If your organization is still using time-consuming manual and paper-based processes for AP, you’ve likely experienced some of the same frustrations that are driving companies toward intelligent machine-learning backed systems.
From cost savings to fraud prevention, AP processes that leverage artificial intelligence (AI) and machine learning (ML) are proving to be essential differentiators for the world’s top performing organizations.
Quadient AP automation integrates seamlessly with Microsoft Dynamics GP and NAV (365 Business Central On-Prem) — enabling your organization to eliminate time-consuming manual processes and paper trails while providing greater visibility into AP processes.
Let’s take a close look at the areas where intelligent digital automation can be most effective within your organization.
Saves lots of time and money
Legacy processes of paying an invoice — paper-based and manual — are costly. Many estimates put the per-invoice price of manual processing anywhere from $15 to $40.
Organizations that convert to automated accounts payable can see their per-invoice costs drop to $5 or less. There are also a myriad of ancillary benefits to automation that can increase your organization’s performance, from customer satisfaction to employee retention to fraud prevention.
Cost-savings benefits include:
- Avoiding late payment penalties. On demand reporting gives you visibility into your entire payment approval flow, allowing you to look up aging payables and get ahead of them before incurring fees.
- Eliminating paper cheques. Once payment is approved, with a few clicks you can release payments directly from your bank.
- Reducing the costs of manual data entry. Automation tools handle the bulk of data entry. They also let you match, approve, and pay invoices digitally, providing a shorter and cost-effective transaction workflow.
Calculate how much invoice processing may be costing you.
Dramatically reduces errors
A manual paper-based system is prone to failure. Entering invoice data, sorting into specific batches, confirming PO matching, coding, and getting a manager’s approval — it all can lead to mistakes, each touchpoint raising the potential for something to go wrong.
Our SmartCoding feature allows invoices to be coded with one click, based on what was entered previously for similar invoices. When integrated with Microsoft Dynamics, an AP automation solution like Quadient AP extends the functionality of your existing accounting software to create a powerful, fully digital workflow.
Strengthens supplier relationships
Research shows that with manual process, it takes about 30 days to complete one payment. Typically, the PO cycle starts with selecting goods and services, confirming a vendor, reviewing the requisition, securing budget approval, preparing, and sending the PO, receiving the goods or services, conducting a 3-way match of the order, and then finally archiving. The most laborious part of the workflow is three-way matching, taking up approximately 25% of the overall process.
Organizations must anticipate the needs of suppliers and maintain respectful relationships — and that means paying promptly, being accurate and not wasting anybody’s time trying to retroactively correct mistakes that should never have happened in the first place. An automated AP system greatly speeds up your payment processes, allowing managers to approve invoices remotely within a custom workflow that you control.
Leaves a digital trail
Shifting away from paper provides tremendous benefits in traceability. For instance, you can leave digital audit trails within the AP system. This makes audit practices more efficient, saves time and effort, helps teams to refocus on value-added tasks, and makes the workflow accessible to the entire team.
With advanced search capabilities, every invoice, receipt or expense report can be retrieved at any time and viewed with all approval comments and supporting documents. With a few clicks, you have access to any invoices and corresponding payment information.
One of the most common types of fraud is enabled by manual processes and a reliance on paper, such as paper approval routing and the issuing of check payments. It is easier to tamper with paper records, forge check endorsements and fabricate approvals.
On average, companies lose 5% of their annual revenue to fraud, and we know that internal and external fraud increases across all industries during times of uncertainty and economic downturns. Occupational fraud rose by 90% in the first year of the COVID pandemic.
Automated digital systems greatly reduce this exposure. Software that is powered by artificial intelligence (AI) and machine learning (ML) can, for example, identify duplicate invoices and suspicious activity such as hidden or extra charges. Risk management software can alert to irregularities, such as repeated contact information or unverified vendors or suppliers.
Improves CFO decision-making abilities
Traditional fiduciary responsibilities remain a priority for CFOs, but more and more the role is taking in visionary and strategic actions with an eye to identifying opportunities to create value. This is being enabled by new tools that allow CFOs instant and immediate access to the data they need to drive decisions and accurately forecast into the future.
CFOs who implement accounting automation solutions gain access to better analytics and real-time financial reporting.
Quadient AP provides a complete picture of a company’s payables with real-time access to every invoice as it moves through approval workflows to payment. Financial executives and other decision makers get on-demand reporting with custom filters that make it easy to spot trends and drill down into AP data for analysis. Quadient AP reduces invoice processing times by fully automating the AP workflow, with data accuracy guaranteed.
A perfect fit to support more growth
Microsoft Dynamics GP integrated with Quadient AP gives you full management of your company’s payables. You can automate your purchase orders, invoices, payments, and expenses processes. You can eliminate data entry and make all your processes more efficient while reducing risk and costs.
Join our webinar on Thursday, April 20th 2023 at 10 am PT/1pm ET when we look at the ways AP automation creates measurable value for users of Microsoft Dynamics GP and NAV (365 Business Central On-Prem). Click here to learn more.