“It was the best of times, it was the worst of times,” is more than a Charles Dickens quote when it comes to antiquated, manual accounts payable processing. The difference between manual processes, such as invoice and document encoding, and automation is truly a tale of two cities. One city is a grim reminder of an inefficient past; the other, a token of advancement for your business’s future. Let’s take a look at how automation solutions can transform productivity for your AP team’s B2B payments.
The Traditional Payment Process
It’s important to have a full understanding of the traditional payment process before we can take a look at how to modernize your B2B bill payments. The traditional paper payment process is not only a significantly longer billing cycle, but it is also much more costly.
When companies operate on a paper process for B2B payments, snail mail delays the arrival of the initial invoice. It can be a matter of days and even weeks before a business receives the invoice because of weather and mail carrier delays. When the mail finally arrives, additional delays add up with the mere mounting of bills and envelopes that pile up in the payable department.
When the staff member is finally able to dedicate their attention to the said invoice, it comes time to manually process the bill and post it to the correct account. This is where entry errors come in that can later come back to bite your company in extra costs. If the amount entered is incorrect due to common human error, then you can risk faulty payments and need to restart the process.
After invoices are posted, the physical bill is shipped over to the approver in the clearing house department where it may sit on a desk until the approver can dedicate their full attention to reviewing the bill for invoice approval and make arrangements for payment with the vendor.
Once arrangements are made between the vendor and the approver, a paper check is cut and snail-mailed to the vendor while they wait again for days or even weeks. When the physical check reaches the vendor, more time goes by as they take the time to sign the paper check and deposit it or cash it once they get a chance to visit the bank or deposit it online through a banking app. This check usually takes about two to three days to go through and then the vendor and the payee must reconcile their bank accounts and update their books.
Say Goodbye to Paper Payments
If this paper payment process seems long and slow, that’s because it is. It’s time to say goodbye to these traditional processes and modernize your accounts payable with automation. No one wants to wait this long to be paid and this invoice processing system allows too much room for human error.
The gig economy is booming right now and industry professionals will simply do business with someone else if they find that your payment process is taking too long. Digital payments are simply the preferred payment type of the 21st century.
Paper check payments and cash payments are becoming extinct as businesses find the automated payment experience to be much faster and cheaper. It’s time to jump ship on your entire paper payment processing system and hop on board with modern technology in payable automation.
B2B Payment Automation in Action
Automated B2B payments trim your invoicing process down to four easy steps. First, the electronic invoice is sent via email to the staff member in charge of accounts payable.
The staff member enters the invoice into the automated clearing house that reviews the document by quickly making sure that the invoice isn’t a duplicate and confirming that all the necessary information is present for coding. This removes the tricky risk of human error or faulty payments, and it keeps all your payments data in one place.
Once the payment is coded for approval it is automatically sent to the staff member that must approve the invoice where they can swiftly press approve. This triggers the automatic digital wire transfer of payment to the vendor.
This entire payment process takes only two to three days in comparison to the weeks that paper processing requires. Payment innovation with digital payments simply makes business transactions faster, easier, and more secure. Business owners on both sides are pleased with this B2B payments solution because faster turnaround time means more room for business productivity in other areas and who doesn’t want that?
Four Benefits of B2B AP automation
Now let’s take a look at the four benefits of B2B AP automation:
Cost Reduction Electronic payments through AP automation offer payment discounts that reduce the cost per invoice which saves your business money.
Gone are the days of costly invoice processing fees with postage costs, faulty payments, and late fees. Automation software offers discounts and cashback on early payments that make your payable process more cost-effective.
Cost-saving benefits of adopting B2B automation include:
- More flexibility in the amount of time it takes your company to pay suppliers
- Less money and resources are needed to correct errors made through manual entry
- Increased visibility over invoices
- Improved Productivity
Cloud automation allows payable teams to work individually or together, no matter where they are or what device they use. Other productivity benefits are:
- Faster payment approvals
- Secure storage of financial data
- Financial insight through workflow data
Related: AP Automation Explained
- Eliminate Manual Data Entry
Let’s face it, manual data entry is likely one of the least desirable tasks your AP team handles. Automating this mundane task with intelligent data capture, or IDC, could expedite your invoice process. Modern AP automation utilizes state-of-the-art technology called Intelligent Data Capture (IDC) to lift key data off of inbound AP invoices faster and more accurately.
IDC is growing in its automation capabilities and can eliminate the need to manually enter valuable data from valuable documents such as remittances, purchase orders, and bills of lading. B2B payments processing is faster and more accurate when you let the software digitally input data.
Related: Understanding Intelligent Data Capture
- Enhanced Fraud Protection
It is common for businesses to fall victim to ransomware and phishing attacks as a result of the manual, and often paper-based, processes of capturing, approving, and paying invoices. Adopting an automation process can decrease the risk of fraud exposure and offer more secure business transactions by:
- Eliminating high-risk paper-based systems
- Encouraging strict adherence to organizational and departmental processes
Even with an automated process, your AP team must be risk aware by verifying changes in vendor payment locations, confirming fund transfer requests before processing payments, and reviewing double sender information to keep your company’s financial data safe and secure.
You want to manage human resources, not documents.
The human part of “human resources” is the most complex and unpredictable piece of your job. Therefore, shouldn’t the resources be the easier-to-manage piece?
At Mosaic, we think the answer to that question is a hearty “yes.” Your goal is to manage, hire, onboard, and retain the best possible candidates to help your organization achieve its dreams, not get bogged down in a bottomless well of paper applications, background checks, employee records, and benefits forms. Our HR automation software takes the work out of the process.
Save time instantly with our ECM Document Management software for HR departments so you can say “no” to time-consuming HR processes. Our HR software eliminates:
- Overstuffed filing cabinets filled with sensitive employee data
- The need to transfer physical files between department buildings and with onboarding employees
- Stressed out HR personnel constantly trying to keep HR records secure without any human error
- Employee strife over time management, expense claims, leave management, employee time, benefits, and most other tasks. Those time-consuming tasks are done quickly by your employees with automation tools
- Your Human Resource Management team bogged down with tedious activities, bottle necked workflow, and inadequate opportunity to positively impact your business
- Poor onboarding experiences as new hires get frustrated with slow and confusing processes
Integrate our paperless solution with your current HR System, no matter what it is for a more positive new hire experience!
HR automation means less staff required for security and data backups. Productivity increases as the HR staff are freed from manual data entry. Security is automatically included in the virtual environment. Your human resource information management system is scalable as your business grows. Additionally, you create a level of consistency throughout your team that will stand up to audits.
Now you’ll have secure cloud-based storage allowing your HR managers to access your entire human resources management information system.
Need to process new hires? Check your HR systems.
Need to check on leave requests? Check your HR records without having to leave your desk.
Ready to level up your HR department’s capabilities with automation tools that free up bandwidth, making sure top talent gets in the door and situated in the right position?
Downloadable Guide: Centralize Records, Manage Compliance and Eliminate Paper
Your goal is to hire the best candidates to help your organization achieve its strategic goals. If you’re hindered by outdated technology, or worse, no technology, you’re struggling with paper shuffling and not finding the best people, or proving the value your department brings to the entire business. HR automation software facilitates decision making, performance management, benefits administration, and even attendance management.
Time-consuming tasks and activities can be simplified or even eliminated with our cloud-based HR automation solutions. Cloud HR automation allows employees a self-service solution for benefits management, expense claims, leave management, business information, and training for a more positive employee experience throughout their lifecycle with your company.
DocStar HR Automation Software implemented as a cloud-based solution or on premises empowers busy HR professionals to:
- Automate the onboarding process for new hires and route documents to the appropriate managers with electronic forms ensuring a positive and speedy onboarding experience.
- Seamless new employee onboarding with secure, built-in workflows in cloud HR software to ensure that the HR team has the correct information at the right time and identify anything that’s missing.
- Automatic reminders sent to onboarding employees to notify them about missing documents or task requirements to eliminate the back and forth bottlenecks in the process.
- Cloud HR software securely processes, stores and manages employee files with digital folders that ensure separation of crucial HR documents like I-9s, medical records, employee IDs, performance reviews, and other employee documents and manuals, making stressful audits a thing of the past.
- Easily manage and update documents and data throughout the entire employee lifecycle with records all in one single cloud.
- Boost employee engagement with easy to use employee portals and step by step outlines throughout the onboarding process.
- Focus on issues around employee performance, drivers of engagement, retention, and satisfaction, not chasing down paper forms and files.
- Enhance your productivity with software solutions that make your job more efficient and fun.
DocStar solutions are easy to learn, easy to use, and affordable for any Human Resource Department. Our cloud HR automation solution will help you capture, share, and retain documents with a click of a mouse or tap on a screen.
- Streamline document processes and reduce errors with automatic updates
- Simplify and reduce the costs of compliance
- Control access to files in cloud HR anytime, anywhere
- Keep an accurate record of the entire employee lifecycle all in one place
- Check employee status throughout onboarding and employee training in real time
- Improve operational efficiency
- Improve support for employees and management
- Instantly locate documents without leaving your desk
- Move from cumbersome paper to digital documents
- Reduce demand for physical space
- Capture documents from virtually any input device, from any location
- User-defined security access with multiple security setup
- Flexible on-premises or cloud-based deployment options offer even better ROI
- Search for any HR documents in one single cloud with a fast, Google-like search
- Access DocStar ECM from within Microsoft Office programs for greater ease of use
- Import documents from within their native program
- Integrates with most HRIS systems software solutions
- Digital workflows can be as basic or detailed as needed
- Interviewing, onboarding, and separation workflow automation
- Ensures compliance with legislative acts like HIPAA and ADA, and regulations like the Affordable Care Act
- Boost employee engagement in the onboarding experience
- Implement tools and features like employee engagement insights
- Keep a secure and up-to-date employee directory in one single cloud
It’s time for you to get started with cloud HR Automation software from Mosaic. We are ready to take you into the reality of a paperless future for a faster HR process. Ask for a complimentary demonstration today.
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Data is one of the driving forces in the success and efficiency of businesses today. When it comes to your company’s accounts payable (AP) performance, data measuring and tracking are key components to your overall productivity and financial growth.
In the digital age, more and more businesses are moving to paperless processes and technology software that tracks key performance indicators (KPIs). By measuring your AP performance with these KPIs, your business can speed up processes, cut down on losses, and improve efficiency.
Why Measure AP Performance?
If you’re asking why your company should measure your AP performance the answer is simple: if you can measure it then you can improve it.
Today’s world is all about improving and increasing efficiency. Your company may be losing valuable time, money, and resources by failing to accurately track and measure your AP performance.
The future of accounts payable is AP automation for this exact reason. AP automation removes the object of human error that comes with manual invoice processing and offers the luxury of tracking and measuring KPIs that will benefit your business.
Measuring your AP performance is the first step in increasing efficiency and smoothing the daily processes of your company, but what KPI should you be tracking?
These four KPIs will help you analyze and evaluate your AP department’s efficiency so you can adjust and improve.
Average Number of Invoices
To measure other AP KPIs you must first begin by tracking the number of invoices received in a given time period. The time period may vary depending on the size of your company and the volume of invoices that run through your AP department.
If you see a significant number of invoices per day then it may be best to measure per day but you can also measure by week, month, or year depending on the sheer volume of invoices that your company sees and your AP efficiency goals. Once you determine your time value of measurement, you can use that daily or annual invoice volume to track the number of invoices received in relation to the number of invoices processed.
Average Invoice Processing Time
The average invoice processing time is a metric that should always be tracked when it comes to AP. Especially if your company is still manually processing invoices with an AP team, the invoice cycle times are a KPI that should be put at priority.
If your average invoice processing time is longer than 14 business days, then your team may need to reevaluate the speed of your approval steps and productivity rates. Once you measure the average time it takes to process an invoice, you can identify potential bottlenecks in the process.
Your company’s invoice processing time may be slowed when key employees that are required in the approval process are out of the office. AP automation fixes the approval process with tools like on-the-go invoice approval features through mobile access that significantly speeds up the processing time to only two to three days.
The payable department may also be slowed down with mere manual data entry that may be taking longer than expected. Once you measure the average time it takes to process an invoice, management can reassess department productivity and evaluate if an AP automation software will be the remedy to increase timely payments.
Average Invoice Processing Time versus Average Invoices Received
Remember that time measurement that we talked about early? Take that period of time that you chose for your company (per day, per month, etc) and compare the number of invoices processed in that time period to the number of invoices received.
By tracking this KPI, you can accurately measure your AP efficiency. You should be aiming to process as many invoices as the volume that you receive within that month. If your company’s number of invoices processed in the given period is significantly lower than the number of invoices received, then it’s time to re-evaluate.
Look for areas to increase the speed of your invoicing process and then track your AP processing performance over time to see which process efficiency practices are working.
Average Cost per Invoice
The average cost per invoice is a crucial KPI to track and measure when it comes to APs. Many companies are shocked to see just how much they are losing in profit margins when they evaluate cost metrics.
APs can have significant hidden costs due to operational costs like staff salaries, managerial overhead, software costs, printing fees, and hardware expenses. Organizations may be paying anywhere from $15 to $40 per invoice, but with the simple technology implementation of AP automation, costs per invoice can be reduced to only $2.
Beyond just operating costs, human error in the manual entry may lead to bad payments, duplicate payments, late payment penalties, and unclaimed discounts that add up. Within the broader KPI of average cost per invoice, you can increase your efficiency metric measures by tracking specific costs like the average number of wrong payments and the volume of discounts missed.
By specifying these areas of costs, you can improve AP efficiency tracking and narrow down the problem areas that need improvement. For example, if the percentage of invoice costs is the highest in the category of duplicate payments, then you should reevaluate how you review new invoices in comparison to those that were already paid.
Once you measure your company’s average cost per invoice, you can implement strategic tasks to reduce losses or consider adopting AP automation software. Cost savings is one of the most common reasons companies automate B2B payments.
The software can also track these KPIs for you so that all you are left to do is analyze the data and do some organizational restructuring according to the areas that need improvement. Electronic invoices through AP automation software also increase the accuracy of invoices and prevent erroneous payments by scanning the document to ensure that it isn’t a duplicate invoice.
AP automation delivers speedy and accurate payments by trimming down the slow manual steps in physical review tasks that human processing relies on. Advancements in technology have simply accelerated our business processes and it’s time to take advantage of it.
Paying for services/products after they have been delivered allows businesses to save large amounts of money while establishing trust between vendors. Not paying accounts on time results in bad credit for the business, while early payment often results in good credit and percentage discounts on future orders. This places a tremendous amount of responsibility on the accounts payable division.
The accounts payable process can be a relatively simple, straightforward process, but unfortunately, there are many common mistakes and complications that take place along the way. Human error, high processing costs, long invoice processing time, lack of visibility into accounts payable or cash flow, and regulatory compliance issues are some of the biggest problems facing manual AP processing. This article will first explain the manual AP process and then explain how AP digital transformation can help fix all of the aforementioned issues.
The AP process can be broken down into four distinct steps:
Once the product is delivered or the service is finished, an invoice is produced which details the specifics of the product or service, as well as an itemized breakdown of the costs and charges. The invoice is either hand delivered by a representative of the vendor, mailed, or a pdf is sent via email. The information is then entered manually into the computer or ledger by a clerk or receptionist.
The risk for error here is obvious. The employee could enter the wrong information, not enter it in a timely manner, or forget to enter the invoice altogether. All simple mistakes that could be easily fixed by AP automation.
Copy and File Invoice
With paper documents, the invoice is copied and filed into whatever filing system your company uses. With electronic invoices, the invoice is scanned and filed away into the computer. This is done as a type of backup system to ensure that any future issues or discrepancies can be dealt with.
The problem is that this still requires attention to detail as well as storage space on your hardware system or physical storage space in your business in the way of metal filing cabinets. The majority of business is done electronically so having a paper filing system is very outdated.
Invoice Approval Process
Invoice approval is a responsibility only given to a very small number of employees – usually only one or two. Paper-based companies have the receptionist or clerk hand deliver the invoice to whoever is approved to sign it. If that person is not in the office, then the invoice is left in a mailbox or on their desk. It is not uncommon for the invoice to get lost along the way, delivered to the wrong person, or simply forgotten by the recipient. If electronic, the invoice is sent to the signer to approve and send back. The emails are sometimes lost, ignored, accidentally deleted, or forgotten.
When these simple errors occur, payment is not given to the vendor on time, resulting in late payment fees, penalties, bad credit, and damaged buyer-vender relationships. Ultimately, financial loss is the final result.
Invoice Management and Payment
After the correct person approves the invoice, it then has to be paid to the vendor. Unfortunately, the employee who approves the invoice is not typically the same person who pays it. This is done by a different person such as a corporate officer or accounting department.
As mentioned before, this additional step takes time and effort, further opening the door for potential mistakes and human error. Paper gets lost or filed incorrectly, and emails get ignored or deleted mistakenly.
As we can see in the steps outlined above, manual AP involves three separate departments with three different employees to ensure that an account is paid correctly and on time. In today’s world of digital technology, this lengthy and error-prone process should be obsolete.
Read more about IT Automation Trends in 2021
AP Invoice Automation
AP automation software gives you a single platform from which to handle all steps of the AP process from receiving to payment and everything in between. The software is designed to detect any mistakes, and vendor information is stored for future use. Furthermore, the purchase order is digitally matched to the invoice to detect any mistakes in the same way a human would, only the software will not make any simple clerical errors. The program will then send the payment to the correct, designated person for approval. There are no emails to verify and no paper slips waiting in the mailbox. Everything is all done in one centralized location which maximizes efficiency, time, and money.
The system can also prevent overpayment by using digital purchase orders that match the payment to the invoice, ultimately saving time and money. An accidental overpayment can take weeks, sometimes months to rectify, if it is even noticed at all. Businesses lose thousands of dollars without even realizing it through overpayment of invoices.
A few other benefits of AP automation include increased credit score, reduced financial fraud, and improved vendor relationships. By paying invoices on-time, sometimes even early, your business’ credit score will increase, thus opening the business up to future discounts as well as extended payment time. Not only that, but the relationship with the vendor will strengthen as they learn they can trust your business to deliver payment in a timely manner on a consistent basis.
Fraud occurs through false billing, bad checks, overpayment, and wrongful data entry. AP automation corrects these mistakes by adhering to budgets set by administrators and automatically approving invoices without the need for a manual signature. The system also leaves an electronic audit record for accounting teams to utilize as well as future auditors, should the need arise.
Digital Transformation Consulting
Perhaps the greatest benefit of all regarding AP transformation is increased profitability! When the AP process is handled through automation software, bills are paid on time and you ultimately take advantage of improved credit discounts, as well as early payment incentives. You also avoid late payment charges and canceled orders. AP automation also requires fewer workers and offers time savings as the software system itself replaces many roles traditionally held by lower-level employees, thus saving money on payroll.
Are you interested in learning more? Contact us today to get the AP automation process started!
Evolving your company and keeping up with the constant rollout of new technologies and new ways to handle traditional tasks can help streamline your operations while helping you focus on the core of your business.
More and more organizations are adopting paperless solutions every year because the value of having electronically organized information at the ready, anywhere you are, is a convenience and time-saver that can’t be ignored.
One of these solutions is Accounts Payable Automation. Even if your business has been running like a well-oiled machine when it comes to having your finance operations covered, it only takes a day for a situation to arise where a wrench is thrown into your cogs to throw things off and the prior way of doing things suddenly becomes more of a hurdle.
Today we will be discussing the benefits of Accounts Payable Automation and why it is worth taking a deeper look into this evolved payment solution. If you would like to stick around, we would appreciate your time and take a deeper look into this ever-growing method of managing your finances.
AP Trends and Changes
These days, we have a host of software and services available that simply were not there 15 years ago, and this is important because it means businesses have the luxury of deciding how they can streamline and make their operations more efficient. And with remote work being so common for obvious reasons in recent history, these services are more important than ever.
AP (Accounts Payable) Automation has been one of these solutions and has been constantly evolving and helping businesses manage their finances while being the most accessible it has ever been.
Because of this, it is making it more viable for organizations to look into their future and decide how they want to improve their financial operations.
Improving Back-office Operations
While customer-focused processes are often prioritized, back-office operations have been better supported as the years gone by. The truth is that more businesses are starting up and are relying on the help of software that can assist them towards a successful future.
However, even if you run an established business, you can still highly benefit from looking into AP automation.
Is AP Automation Right for Your Organization?
There are certain patterns and cues that can tell if your business is right for AP Automation. While choosing to forgo AP Automation may not be a do-or-die situation, it can take a burden off of your organization if there are things that indicate that there would be benefits to looking into new accounts payable trends and reevaluating the situation.
Change can seem difficult when you’ve been running things “well enough” for a long time, suddenly making such a major switch overnight may be daunting, but eventually, some things can be highly beneficial in the long run.
If you are processing 500 or more invoices in a month, and have more than 2 full-time AP clerks, AP Automation is certainly worth consideration. It will save you time and money by streamlining the entire process of manually pouring over payment information. Additionally, if you are outsourcing your AP or processing your invoices in multiple locations, you can also highly benefit from AP Automation.
Lastly, if you find yourself struggling with late payments, have data entry errors, and missing out on early payment benefits, then AP Automation is a viable solution for your organization and is worth your consideration.
Think of it as having one person filling 100 buckets of water vs an automated machine doing it in one fell swoop. Automation in general has become a core part of society to make things more efficient overall.
Overall, this is a topic that can be healthy to have a sit down discussion with your team regarding the future of your organization.
2021 is sure to go down in the history books as a year of recovery. Most businesses are still adjusting to the new normal – working from home – after COVID-19 shuttered businesses and countries alike. This shift in work environments has catapulted automation and collaborative work spaces to popularity, and left managers and CEOs across the country looking for optimal ways to increase productivity while ensuring the safety of their teams. That said, we’ll take a look at the top IT automation trends your business to watch for in 2021.
What Is Automation?
Before we delve into automation trends, let’s review automation on a foundational level. IT automation is the use of software to create repeatable instructions and processes that replace or reduce human interaction with information technology and systems. With automation, software works to carry out time consuming tasks with little to no human intervention. We’ve learned over the last 10-12 months, that automation is the key to IT optimization and digital transformation that businesses seek while balancing remote teams and a raging pandemic. So, what’s next in the pipeline of technological advances as it relates to automation and IT?
Five IT Automation Trends to Watch for 2021
- Automation Architects
- Reduced complexity
- The 5G Data Wave
- Customizable Ecosystems
- Robotic Process Automation
“Automation is meant for times like these.” – E. G. Nadhan, Chief Architect & Strategist of Red Hat North America.
Remote workforces have brought demand for more automation and more subject-matter experts to the forefront.The unique and complicated service workflows involving a hybrid mix of cloud, on-site, and legacy IT infrastructure makes IT automation complicated itself. However, since IT teams have adopted automation practices that are not standardized or scalable across business units, it’s predicted that a dedicated role to identify and overcome these challenges will be a must-have in the coming months. According to a recent research survey by Gartner, 20 percent of the organizations recognizing this requirement have employed dedicated Automation Architects. This number is expected to reach 90% among large enterprises by 2025.
With such a complex circumstance trying to keep proprietary data safe while teams work from their homes as COVID-19 rages on, one industry prediction is that automation will be used to reduce complex and complicated duties. This will be, in part, a response to the realities of remote work and a great deal of ongoing uncertainty across the IT spectrum for all industries. Automation subject-matter experts are set to take a page from the Site Reliability Engineering (SRE) playbook and tap into simplicity, repeatability, and automation in lieu of living on the edge of innovation simply because they can. One overarching theme seems to be woven into the fibers of every IT trend, current and future: automating tomorrow’s growth is today’s future.
The 5G Data Wave
The announcement and rollout of 5G nationwide is enabling companies to transmit, collect and analyze more data than ever before. Organizations that are capable of ingesting the flood of new data, digitizing and transforming it into business insights will glide on top of the 5G data wave and attain new heights of performance. AI and Cognitive Capture will be key for achieving document/data classification, sentiment analysis and content extraction from key documents such as financial records. Those unprepared could face a tidal wave of unusable information, and risk drowning in it.
I know what you’re thinking; No, we don’t mean a biological community of organisms that interact with their environment. In this instance, we’re referring to the trend of IT ecosystems. An IT ecosystem consists of vast networks of technologies, applications and services operating within their integrated architectures. This synergistic network provides businesses access to a network of services, pre-built connectors, templates and solutions. Automation professionals anticipate that throughout 2021, companies will increasingly rely on these ecosystems to accelerate their ability to achieve desired automation results.
Robotic Process Automation
Robotic process automation (RPA) allows businesses to quickly configure computer software to take over mundane, monotonous tasks done by employees within business systems. Some examples of tasks RPA could enhance include manual data entry and data validation. While RPA is a general automation tool, there are two distinct differences that set RPA aside from any other enterprise automation tool: it’s cheaper and faster to integrate with business processes. Savvy B2B companies, like yours, are sure to prioritize harnessing their RPA automation expertise and to automate their mission-critical business and create high-value workflows in 2021.
How Can Mosaic Help
#Thepaperlessguys can meet you wherever you are in your business automation journey. We are ready to take you into the reality of a paperless future. Claim your complimentary demonstration of our innovative automation software today.
The coronavirus pandemic has presented unique workforce challenges in industries ranging from supply chain to fast food. In its wake, an increased necessity for secure, cloud-based document systems has also become evident. It is especially true of accounts payable departments who work remotely to ensure their team is safe while assuring the company’s creditors and suppliers get compensated on time.
Transitioning your company’s financial records from their locked file cabinets to electronic files can be quite the task, but your team does not have to do it alone. A systems integrator, like the paperless guys at Mosaic, can help put your AP documents at your fingertips with accuracy and transparency. But how do you objectively determine the best integration resource for your project? As with choosing any vendor, we recommend completing a full vendor analysis.
Understanding Your Scope of Work
To begin your search for the most appropriate integrator, you are encouraged to first be clear on your scope of automation. Know what you want to accomplish, when you need it taken care of, and how the integration will affect your teams. It’s also not a bad idea to reference your standard operating practices when unraveling your project’s scope.
Be sure to outline your payable processes in steps as well as your accounting department’s invoice management and approval processes. Also, include any known pain-points to be addressed during this integration.
Let’s consider this the discovery process, during which you may also seek to develop a project timeline that could be adjusted in real-time. Accounting for system upgrades and human error will afford you additional time to implement the automation software you choose. Taking adequate time to define the scope of work and implementation process expectation before vendor selection could help eliminate costly mistakes later in the process.
Selecting an Integrator
Getting the most out of your accounts payable automation software solution is critical to your company’s bottom line. Selecting the integrator who best fits your needs will help provide the framework to improve your organization’s expense-to-revenue. Once you’ve identified the scope of your integration process, research your vendor’s entire organization. Peruse their website for positive results. Pay close attention to customer success stories. Do not hesitate to reach out to other customers about the potential vendor’s professional services. To inquire about an integrator’s business and viability, our recommended questions include, but are not limited to the following:
- How long have you been in business?
- Do you have licensed engineers on staff?
- What is your process for hiring and equipping new engineers as veteran engineers retire?
- How will the integrator learn your business?
Deciphering the AP Automation Process
“Accounts Payable automation (AP Automation) refers to the technology used to streamline and automate accounts payable processes, removing manual tasks, and providing better visibility and control over important financial data.”
The Institute of Financial Management reports that 73 percent of organizations used AP automated software in 2020. Whether you use Microsoft Dynamics, Sage, Infor, Syspro, SAP, or any other ERP system, a viable accounts payable automation software should make it easier to retrieve data for reporting, reviewing invoices and purchase orders, and immediately knowing your company’s cash flow. AP automation tools synergistically improve invoice processing and the overall workflow of the accounts payable department.
Incorporating AP automation software is an ideal solution for circumventing common issues with manual accounts payable processes. Now’s the perfect time to switch if your company:
- Processes 500 or more invoices per month.
- Has more than 2 full-time AP clerks
- Outsources your AP
- Has too many late payment penalties
- Misses early payment discounts
Take a look at our recent blog posts for more on the benefits of AP automation.
Mosaic Can Help with Integration
Our accounts payable tools can help free up your team, and a path for you to continue growing your business. Together, we can facilitate business optimizations that yield results your entire company will feel. Our DocStar solution integrates with accounting software to:
- Stimulate productivity through intelligent automated capture of invoice data
- Capture early payment discounts
- Automate your company’s AP approval process
- Reduce accounts payable processing labor costs
- Securely store electronic versions of your company’s financial documents
Why You Should Tour our DocStar Tools
Give your accounting department a break! Decide to automate your AP solutions and allow your accounting systems to do the heavy lifting. Your team’s day-to-day objectives will shift, giving way to the capacity for more revenue-generating activities that your current process may not have room for.
Accounts payable automation solutions with paperless invoice processing are critical in transforming your AP Department. Take a tour of our DocStar automation software to see how the integration of our software can make your team and stakeholders happy.
In most organizations, business contract management is handled across various departments: Sales, Finance, Legal, Fulfillment, sometimes even more. The analog manual process involves business contracts stored in file cabinets in one department or another. Often an old contract is used as a template for the new contract. Tracking service level agreements to make sure all deliverables were met may be hit or miss. Unless you can afford to hire an administrator to manage the contracts, it is usually a haphazard contract management process.
Dave is the new hotshot salesperson on the team. It’s rumored that he actually did sell ice in Alaska. He is bringing in new contracts and driving everyone crazy because our contract management system is out of sync. Compliance changed all contracts due to safety concerns at the beginning of the year. Dave is working with an old contract he found in his sales files. It means every contract that he has produced is out of compliance. Even worse, suppliers, contractors, and others will need to sign new, updated contracts. To a salesperson, this is like being banished to purgatory. The whole negotiating process may start over if a new contract is produced. This challenge doesn’t happen if your team is using contract lifecycle management software.
Welcome to the world of contract management software. A new salesperson joins the team. He or she can access a contract template that is compliant and approved by legal. Legal created the template that is housed in your cloud-based contract management solution. Contract creation happens by accessing your dashboard on your laptop, tablet, or mobile device. Your contract repository is no longer a physical file cabinet. You now have the power track version control, not with a WORD document search, but with intelligent contract management software that will find whichever version you want or need.
Most of us concentrate on the final cost in a negotiated contract. Every contract has customizations that the software can alert you about. From service level agreements to renewals and terminations, every deliverable could make or break your bottom line. With a contract management solution that is easy to use, your contract portfolio is securely accessible in a cloud-based environment. Some contract management platforms are the digital manifestation of traditional, physical storage. That’s not what your company needs. Most business users need a contract lifecycle management solution that provides them with more!
Contract Lifecycle Management Software
Contract lifecycle management software will help your team be more productive. Your supplier risk management team will never be caught with an expiring contract, nor the costs associated with that challenge. Imagine your legal team is no longer bogged down, creating contract templates or one-off customizations. Saving time and increasing productivity with contract management software will positively impact your bottom line.
The new hotshot salesperson can immediately locate the old contract. Your contract management software will alert him or her to any deadlines that were not met. Are you due a refund for underperformance? With your new contract management processes in place, you are alerted to any challenges before the contract even expires. Your hotshot salesperson has the leverage to negotiate from a position of knowledge. Your supplier management team can make recommendations concerning any business that has a contract with your business. They will immediately know if this partner met their contract promises.
Not only does contract management extend through various departments in your business, but also your supplier’s extended team. The contract negotiation process with CLM Software ensures that your team and the supplier know what is expected on all sides. Approval workflows provide an audit trail for the contracting process. Our user interface is intuitive and easily integrated into your existing contract lifecycle management solution.
Your team will be alerted to the renewal process, deliverables, challenges, and suddenly instead of a manual analog paper process, your team is free to consider the entire contracting process. Would software as a service save money? Are the cycle times for this entity out of the norm? All of these answers can be easily found with a contract management platform. Are you ready to join the 21st Century? Get started now!
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Mosaic specializes in the transition from “paper based” (manual) work processes to more efficient “paperless” operation with the overall goal of improving business results. Read More