Accounts Payable Solutions
An Accounts Payable department is responsible for processing payment documents and making payment for goods and services acquired by the organization. AP departments are inherently driven by underlying rules that must be applied over and over again during the transaction approval process. Invoices, expense reports, payment request each require approvals before they can be processed for payment. It’s costly to manually apply these rules, route the documents for approvals, and to manage the resolution issues that are identified during the process.
On-Line Imaging solves your AP processing challenges through elegant document management and workflow automation. Let’s first look at the functions of an AP department and what happens if they aren’t managed properly;
The primary functions of an AP department are:
- Processing payment to vendors
- Printing and distributing checks
- Monitoring vendor statements and investigating billing or payment errors
- Researching returned checks
- Processing credit invoices
- Maintaining permanent records of documentation that supports payments
- Providing Accounts Payable procedures training
- Settling disputes with vendors
- Providing follow-up services on outstanding payments
- Verifying that adequate backup documentation exists
So, what can happen if your AP processing functions are not managed properly?
- Duplicate payments
- Check fraud
- Lost discounts
- Vendor relations damaged
- Increased operational costs
- Scalability issues
- An increase in the number of audits and associated costs
With On-Line Imaging, you can automate the invoice approval process to reduce cycle times, labor costs and processing errors. Our solution also removes geographical barriers by securely providing access to any document instantly anywhere. This significantly reduces the labor and cost associated shipping, sharing, and retrieving invoice documents for invoice approvals.
When you reduce the cycle times for invoices that should be paid you have the time you need to never miss a quick pay discount again. On-Line Imaging also provides the control you need to eliminate paying problem and duplicate invoices. Within our solution, we can easily identify these problem invoices, and route them directly to the right users for visibility and quick resolution.
On-Line Imaging saves you time, money, and improves your vendor relationships through better control and access to the right documents and information.
There are many compelling drivers in most organizations that alone justify the time and cost associated with deploying a document management solution. As a matter of fact, many organizations do a better job managing and securing their office supplies than they do their business-critical documents. Recent research has indicated that nearly 10% of an average office worker’s day is spent trying to locate existing information and documents.
Heavy Equipment Dealer Streamlines AP Processing Across 60+ Locations
Through a decade of impressive growth, RDO Equipment Co. has been able to hold the line on accounts payable costs while providing a high level of service across nine states using Upland’s FileBound.