Accounts Payable Plus The End-to-End Solution for Accounts Payable
Avanquest AP+ – The Benefits and Advantages
| Benefits | Examples |
| Automate capture of data from multiple different invoice layouts. | With over 400 different suppliers and 2,000 invoices per month, a major Petrochemical company was able to eliminate the manual data capture process and replace it with data verification that takes 10% of the time. In addition to the massive resource cost savings, the quality of data improved by over 20%. |
| Reduce the number of misrouted or misplaced invoices with electronic routing. | One manufacturer that processes an average of 1,200 invoices per month was able to eliminate misplaced invoices, which greatly reduced the time spent looking for documents. They calculated an annual time saving of almost £205,000 due to elimination of misplaced documents. |
| Save time matching invoices with purchase orders and contracts. | One property management firm’s APdepartment spent an average of 30 minutes per invoice finding physical documents to match the invoice. The time was eliminated with the addition of an ECM repository, which provides APstaff with immediate online access to these documents. With average volumes of 1,000 invoices per month, this equated to a time saving of £230,000 per year. |
| Reduce the lead time of processing invoices using rules-based routing, escalation and delegation features. | Invoices can be routed to approvers based on criteria such as supplier name orsign off authority. In addition, features such as delegation and escalation ensure that invoices are processed within a pre-defined time period. One manufacturing firm reported that such workflow and notification features reduced their average time to approve an invoice from 40 days to 15 days. |
| Accelerate the internal sign-off process with e-signatures. | One property management firm’s AP department reported that waiting for physical sign offs on invoices took an average of a week per invoice. With the addition of ECM workflow technology and e-signature technology, this average was reduced to 1.5 days. |
| Improve ability to schedule payments to optimise cash management. | ECM and workflow technology helps AP departments take advantage of discounts, avoid late payments, and schedule their payments for the last day of apayment period. One manufacturing firm’s AP organisation estimated that the use of ECM helped them decrease their late fees by 50% per year, and take advantage of more discounts for early payment – combining an annual saving of £10,000. |
| Reduce paper storage costs. Reduce time needed for post-payment issue resolution and audits with on-line access to documents. | One manufacturing firm that processes 1,200 invoices per month calculated annual savings of £75,000 in on-site and off-site physical paper storage.One property management firm’s AP group found they were able to save an average of 30 minutes per information retrieval request related to post-payment issues or audits with ECM. With an average monthly volume of 50 such requests, this equated to an annual savings of £10,000. |
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