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March Madness: I’d rather spend time invoicing… said no one ever
Missed the Kentucky vs. West Virginia game because you were stuck in the office paying invoices? You’re not alone. While we’re all used to the conveniences of electronic payments in our personal lives, the business world – where almost every company still handles Accounts Payable manually – is very far behind.
Every year, businesses spend $75 to $100 billion on processing invoices, and writing and mailing 11 billion checks; in other words, too many finance departments are missing out on more than just the big game, they’re missing the big picture.
Processing an invoice involves many different components, so it’s no wonder it often leads to errors, especially if you’re working for a large company with a significant number of invoices. Recording all the data into your accounting system is tedious enough, and then you still have to print paper checks, staple those checks to paper invoices, track down your CFO and department heads for their signatures, and match checks to their labeled envelope to be stamped, sealed, and sent out for delivery. It’s no wonder that some things get mixed up in the shuffle!
By automating invoice capture, enabling online invoice and payment approvals, eliminating manual check issuance, and simplifying electronic payments, AP automation provides finance departments with a quicker, more secure way to capture invoices and route them through approval. This process removes many of the headaches and errors that are prone to occur within manual procedures, while also lowering costs.
It can all be very straightforward from invoice capture through approval and payment execution:
- Invoice Capture: Important invoice information is automatically extracted from paper and electronic invoices and presented to AP staff for review and routing to individual departments for approval.
- Invoice Approval: Tools to easily mirror existing workflows enable AP staff to route captured invoices to departments for approval and proper coding.
- Payment Approval: Approved invoices can then be aged and paid according to a company’s cash management policy.
Efficiency drives success because it saves time that can be spent on more strategic tasks. At the end of the day, finance professionals at growing companies could be doing much more valuable things to make sure their businesses are running smoothly than chasing down colleagues and correcting duplicate invoices. With an automated accounts payable department you can simplify the entire process, eliminate potential human error, lower the cost per invoice, and watch the Duke game… without the help of your DVR.
For more information on how MineralTree can streamline your invoicing and improve your AP process, please see here: http://www.mineraltree.com/product/.
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