| INFORMATION |
| Published : |
Aug 19, 2009 |
| Length : |
10 |
| Type : |
White Paper |
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| Overview : |
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By reading this white paper, SAP customers can learn how to:
- Address most common accounts-payable problem areas including liabilities, process control and visibility, approvals, exceptions, and manual processing.
- Minimize the impact of processing paper through utilization of document-archive management and OCR/IDR.
- Increase bottom-line profit through application of best practices that results in more invoices processed by accounts- payable processor; capture of significant early-payment discounts; and elimination of duplicate payments.
- Drive optimization through agnostic approach to invoice receipt; application of configurable business rules; and workflow automation, which significantly reduces human touch points. |
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| Browse Related Categories : |
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Financial Management
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Human Resources Services
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Payroll Software
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SAP
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Service Management
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Workforce Management Software
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Doing more with less" has become the mantra of the day. In the current recessionary economic environment, organizations are constantly being challenged get more done with fewer resources. Accounts Payable (AP) is no exception. AP departments now have to process more invoices and pay them faster, all with a smaller staff. And the biggest stumbling block to accomplishing this has been our continued reliance on paper-based invoices and people-based processes. We have put men on the moon and we might even colonize Mars some day, but removing paper from the finance department appears to be out of reach in the near future.
PayStream Survey Says!
PayStream Advisors conducted its "IWA Adoption Survey" in the last two quarters of 2008 to highlight the overall trends that are shaping the rapidly evolving AP automation space. The Adoption Survey throws light on the pain felt in the AP department. We asked respondents to rate the pain caused by certain AP processes, on a scale of one to five where five was the highest pain. Manual data entry, matching errors and exceptions and routing invoices for approval emerged as the most painful, in that order. These findings are very similar to the responses from earlier surveys conducted by PayStream, indicating that there is tremendous potential for improvement by automating the front-end of the AP process - namely invoice receipt, matching and approval workflow.
Imaging & Workflow Automation
Until corporate America goes completely paperless, we need a better way to manage the tons of paper that we receive every day. A significant shift is beginning to shake traditional AP operations, starting with the search for automation options that help them address the hassles inherent to people and paper-based activities. Our research indicates that Imaging & Workflow Automation (IWA) solutions that streamline the invoice receipt-to-pay cycle have matured and become mainstream technology and are delivering tangible benefits in the invoice processing cycle.
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