Accounts Payable processing is one of the largest resource hogs in business nowadays, but still remains 1 of the most error prone processes inside a company and our corporation proved no much better at managing this method. We discovered that we also suffered from numerous of your common errors in accounts payable for example information entry errors and matching errors to disappearing invoices, unapproved invoices, and most importantly, lost opportunities for vendor discounts . We also had the heavy activity of audit and tracking immediately after our invoices had been processed.
Analysis showed us that this average error rate of an accounts payable department is 1.6% and this is on account of lack of controls, poor visibility and poor documentation. Our management team was spending unnecessary time on non value added functions rather than exceptional service on their core functions as a manager. We knew that quite a few different AP Workflow technologies existed.
The actual query was which one specialized in complicated 3 way matching and had open architecture to integrate with our proven AnyDoc/AnyApp computer software for storage of records and into numerous ERP and Content material Management platforms.
We went on a search to find the right partner that would enable us to offer this full package to our customers. We located Medius and its MediusFlow technologies. We designed a total answer to provide to our clients, but not devoid of implementing internally very first. We focus on providing services that we as a small business have effectively implemented and which have develop into a confirmed answer.
Implementing the complete accounts payable package allowed us to streamline the whole procedure by removing data entry, eliminating paper handling, two and three-way matching, enabling Straight Through processing, and streamlining the approval method through electronic notification. This alone increased accuracy and allowed us to make the most of discounts.
It also allowed us to refocus and redeploy finance resources appropriately. We comprehend the value of timely and accurately processing invoices. With modern accounts payable automation technology, you as well will uncover that you could when once more focus your resources on what tends to make your company fantastic and let technologies manage your AP burden.
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Our team can handle all your check printing services. In addition our world-class client service team knows every step of the process, including invoice printing service .
