It’s a great study to use as a benchmark in your organization and should give you an idea if your accounts payable automation is truly automation . Scott Pezza and William Jan, the authors, describe Best-In-Class performance with three metrics: 4.1 days to process an invoice from receipt to approval $3.34 average cost to process an invoice from receipt to approval 90% capture rate for available early-payment discounts They attribute automation as one of the key factors in all three metrics
The goal was to let customers share their experiences on implementing electronic invoicing and payables automation . It was a great discussion of the following topics: Internal Change Management Supplier Adoption Dynamic Discounting and Card The first discussion dealt with training and encouraging employees to use InvoiceWorks
At a recent IAPP chapter meeting , I listened to a colleague describe the challenges of accounts payable. As manager of the finance department, she finds that all the great advances in communication are only making things harder
Almost every enterprise across multiple industries struggles with at least one paper-intensive, document process such as accounts payable, human resources, healthcare records, insurance claims, loan processing and others
So, to really screw things up, you still need a computer. Take accounts payable. It is a document-driven process, whether the invoice comes by mail, by email or as a Web download
I often use Accounts Payable (AP) processes as a measuring stick to see how ECM will fit an organization
Taking the Paper Out of Work Paper-based work is a soul-crushing, profit-sapping drag on individual, team, and company productivity. Paper literally smothers innovation, creating a competitive disadvantage. The Square 9 AI-powered intelligent document processing platform takes the paper out...
In particular, many document processes can be improved through a DPO approach and often include the following: - Accounts Payable Processing -Sales Order Processing -Insurance Claims Processing -Healthcare Chart Conversion Processing -EOB Processing -Mortgage Application Processing One of the fundamental differences for DPO vs
Eliminate the steps that were put in 10 years ago that make no sense today. Review accounts payable workflow best practices to improve upon what you are currently doing
Let’s use a document-centric process that most people should be familiar with; accounts payable and, specifically, invoices. It’s not uncommon any given enterprise to have accounts payable-related transaction content coming into their enterprise in a variety of different forms
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