Accounts Payable (AP) Productivity means being effective, organized, compliant and efficient. Efficiency is how fast your staff can do something and effectiveness is how good they are at doing it. It’s about how AP functional tasks get done quickly, at the lowest cost, while producing the desired result (report, payment, resolution etc.).
- When invoice processing and cash management are the lifeblood of your organization, visibility, AP centralization and cost optimization are must have’s
- Dramatically reducing costs and realizing resource efficiencies remains the top priority for a majority of Accounts Payable (AP) leaders
- AP automation streamlines your end-to-end operations by enabling you to capture invoices from virtually anywhere, extract relevant data without human intervention, and at all times gain visibility to the financial processes that support or subvert your business success
More organizations are actively seeking out and investing in ways to improve both the efficiency performance (operating costs & productivity) as well as the effectiveness (service cycle times and payment accuracy) of their AP processes. It’s a fact that “Top Performers” significantly outperform “Median Performers” in terms of efficiency with AP “cost to process”, in fact, simple AP automation helps them process invoices at 46% lower costs, AP cost per $1,000 in revenue is 24% less and AP productivity (invoices per AP FTE – full time employee) is a stunning 60% higher than Median Performers. On the effectiveness side of the equation, the gap between Top Performers’ and Median Performance is not quite as drastic, with Top Performers holding an 8% advantage in the percent of invoice line items paid on time, an 11% edge in percentage of discounts available that are taken, and a 33% advantage in cycle time in days to resolve an invoice error. Today, virtually every organization should consider investing in core accounts payable applications as they simply can’t afford not to.
In order to both centralize and automate their AP departments.
Yakidoo is helping organizations automate AP, through capture and digitizing paper invoices, as well as invoices received in other formats, including those received via email or as PDFs, mobile devices, faxes and images. Automating this function alone can help companies eliminate costly inefficiencies that exist with manual keying and data entry.
What are Top Performers Doing?
Prominent practices and activities of high performers include (partial list):
- Higher levels of invoice automation
- High utilization of data capture, document scanning and optical character recognition (OCR) used to convert paper invoices into electronic data
- High utilization of shared services operating model for accounts payable processing. The majority of Top Performers deploy shared services centers (either captive or outsourced) to receive and digitize paper invoices, manage invoice processing exceptions, and manage payment processing activities. Many Top Performers gain additional cost structure advantages by locating AP shared services operations in lower cost operating geographies.
JOIN OUR WEBINAR to gain a complete understanding of how your AP department can be transformed in a few simple steps:
- How to significantly lower cost per invoice
- How automation will create compliant friendly process control
- How to obtain full visibility of entire AP process – end to end
- Leverage early pay payments automatically resulting in new revenue streams
- Significantly improve on vendor relations
WHEN: Monday, November 30th, 2015
TIME: 11 AM EST
Phil Scarfone – VP Business Development Yakidoo
Stephanie Kiefer – Channel Technical Sales Specialist