Automation Can Be Your Secret Weapon for Early Payment Discounts
The AP Journey…Part 3
🔎 In today’s accounting fast-paced world, finding and utilizing early payment discounts can be tough. With an automated solution, you’ll have access to these discounts quickly! 🛠️
💡 Scroll below as we discuss the significance of a modern tech stack and how automation can be your secret weapon for early payment discounts.
Taking a deeper look into improving the workload for the AP (accounts payable) team. There are a lot of pieces to the AP puzzle, many documents that must match up for the right suppliers to be paid at the right time. These documents can be housed electronically (DASH DDX™ Document Automation) or in file cabinets. Here at DASH, the tools we’ve created are intended to speed up the rate at which you can search, find, and disseminate information.
In Parts 1 & 2 we investigated how automation will increase the accuracy of the data and how improved efficiency of the workforce can lead to very positive results. Two big advantages to automation. Starting with small steps, to full automation in the future. We want to encourage businesses big and small to start today and automate. Begin with 5% of your invoices, then the next month goes to 10%, etc. You can build to a high level over time. Just start.
This article focuses on how automation can increase your chances of early payment discounts.
In our experience with DASH AP Robot™ customers, we have found that by automating their AP workflow, the process moves quickly. Thus, they can take advantage of early payment opportunities. You might be asking the question, “How can the AP Robot™ move the AP process along faster?” Good question. Automation speeds up data entry, data matching, and data filing. The Dash AP Robot reads and extracts the data from the supplier invoices, populates the fields, matches every line item on the invoice to your receipts and POs, and then files away all matched invoices. We only display errors and exceptions for your AP team to clear or save, and then they’re done.
This invoice matching process can take no time for invoices where no exceptions are found, and just 1-2 minutes to manage any exceptions or variances and finish with the DASH AP Robot™. Research has found that, on average, businesses can take 10+ minutes to process an invoice. Imagine slashing that time to a small fraction. That is a large improvement found very quickly (even in your first month using it!)
We’ve just reduced your AP team’s workload by half (maybe more)! YAY! If they were spending 4 hours a day on invoice processing, and now only spend 2 hours. Imagine all the extra projects and business-focused initiatives your team could complete with the extra time. Another benefit is the scalability of automation for your team. Your business is planning to grow over the next year, which means you’ll have an increase in the number of invoices coming in (think double!) and now you don’t have to add to your headcount to keep up. Your team keeps up with the growth and exceeds expectations. This tool can be a key to your scalable growth.
So, the DASH AP Robot™ can speed up your invoice processing and save your company money helping you pay suppliers quicker. Do you track which suppliers have discounts? Do you know how many of them you hit? What if you could hit 90% or more this year? An automation tool can increase your chances of doing so – and offers another avenue for return on investment.
You can still benefit from the robot to receive early payment discounts. And that benefit can start to be felt very quickly.
Small and medium-sized businesses can benefit from the DASH AP Robot™. We’ve built this tool specifically for SYSPRO users, so it’s directly integrated into your system and takes advantage of real-time data. We’d welcome the opportunity to learn more about your workflows in AP and see if we might be a good match for your team in today’s world and working together to build stronger businesses tomorrow. We’ve been here for 20+ years, we’re here for the long term.
Want to learn more? Click here. We’d be happy to share more information through a demo with you.
About the Author:
Stephanie is the marketing guru at DASH. For over 20 years, DASH has been authoring, delivering, and supporting DASH DDX™ and DASH AP Robot™, its ERP-integrated software to small and mid-sized manufacturing and distribution companies throughout the USA and beyond.