The Accounts Payable process can be costly, in terms of time, cost and potential errors, which is why automating the process makes so much sense. Not only does it reduce these costs, but it adds visibility, control and agility for better cash management.
Automation can improve your Accounts Payable performance by streamlining the workflows, automating invoice receipt and validation, reducing the chance of error and fraud. The other benefit is that the analytics data and insights provided can help determine on going strategy and business processes. There is the ability to measure and assess productivity, cash management, supplier interactions and compliance to improve financial performance and bottom line results.
Our preferred application for doing this is Kofax TotalAgility® Accounts Payable Automation. Not only is Kofax recognised as a market leader in AP automation, but this solution offers outstanding visibility and control and unmatched invoice processing efficiency.
So, how can this process help you?
Firstly it fully supports His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum’s ‘Dubai Paperless Strategy’ to transform Dubai (and the companies operating in Dubai) into a fully-fledged ‘Smart City’.
Clear digital images mean faster processing and help save the cost of paper, printing and staff. It also allows you to become increasingly digitised – use electronic channels for invoice submission and processing to work more efficiently. Kofax TotalAgility supports multi channel invoice submission to help migrate your paper-based suppliers too.
You can manage the process better – by automatically creating audit trails, enforcing business controls and managing supplier interactions, you have complete control and visibility of the invoice receipt and AP processing. In addition the smart invoice data capture, in built Artificial Intelligence and cross-referencing helps to drastically reduce errors, and maintains productivity even if invoice formats change.
You can speed up end-to-end AP processing – the ‘no rekeying approach’ combined with automatic invoice capture and deadline driven workflows automatically makes everything faster.
Overall the key benefit to companies large and small is the cost saving, by reducing human touch and ensuring more efficient processing, everyone benefits as the cost per invoice comes down.
If you want to know more about Automating your Accounts Payable function, please feel free to contact one of our team.