers - 1.

8 Game changer that end, AP practitioners looking to elevate AP automation to the top of a company s capital projects list would be ROI TIP #4: advantage of early payment discounts. A plurality of companies surveyed by The Institute of Consider that even the standard early payment terms of a 2 percent discount for payment within What percentage of early payment discounts do you typically capture? 25.7% 7.8% 42.5% Less than 10 percent % 10 percent to 24 percent - 9.5% 25 percent to 49 percent - 4.5% 50 percent to 74 percent % 75 percent to 99 percent % 100 percent - 7.8% 10.1% 9.5% 4.5% discrepancy can easily be routed to the appropriate manager for approval, and once approved, routed for prompt maintenance and upgrades are handled seamlessly by the software company without straining a subscriber s IT 8

typically capture? 25.7% 7.8% 42.5% Less than 10 percent - 42.5% 10 percent to 24 percent - 9.5% 25 percent to 49 percent - 4.5% 50 percent to 74 percent - 10.1% 75 percent to 99 percent - 25.

9 Trends invoice scanning, should also increase as companies take advantage of the economies of scale offered by Conclusion 9

From Invoice Capture to Archive: How to Achieve End-to-End AP Automation

From Invoice Capture to Archive: How to Achieve End-to-End AP Automation About The Institute of Financial Operations The Institute of Financial Operations is a membership-based professional association