Are outdated, clunky workflows keeping your company from succeeding? Let's take just one process and look at how automation could make a difference.
Improving Accounts Payable Workflows
No matter what kind of business you're in, accounts payable processes are a central part of your workflows. Whether you're manufacturing a product or offering a service, your accounts payable department is responsible for paying everyone from suppliers to the power company on time. If you haven't automated your accounts payable workflows, here are a few issues you've likely encountered, perhaps more than once.
- Errors during manual data entry — An employee accidentally keys in the wrong amount and a supplier's invoice is underpaid by a thousand dollars.
- Missing paperwork — A critical supplier isn't paid on time because of a misplaced invoice.
- Late approvals — A backlog in the approval process holds up an entire month's worth of payments.
Automating your accounts payable workflows can eliminate all of the above situations. Here's how.
In the first example, automation doesn't depend on manual data entry. Because document capture solutions can accurately extract information from scanned documents; there's no longer a risk of errors made during manual data entry.
The second scenario resulted in a late payment due to a misplaced invoice. In paper-based filing systems, missing documentation is commonplace, and loosely-organized desktop computer filing systems aren't much better. By automating your accounts payable workflows, your invoices would be immediately routed to the next step in the process, with no risk of lost documents.
The third situation occurs when a bottleneck in the approval process prevents invoices from getting routed through to the next stage. Workflow automation processes that alert key players when their attention is needed can eliminate this common issue.
Streamlining your companies workflows can help you save time and money. Contact Century Business Technologies to schedule a process assessment today!