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Time Being Sucked Out of Your Day by Payment Processing?
For those of us who perform tasks on a regular basis, we may not even recognize that time is being eaten away bit by bit. I see this all the time when I talk to accounts payable professionals. The misnomer that the labors involved in processing an invoice all the way through to cutting a check as a necessary task to do your job is simply false.
I recently interviewed David Parrack, the CFO of the Community Food Bank of Eastern Oklahoma about their transition from manual AP to automated AP. One of the things he recognized as a benefit straight away was the ability to redirect time to other activities. Value-added activities that is. He knew that accounts payable invoice and payment processing was placing an unnecessary burden on their already lean resources and there was a better way.
The time reduced as a result of implementing accounts payable automation fully integrated with their Intacct ERP led them to focus more on accounts receivables and bringing money into the business. Their accounts payable process was now completed automated and workflows triggered when invoices came into the system. Management of the invoice to payment is simple from there and requires very little work.
Gone were the days of losing invoices, manually managing approvals, writing checks and using excel to reconcile.
You can read the entire case study here: https://www.mineraltree.com/resources/ap-automation-case-studies/Community-food-bank-of-eastern-oklahoma
I also enjoyed this great article on the topic published by one of our partners, Intacct: https://us.intacct.com/blog/time-drain-your-payment-process
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