How Accounts Payable Affects Your Bottom Line (Part 2)

a central system that tracks all changes in one place improves accuracy, maintains consistency and allows for version control...

Part Two: Improving Access

In Part One, we discussed how improving the efficiency of accounts payable (AP) teams can impact your bottom line by accelerating payment cycle times, reducing operating costs and improving customer service. The truth is that getting there often requires a bit of help from process automation technology.

In reality, solving for efficiency is just one part of the equation. Trends outside the AP department are affecting how teams operate and interact with their non-AP co-workers. As just one example, consider how the past several years have seen a rapid increase in the number of mobile/remote workers. With that in mind, and seeing for ourselves how quickly technology is changing, it’s logical to predict that the number of remote consultants, field professionals and other mobile workers will proliferate in the years to come.

This can create a lot of challenges for AP teams when invoice approvals are required from mobile/remote employees who cannot access the necessary systems, documents and information or perform the tasks required to keep the invoice approval process moving forward.

Ah, but there is a solution. Enterprise content management (ECM) helps organizations improve access to information and overcome some common AP process challenges.

First, we need to think about a few facts.

Mobility is Not a Fad

Don’t think improving remote employee access is a priority? Let the numbers speak for themselves. According to a report from Strategicanalytics.com:

  • The global mobile workforce is set to increase to 1.75 billion by 2020, accounting for 42 percent of the workforce worldwide
  • 50 percent of surveyed AP professionals say that remote approvers contribute to AP processing complexity
  • 40 percent of businesses expect to use a smartphone or tablet to approve supplier invoices within the next two years

Missed Connections

If you think having employees scattered about can be problematic, imagine what it means when the same is true of your content! When invoice and payment data is only stored in an ERP or other business system, non-AP employees may not be able to access this information without additional software licenses and training.

A lot of organizations are meeting these challenges by giving remote employees access through cloud-based networks and mobile apps. ECM provides users with the ability to retrieve approve and update documents and complete forms, with offline support options.

Further, integrations with common office applications, like Microsoft Outlook®, allow non-AP employees to participate in the invoice approval process without having to log into the ERP or even the ECM system. Users access and edit documents without ever leaving their primary Microsoft Office application. Business can take place anywhere, at any time. Easy! That’s the power of today’s technology.

How can this support your overall bottom line?

Accelerate Cycle Times

With mobile access, ECM lets mobile/remote workers quickly access the information they need. They can approve invoices or perform the tasks required to move the payment process forward, which helps avoid delays that could lead to missed or late payments and penalties.

What’s more, because you store all AP documents and data in a single system, that same information is instantly accessible when users are back in the office. A central system that tracks all changes in one place improves accuracy, maintains consistency and allows for version control.

Reduce Training and Licensing Costs

By integrating with applications like Microsoft Outlook, ECM allows AP and non-AP business users to view and approve invoices directly from their inboxes. This greatly simplifies user training and speeds adoption by eliminating the need for users to learn multiple complex interfaces.

Organizations save time and money when they don’t have to train employees on complex systems they are reluctant to use. Not to mention the huge amounts of money saved by not having to constantly update existing ERP or other software solutions and licenses for users who only need to approve invoices or who barely participate in the invoice approval process.

So keep at it, and keep an eye out for the next post in this series, when we’ll talk about creating greater visibility across AP processes and content!

Posted by: Kelly Green
This entry was posted in Accounts Payable Processing, Electronic Document Management, Enterprise Content Management and tagged . Bookmark the permalink.


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