When OCR (Optical Character Recognition) burst onto the scene as a promising and advanced data entry technology, enthusiastic accountants eagerly embraced it, handing over their manual work and hoping for the best. Unfortunately, finance teams today still find themselves stuck with a significant amount of tedious, manual keying. In fact, approximately 86% of accounting teams still enter data manually – and for 40% of them, this task consumes a quarter of their workweek.
Fast forward 20 years, and executives are actively searching more than ever for cost-effective opportunities to boost profitability and enhance cash flow management. Since OCR hasn’t provided the desired solution, it’s time to explore another one: Accounts Payable (AP) automation.
AP automation solutions like Quadient Accounts Payable Automation by Beanworks are helping accountants become more strategic by liberating them from the tedium of manual invoice entry. Not only does Quadient AP use AI-based technology to eliminate manual invoice keying, it provides additional invoice automation capabilities like automatic invoice detail capturing that includes line items, header information, and the total invoice amount – with up to 99% accuracy.
With vendors actively advocating for electronic payments and Quadient AP offering time-saving solutions, there’s never been a better time to invest in AP automation. In this blog, we’ll explore how Quadient AP can empower your accounting teams to contribute more effectively to your bottom line.
Disastrous discrepancies
Accounting errors are a common problem. With all that manual entry, it’s easy to add an extra zero, or miss one altogether. These errors can make it hard for CFOs to have confidence in their data — which is why 70% of finance leaders admit they’ve made business decisions based on inaccurate information.
This is just one way that AP automation can help. Quadient AP can create AP ledger entries in seconds with 99% accuracy, and without the risk of data mishandling. Not only does this eliminate the risk of a mistype, it also delivers a digital audit trail that ensures information is accurate and secure from threats of fraud.
More time? Yes, please!
Another tangible advantage of AP automation is the significant time-saving it brings. In manual data entry workflows, teams often find themselves duplicating efforts – one member manually enters information into a spreadsheet, while another verifies its accuracy. However, with AP automation, the data is not only entered automatically, but it’s also verified during processing. Discrepancies, such as duplicate invoices or mismatched POs, are promptly flagged instead of being discovered days or even months too late. This not only enhances the efficiency of the process but also enables real-time identification of issues that would typically surface during after-the-fact audits.
Do you need more proof? Take a look at how Book Depot saved as much as 73% of their time with automated processes thanks to Quadient AP. If you’re still curious how much time Quadient AP’s solution could save you, check out our automation ROI calculator.
The convenience of the cloud
Most accountants will recall the not-so-distant past when physical storage rooms were filled to the ceiling with paper. Retrieving a document to verify data meant scouring through mountains of hard copies. Not anymore!
With Quadient AP's invoice data extraction feature, you can manage everything easily in the cloud. This results in significant time savings and gives your AP staff complete confidence in their data and their ability to find files promptly. You no longer need to worry about lost receipts, missed emails, or unnecessary phone calls to request copies of misplaced invoices, since everything is conveniently accessible online.
Are you ready to automate?
Now is a great time to eliminate manual data entry from your AP processes. 88% of finance professionals say most payment errors are caused by manual data entry, which was also one of the top three pain points for finance professionals in 2021.
Quadient AP delivers a 360-degree approach to AP workflows. From purchase orders and invoices to digital payments and expense management, everything is controlled through a central platform available in the cloud.
If you’re ready to adopt Quadient AP we’re here to help. Book a demo today!
