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May 2, 2018

Why Automate Accounts Payable?

Turn penalties into profits with accounts payable automation.

By

Greg Aiken

Categories
Archives
Read Time: 2 minutes

Decreasing Dependency on Paper, While Increasing Efficiency

For many organizations, the challenge is clear: how do you efficiently process a high volume of documents arriving from various sources in various formats? Manually capturing, organizing and entering information into your accounting system can be a burden on resources, have a high margin of error and, more importantly, cost you with late payment penalties. The good news is that, by automating payables, you can process more invoices than ever before, while enjoying greater accuracy and benefitting from early payment discounts, if you choose.

Leveraging Today’s Latest Technologies

OCR technology empowers you to capture invoices quickly and easily, whether you receive them by fax, mail, email or EDI. Once the imaging and data capture has taken place, workflows route the information automatically through your organization to the appropriate business units, performing two- or three-way matching and posting to your accounting system while notifying stakeholders along the way. Because you eliminate the need to re-key information and minimize the number of touches per transaction, you decrease the data entry required and increase process efficiency across the entire department.

Making the Most of Your Existing Investments

Want to leverage modern technology without scrapping your existing investments? No problem. OnBase easily integrates with most core systems, whether it’s a market-leading ERP, a proprietary technology or a homegrown system. As a result, you can:

  • Leverage the value of your existing IT investments – like your ERP system – by connecting the technologies together.
  • Gain much-needed insight into your processes by capturing all documentation in any format and storing it in one centralized system.
  • Utilize a real-time dashboard to gain visibility into the current status of invoice processing, enabling you to identify bottlenecks and re-distribute workloads as needed.

Improving Control, Tracking and Document Retention

In addition to improved productivity, OnBase equips you with a wide array of tools to help you:

  • Ensure consistent record keeping.
  • Automate document retention in a single, secure system.
  • Respond to exceptions quickly.
  • Control document revisions, ensuring traceability of audit trails and making audit preparation in the future easier than ever.

Automating AP Is Better With KeyMark

Are you looking to improve efficiency, increase access and gain greater visibility into your accounts payable processes? Our experts can clearly identify your needs, tailor a custom-crafted solution for you and implement it quickly. What’s more, we can support you long after the AP automation solution has been implemented. Let our experts help make your organization smarter, stronger and more productive.

Take the Next Step

We can help you decide pretty quickly whether this would be a good fit for your organization. With 20+ years of experience in automation, we just need about 5 minutes of Q&A. 

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