Make “Go Paperless” Your Resolution in 2024
The most common challenge that comes up in conversations with our prospects and customers is the prevalence and burden of paper in an Accounts Payable department. I have often heard customers describe their process prior to automation as “slow and clunky” or “too manual and time-consuming.”
If this sounds like your AP department, you may want to take a moment to consider the benefits of eliminating paper altogether. Here are some key advantages of going paperless in AP:
Go Green
Purging paper and reducing the volume of physical mail from your department will dramatically reduce waste. Instead, your suppliers can easily email invoices directly to a dedicated AP mailbox. Do the environment a favor and take your invoice processing online.
Increase Employee Productivity
Your AP staff has more important tasks to focus on – free up their time to concentrate on building relationships with suppliers and customers, not just shuffling paper and printing invoices.
Speed up invoice processing times
According to the Aberdeen Group, manual processing of an invoice can take up to 14.2 days. Through automation, you can eliminate bottlenecks created by a paper intensive process and cut the processing time down to minutes, or even seconds. And not to mention, no more stacks of paper piling up in your interoffice mail!
Decrease storage and processing costs
Remove the extensive costs associated with paper by opting for an automated AP system. No more mailing out invoices for approval, cutting paper checks, or paying to store and print invoices. In certain cases, we have seen AP departments turn into revenue generators by cutting their costs, taking full advantage of early pay discounts, and participating in rebate programs.
No more searching for lost paper invoices
Hold your staff accountable and give management better visibility into the full AP process. Learn more about how increased insight and analytics can benefit your team here: https://www.nivo1.com/analytics/
Take the opportunity to rework any stagnant business processes
We hear from a lot of companies that want to streamline their workflow/approval processes but just don’t know where to start. Approach automation as an opportunity to reevaluate old habits, train users, and build a new custom workflow that is efficient and right for you.
Paper not only increases your costs, but it unnecessarily adds significant time and friction into an already complex process. In 2024, resolve to start fresh and free yourself from a cumbersome, paper heavy AP process. The environment, your team, and your wallet will thank you.
