Drive Business ROI with AP Automation
Drive Business ROI with AP Automation
Financial management is not something exclusive to a particular industry or business size. Every business must be able to properly manage B2B payments. Delayed payments can have a serious impact on cash flow, which can have a ripple effect on payroll and have a detrimental effect on vital supplier relationships.
The solution to managing these payments? Automation. With the potential to reduce errors and speed up payment times, automation is likely to become an important priority for the financial sector.
Fragmented finance systems, deeply entrenched error-prone manual processes, and high employee turnover results in increasing the cost, complexity, and audit concerns for already overwhelmed AP departments. None of these is anything that any accounting professional would wish for.
Is AP Automation for Your Team?
Our team here at Dash™ assists companies in analyzing their potential ROI to help evaluate moving to an automated AP solution. We take a few key pieces of data such as:
- How many Invoices do you process in a typical year?
- What percentage of those Invoices are related to a P.O. and Receipt(s)?
- What is the typical hourly rate (wages + benefits + overhead etc.) in US dollars that you would use for invoice entry and matching?
- How many people do you employ that are capable of AP Invoice Entry today (even if not always a part of their job)?
- Estimate the hours per week spent matching and entering AP Invoices (specifically those that match to a P.O. and Receipt)
Once we have the numbers, we can calculate the estimated ROI. This is very impactful. You can present these numbers to the team to get quick approval. Then our team will provide a quick turnaround. With our 1-day install and training, you can be up and running and saving money in the same month you start.
Dash™ AP Robot utilizes artificial intelligence (AI) to read and post valid invoices. Automating the accounts payable process can play a critical role in minimizing payment delays (increasing the possibility for discounts!) and possible errors due to hand-entered data.
An important feature of an AP automation solution is the ability to match up information before processing and police for exceptions.
Accounts Payable teams work hard to gather all the information and verify it before paying the bill. 3-way matching is the process of comparing documents to make sure the bill reflects the agreed price and only includes the products and services you received from that vendor.
Can you imagine the time savings if a robot could do this for you?
Another benefit of 3-way matching is it is designed to protect your business and your bottom line. Don’t pay for products and services not received. The AP Robot will make it easier to pinpoint billing inaccuracies, get invoices processed and approved faster, and minimize fraud.
Extra work caused by human error in finance departments could be reduced by deploying automation. Many companies handle hundreds, sometimes thousands of invoices each day. It’s not just about collecting the documents and making sure the right person receives them; it’s also about keying the data into the right programs, confirming the data matches, and paying the invoices ASAP to make the most out of early payment discounts.
“Innovative technology shouldering the work reduces human error and man-hours spent on the same task while increasing the accuracy and consistency of the end-product. Additionally, we can now also track user experience to guarantee longer-term satisfaction. After incorporating this technology, the business can start to experiment with systems to seek out accelerated automated innovations that invigorate users to do more and leads to growth in the automation field.”
“Business Insider states that digitization in transactions can increase productivity by 73% and decrease costs by 81%. Thus, payment solutions should also be considered while evaluating an AP automation approach.”
Affordable & Simple
Traditionally, accounts payable is a cost center in any small to medium business, yet AP automation allows it to move beyond this stance and into the realms of value creation. Value creation means that AP automation opens new business opportunities for a business through the process of implementing it. While it is not traditionally seen as such, accounts payable is the center of multiple business opportunities.
A major advantage to automating AP is reducing the associated admin costs. So, what’s the point in paying a massive software fee for the privilege? With the Dash™ AP Robot, you pay a monthly subscription fee for an unlimited number of users and the training and installation are included. Then you just pay for the monthly service + the number of pages scanned. Easy!
Don’t let inefficient, manual processes stand in the way of becoming best-in-class. We have found on average, an accounts payable department processing 13,120 invoices per year stands to save $30,343 annually through accounts payable automation. That’s a 343% ROI a year!
Imagine a tool that allowed your team to drag-and-drop incoming electronic invoices into a folder and with 1 click, all the information on all those invoices were matched up. And depending on your business’s variance thresholds, all would be validated and posted to your ERP system in a matter of minutes.
Now your team is freed up to complete human tasks that require their knowledge and skills at a higher level. They can help the business reach even higher goals and tasks because their time is freed up to do more. Maybe tasks that challenge them and help them learn new skills. Your business can now do more, with less time.
An automated AP process cuts your costs, provides real-time data, generates cash flow opportunities, and builds goodwill with your vendors.
Forward-thinking CFOs drive efficiency and cost savings with accounts payable automation. CFOs in growing businesses face more challenges than ever before. Automating accounts payable can help CFOs meet those challenges head-on.
The best AP automation solutions provide visibility, reclaim time, and are business-ready.
The secret sauce to the Dash™ AP Robot is that it utilizes artificial intelligence (AI) to read and post valid invoices. Automating the accounts payable process can play a critical role in minimizing payment delays (increasing the possibility for discounts!) and possible errors due to hand-entered data. Our artificial intelligence (AI)-based AP Robot can take all the information on your electronic Invoice and match it with the data in your ERP system. This ERP integration makes AP processing fast and simple. This ultimately means fewer errors and faster workflow.
The AP Robot is a subscription service (no contracts!) and pay-per-page (so smaller businesses don’t pay what the huge businesses pay!). We built and priced it to satisfy the needs of a wide range of business sizes. So, it is an affordable option if you’re processing a few thousand invoices a year or a hundred thousand.
Our passion here at Dash™ is to improve efficiencies for small to mid-sized manufacturing and distribution companies across the world. Now, more than ever, the need for a digital tool to automate accounts payable is needed. Accounts Payable automation with paperless invoice processing is critical to transforming your AP team for today and the future. We’d love to help you get started today!
About the Author:
Stephanie is the marketing guru at Dash. For over 20 years, Dash has been authoring, delivering, and supporting Dash DDX™, its ERP-integrated Document Automation software to small and mid-sized manufacturing and distribution companies throughout the USA and beyond.
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