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Ensuring Regulatory Compliance with AP Automation in the Utility Sector

May 14, 2024/in AP Automation /by Mosaic Corporation

When it comes to the dynamic landscape of the utility industry, regulatory compliance is the cornerstone of operational integrity. Utilities are charged with providing essential services to communities while adhering to a myriad of regulations designed to ensure safety, reliability, and environmental stewardship.

From financial transparency to environmental sustainability, compliance is not only a legal obligation, but a moral imperative to ensure public trust and stakeholder well-being.

Key Regulatory Requirements for Utility Companies

Utilities operate in a complex regulatory environment governed by a variety of laws. Compliance is critical to ensuring the safety, reliability, and sustainability of utility operations. Let’s take a closer look at the key regulatory requirements that utilities must navigate:

Financial reporting and disclosure obligations are fundamental regulatory requirements for utilities. These obligations include a set of accounting standards, reporting frameworks, and disclosure requirements designed to promote transparency and accountability in financial operations.
In addition, utilities are subject to regulatory oversight by agencies such as the Securities and Exchange Commission (SEC) in the United States, which establishes reporting requirements for publicly traded companies. Compliance with SEC regulations, including periodic reporting (e.g., Form 10-K, Form 10-Q) and disclosure of material information, is critical to maintaining investor confidence and regulatory compliance.
Environmental compliance is a critical aspect of regulatory requirements for utility companies, given the environmental impact of their operations. Utility companies must comply with federal, state, and local environmental regulations governing air quality, water management, waste disposal, and environmental remediation.
The Sarbanes-Oxley Act (SOX) imposes stringent compliance requirements on publicly traded companies in the United States, including utility companies. SOX was enacted in response to corporate accounting scandals to enhance corporate governance, internal controls, and financial transparency.
Utility companies must also comply with various industry-specific regulations governing safety, reliability, and consumer protection. These regulations may include standards set forth by regulatory agencies such as the Federal Energy Regulatory Commission (FERC), the Nuclear Regulatory Commission (NRC), and state public utility commissions (PUCs). Industry-specific regulations may cover a wide range of topics, including electric and gas transmission and distribution, pipeline safety, nuclear reactor licensing and operation, renewable energy standards, and customer billing and service standards.

How AP Automation Supports Regulatory Compliance

Automating accounts payable (AP) processes is a game-changer for utility companies striving to meet regulatory compliance requirements efficiently and effectively. Other industries have been benefited too, like in Dental Practices and Senior Care facilities.

1 Automated Invoice Capture and Data Extraction

One of the primary challenges in AP processes is manually handling and processing a large volume of invoices. AP automation solutions streamline this process by automating invoice capture and data extraction. Optical Character Recognition (OCR) technology automatically extracts relevant data from invoices, such as vendor information, invoice numbers, and payment amounts, reducing the risk of manual errors and ensuring accuracy.

2 Workflow Automation for Approvals and Segregation of Duties

AP automation solutions facilitate streamlined approval workflows, routing invoices through predefined approval paths based on established business rules and segregation of duties principles. Automated notifications and escalations ensure timely approvals and provide visibility into the status of invoices in the approval process.

Workflow automation helps enforce compliance with internal controls and segregation of duties requirements by preventing unauthorized access to sensitive financial information and ensuring proper authorization and review of invoice payments.

3 Electronic Audit Trails and Document Retention

AP automation solutions generate electronic audit trails that track every step of the invoice processing lifecycle, from receipt to payment. Electronic audit trails capture detailed information about invoice approvals, modifications, and payment transactions, providing a comprehensive audit trail for compliance purposes.

These serve as evidence of compliance with regulatory requirements and facilitate internal and external audits.

AP automation solutions in addition include robust document retention capabilities that enable secure storage and archiving of invoice documents and related records. Electronic document retention ensures compliance with recordkeeping requirements and facilitates document retrieval in the event of a regulatory audit or investigation.

4 Integration with Compliance Reporting Tools and Systems

Integration with compliance reporting tools and systems is essential for leveraging AP automation to support regulatory compliance. AP automation solutions integrate seamlessly with financial management systems, ERP systems, and compliance reporting tools to facilitate data exchange and reporting.

Integration enables automatic synchronization of invoice data with financial systems, eliminating manual data entry and ensuring data accuracy and consistency.

Utility companies can enhance their compliance efforts by leveraging specialized AP automation solutions tailored to their industry needs. In Mosaic Corp we offer comprehensive AP automation platforms designed specifically for the utility sector. Learn more about our industry solutions here.

Best Practices for Compliance with AP Automation in Utilities

Implementing AP automation is just the first step towards achieving regulatory compliance in utility companies. To ensure effective compliance management, utility companies must follow best practices that align AP automation initiatives with regulatory requirements.

A Establishing Clear AP Policies and Procedures Aligned with Regulations

The foundation of effective compliance management is the establishment of clear accounts payable policies and procedures that align with regulatory requirements. Utilities should develop comprehensive AP policies that outline the steps and controls necessary to ensure compliance with financial, environmental, and industry-specific regulations.

These policies should address key areas such as invoice processing, approval workflows, segregation of duties, and document retention. By clearly defining roles, responsibilities, and authorization levels, AP policies help mitigate the risk of fraud or errors.

Effective compliance management requires ongoing monitoring and evaluation of compliance controls to identify gaps and weaknesses.

B Regularly Reviewing and Updating Compliance Controls

These reviews should encompass assessments of system configurations, user access controls, approval workflows, and segregation of duties. By identifying and addressing control deficiencies promptly, utility companies can strengthen their compliance posture and reduce the risk of violations.

Internal audits and risk assessments are essential components of a proactive compliance management strategy. Utility companies should conduct periodic internal audits of AP processes and compliance controls to assess their effectiveness and identify areas for improvement.

C Providing Compliance Training for AP Staff and Stakeholders

Investing in compliance training is crucial for ensuring that AP staff and stakeholders understand their roles and responsibilities in supporting regulatory compliance. Utility companies should provide comprehensive training programs that educate AP staff on regulatory requirements, AP policies and procedures, and the use of AP automation systems.

AP automation revolutionizes compliance management in utilities by automating invoice processing, enforcing approval workflows, maintaining electronic audit trails, and integrating with compliance reporting tools.

In addition, AP automation streamlines compliance-related processes, enabling utilities to quickly adapt to regulatory changes and confidently demonstrate compliance. Furthermore, automation not only improves efficiency and accuracy but also enables utility companies to allocate resources strategically, reduce costs, and focus on value-added activities.

As utility companies strive to meet regulatory compliance requirements, partnering with industry leaders like Mosaic Corp can be instrumental. With our expertise in AP automation solutions, we empower companies to streamline processes, enhance compliance controls, and mitigate regulatory risks effectively.

Contact us today to embark on your digital transformation journey and empower your business!

Eliminating AP Bottlenecks: Solutions for Common Processing Delays

May 14, 2024/in AP Automation /by Mosaic Corporation

We know efficient AP operations ensure timely payment of invoices, healthy vendor relationships, and financial stability. However, many organizations face significant challenges due to AP bottlenecks, which can lead to detrimental delays in invoice payment.

Today we’ll delve into the root causes of AP bottlenecks, explore tactical solutions for eliminating them, quantify the impact of backlogs, and provide guidance for modernizing AP operations with the help of experienced partners like Mosaic.

Root Causes of AP Bottlenecks

Accounts payable bottlenecks represent a significant hurdle for organizations aiming to maintain efficient financial operations. These bottlenecks arise from a multitude of interconnected factors, each contributing to delays and inefficiencies within the AP workflow.

1 Understaffing:

One of the primary drivers of AP bottlenecks is understaffing within the accounts payable department. When the number of staff members responsible for processing invoices is insufficient to handle the volume of incoming documents, delays inevitably occur.

2 Reliance on Manual Workflows:

Many organizations still rely on manual processes for handling invoices, from receipt to payment. These manual workflows involve tasks such as data entry, document sorting, and physical routing for approval. While these methods may have sufficed in the past, they are highly susceptible to errors and inefficiencies.

3 Inefficient Approval Processes:

Inefficient approval processes represent another significant contributor to AP bottlenecks. Traditional approval workflows often involve cumbersome manual steps, such as obtaining signatures from multiple stakeholders or routing invoices through various departments for authorization.

4 Lack of Visibility into the Payment Pipeline:

A critical challenge in managing AP workflows is the lack of visibility into the payment pipeline. Without real-time insights into the status of invoices, organizations struggle to track payment progress, anticipate bottlenecks, and allocate resources effectively.

Inadequate visibility hampers the ability to forecast cash flow accurately and may result in missed payment deadlines or oversights in prioritizing critical invoices. As a consequence, organizations face increased risk exposure.

If you want to learn more about the benefits of going paperless, visit our blog What Exactly Does Going Paperless Mean for my Business?

Tactical Solutions for Eliminating Bottlenecks

In an effort to streamline accounts payable processes and overcome bottlenecks, companies must implement strategic solutions that leverage technology, streamline workflows, and increase visibility.

1 Implementing AP Automation Software:

One of the most impactful strategies for eliminating AP bottlenecks is the adoption of AP automation software. These sophisticated platforms leverage advanced technologies such as artificial intelligence, machine learning, and optical character recognition to automate repetitive tasks. By digitizing and centralizing invoice data, AP automation software reduces manual intervention, minimizes errors, and accelerates approval cycles.

Discover more about the transformative power of automation in our blog The Magic of Automating the Purchasing Process.

2 Establishing Dynamic Routing Rules:

Dynamic routing rules play a crucial role in expediting invoice approvals and minimizing processing delays. By defining intelligent routing criteria based on invoice attributes, such as vendor, amount, and due date, organizations can ensure that invoices are promptly routed to the appropriate stakeholders for review and approval.

Automated routing algorithms prioritize critical invoices and dynamically adjust routing paths based on workflow conditions, such as staff availability or approval hierarchy.

3 Utilizing Exceptions Dashboards:

In the complex landscape of AP operations, exceptions and discrepancies are inevitable. However, organizations can proactively address these issues and prevent bottlenecks by leveraging exceptions dashboards. These intuitive dashboards provide real-time insights into payment discrepancies, such as pricing discrepancies, quantity variances, or invoice mismatches.

4 Digitizing Invoice Backup and Supporting Documents:

The transition from paper-based to digital document management is essential for streamlining AP workflows and reducing reliance on physical paperwork. Digitizing invoice backup and supporting documents enhances accessibility, facilitates information retrieval, and accelerates decision-making processes.

Guidance for AP Modernization

Modernizing accounts payable operations is no longer just a choice but a strategic imperative for organizations seeking to enhance efficiency, reduce costs, and maintain competitiveness.

Here’s a step-by-step approach to help organizations embark on their AP modernization journey:

1 Assess Current Processes and Identify Pain Points:

The first step in AP modernization is to conduct a comprehensive assessment of existing processes and workflows. Identify pain points, inefficiencies, and bottlenecks that hinder the smooth operation of AP functions.

Common areas of concern may include manual data entry, paper-based workflows, approval delays, lack of visibility, and compliance challenges. By understanding the root causes of these issues, organizations can develop targeted solutions to address them effectively.

2 Define Clear Objectives and Goals:

Once the current state of AP operations is assessed, define clear objectives and goals for the modernization initiative. Determine key performance indicators (KPIs) to measure success, such as reduced processing times, increased accuracy, cost savings, and improved vendor relationships.

Establishing clear benchmarks will guide the modernization process and ensure alignment with broader organizational goals and priorities.

3 Explore AP Automation Solutions:

Explore AP automation solutions that align with the identified objectives and goals. Evaluate different software vendors and platforms to find the right fit for your organization’s needs and requirements. Look for features such as invoice capture, data extraction, workflow automation and integration capabilities with existing ERP systems.

Partnering with experienced AP automation providers like Mosaic can provide access to industry-leading technology and expertise to streamline implementation and ensure successful adoption.

4 Plan for Seamless Implementation:

Develop a comprehensive implementation plan that outlines the steps, timelines, and resources required for seamless adoption of AP automation solutions. Collaborate closely with internal stakeholders, IT teams, and external vendors to ensure alignment and coordination throughout the implementation process.

5 Monitor Performance and Continuously Improve:

Once AP automation solutions are implemented, monitor performance closely and track progress against established KPIs. Regularly review and analyze data to identify areas for improvement and optimization. Solicit feedback from end-users and stakeholders to gather insights into user experience and identify opportunities for enhancement.

6 Leverage Expertise and Technology:

Partnering with experienced AP automation providers like Mosaic. can provide organizations with access to specialized expertise and advanced technology solutions. Mosaic’s team of experts can offer strategic guidance, best practices, and industry insights to help organizations unlock the full potential of their AP processes.

By leveraging advanced technology and expertise, organizations can achieve sustainable growth, enhance operational efficiency, and maintain a competitive edge in today’s dynamic business landscape.

Take action today to eliminate AP bottlenecks and unlock the full potential of your financial operations.

Ready to streamline your accounts payable processes and eliminate bottlenecks? Schedule a consultation with Mosaic today and discover how our tailored solutions can transform your AP operations.

Travel and Expense Automation: Streamlining AP’s Most Complex Documents

April 23, 2024/in AP Automation /by Mosaic Corporation

Managing travel and expense (T&E) can be a daunting task for Accounts Payable (AP) teams. The complexities associated with handling T&E documents often lead to manual effort, errors and processing delays.

AP teams face a myriad of challenges when it comes to processing travel and expense reports. Manual data entry and reconciliation are time-consuming, error-prone tasks that result in discrepancies and processing delays.

In this article, we’ll explore the common pain points faced by AP teams in T&E reimbursement handling and explore tools, tactics, and best practices for streamlining processes through automation.

Common Pain Points in T&E Reimbursement Handling

Managing travel and expense reimbursements poses several challenges for accounts payable teams, leading to inefficiencies and frustrations in the reimbursement process. Here are some of the most prevalent pain points that organizations encounter:

Manual Data Entry and Reconciliation:

One of the primary pain points in T&E reimbursement handling is the reliance on manual data entry and reconciliation processes. AP teams often spend significant time and effort manually entering expense data from receipts and invoices into spreadsheets or accounting systems.

This manual process is not only time-consuming but also prone to errors, leading to discrepancies and inaccuracies in expense reporting. Moreover, reconciling expenses with corporate credit card statements or other financial records further complicates the process, increasing the risk of errors and delays.

Inconsistent Reporting Formats:

Another common pain point is the inconsistency in reporting formats across different expense submissions. Employees may use various formats or systems to submit expense reports, such as spreadsheets templates, paper-based forms, email submissions or online expense management systems. This makes it challenging for AP teams to standardize and reconcile expense data effectively.

Inconsistent reporting formats can lead to confusion, delays in processing, and difficulties in tracking and analyzing expenses. Without standardized reporting templates or guidelines in place, AP teams struggle to maintain consistency and accuracy in expense reporting, hampering overall efficiency and visibility into T&E spending.

Policy Enforcement Difficulties:

Enforcing corporate travel policies presents a significant challenge for AP teams, especially in organizations with decentralized or disparate systems for managing T&E expenses. Ensuring compliance with company policies, such as travel limits, allowable expenses, and approval workflows, requires constant monitoring and enforcement.

However, without automated policy checks and controls in place, AP teams face difficulties in identifying and preventing non-compliant expenses. Policy enforcement challenges not only increase the risk of policy violations but also result in additional manual effort and delays in processing reimbursements.

Reimbursement Delays:

Lengthy approval cycles and reimbursement delays are major pain points that impact both employees and the organization as a whole. Delays in processing expense reports and reimbursing employees for their expenses can lead to frustration, dissatisfaction, and decreased morale among employees.

Moreover, delayed reimbursements may also strain vendor relationships and erode trust with suppliers and service providers. AP teams must strive to streamline approval workflows, expedite reimbursement cycles, and provide timely updates to employees to minimize delays and ensure a positive experience for all stakeholders involved.

Tools and Tactics for T&E Automation

To address these challenges, organizations can implement a range of tools and tactics designed to streamline T&E processes and improve efficiency:

Implementing dedicated T&E management software: Leveraging specialized software solutions tailored for T&E management can automate key tasks such as expense capture, data entry, and reconciliation, reducing manual effort and improving accuracy.
Integrating corporate credit card data with expense reports: Integrating corporate credit card data directly into expense reports streamlines the reconciliation process and provides real-time visibility into T&E spending, enabling better decision-making and policy enforcement.
Establishing standardized expense reporting templates: Standardizing expense reporting templates ensures consistency and simplifies the submission process for employees, facilitating faster approval and reimbursement cycles.
Automating policy compliance checks and approvals: Automated policy compliance checks help enforce corporate travel policies by flagging non-compliant expenses and routing them for review, ensuring adherence to company guidelines and regulatory requirements.
Enabling mobile expense reporting and receipt capture: Mobile expense reporting applications allow employees to submit expenses on-the-go, capturing receipts digitally and expediting the reimbursement process, while also improving employee satisfaction and compliance.

Benefits of Streamlining T&E Processes

By streamlining T&E processes through automation and strategic tactics, organizations can realize a host of benefits:

Reduced manual effort and data entry errors: Automation reduces the need for manual intervention, minimizing errors and freeing up valuable time for AP teams to focus on higher-value tasks.
Improved policy enforcement and compliance: Automated policy checks ensure that expenses are in line with corporate guidelines, reducing the risk of non-compliance and mitigating potential financial and regulatory risks.
Faster reimbursement cycles and increased employee satisfaction: Streamlined processes result in faster approval and reimbursement cycles, improving employee satisfaction and morale while fostering stronger vendor relationships.
Enhanced visibility and control over T&E spending: Automation provides real-time visibility into T&E spending, enabling better decision-making, cost control, and strategic planning.

Best Practices for T&E Automation Implementation

Implementing T&E automation requires careful planning and execution. Some best practices to ensure success are the following:

Assess current T&E processes and identify pain points: Conduct a thorough assessment of existing processes to identify inefficiencies and areas for improvement.
Evaluate and select the right T&E automation tools: Research and evaluate T&E automation solutions that align with your organization's needs and goals, considering factors such as functionality, scalability, and integration capabilities.
Engage key stakeholders and ensure smooth adoption: Involve key stakeholders from across the organization, including finance, HR, and IT departments, to ensure buy-in and collaboration throughout the implementation process.
Provide comprehensive training and support for end-users: Offer training and support to end-users to ensure they are comfortable with the new system and understand how to use it effectively, fostering adoption and maximizing ROI.

In conclusion, streamlining travel and expense reimbursement processes is essential for enhancing efficiency and competitiveness in today’s business environment.

By leveraging specialized tools and implementing strategic tactics, organizations can reduce manual effort, improve policy enforcement, and increase visibility and control over T&E spending.

Embracing T&E automation not only streamlines processes but also enhances employee satisfaction, strengthens vendor relationships, and drives overall business success.

Ready to streamline your T&E processes and unlock the benefits of automation? Explore Mosaic’s T&E automation solutions

Future-Proofing Education: Digital Transformation Strategies for Educational Institutions

January 22, 2024/in AP Automation /by Mosaic Corporation

The modern world evolves swiftly, pushing industries to adapt or risk obsolescence. For educational institutions, thriving in today’s digital era requires more than bolting on slick edtech tools. Competing and educating students now demands comprehensive operational and cultural overhaul. By approaching digital transformation strategically, schools and universities can elevate institutional strength, educate in innovative ways, and empower students for career success.

Strategy is integral, requiring meticulous alignment of technological capabilities, staff readiness, and pedagogical goals. With a thoughtful roadmap guided by experienced partners, institutions can traverse the complexities of enterprise-wide change to gain long-term competitive edge and stability.

Digital transformation reimagines how educational organizations leverage technology to function productively and deliver value – from streamlining workflows to enabling immersive online instruction models.

Navigating 21st Century Pressures

Educational institutions face multiplying pressures in today’s high-tech environment. Students expect mobile accessibility, virtual collaboration, and digitally-enhanced learning. Workforces demand training for an evolving jobs landscape where artificial intelligence and automation reshape roles. Administrators struggle managing fragmented data, security vulnerabilities from aging infrastructure, and budget limitations.

Without adapting, schools and universities fail building the robust digital capabilities and operational resilience this era necessitates. Siloed legacy processes handicap visibility into institution-wide datasets required for strategic decisions, graduates lack fluency in emerging digital competencies sought by employers. Without transformation, attracting top-tier students and faculty becomes an uphill battle.

Survival of the Digitally Fit

Though disruption unsettles traditionally stable education, the analysis is straightforward – digitally maturing institutions will lead the future while technology laggards languish.

Governments and accreditors pressure colleges towards heightened digital literacy standards. Employers increasingly weigh candidates’ mastery of digital skills as much as academic credentials. Students opt for universities representing coveted future-forward brands.

Transitioning core model and systems to enable remarkable learner and researcher experiences grows urgent and requires thorough rebooting of:

Technological Foundations

Modernizing cybersecurity, fortifying data infrastructure, migrating software assets to the cloud

Teaching & Training Capacity

Expanding faculty digital fluency, personalized online instruction, work-aligned microcredentials

Student Experience

Fostering digital citizenship and competencies, digitally-enhanced pedagogy and interactions

Operational Optimization

Unifying siloed data estates, automating manual processes for efficiency, boosting decision making with analytics

Charting Your Transformation Voyage

Executing successful large-scale change without the proper roadmap wastes resources. Every institution’s needs and priorities differ. Mapping transformation pathways demands factoring unique legacy constraints, appetites for innovation, budgets, and strategic goals. Defining these foundations shapes technology selections, staff readiness plans, pedagogical vision, and optimal sequences for rolling out initiatives.

Mosaic helps craft comprehensive digital transformation blueprints aligned to each institution’s aspirations. With expertise across education and technology realms, we objectively assess current states and design precise navigational charts towards target conditions. Core to our strategizing is facilitating collaborative idea exchanges to unify diverse stakeholder voices including leadership, faculty, IT administrators, and students. Our actionable strategies feature success metrics and detailed execution guidance while allowing flexibility to shifting needs.

Strategic Focus Areas

While each institution’s digital transformation path differs, most master plans focus on optimizing a few key areas:

Unifying Data Platforms

Transition siloed datasets into unified data platforms like Mosaic’s solution, offering actionable visibility through easy-to-interpret analytical dashboards to inform decisions on resource allocation, goal progress, and bottlenecks.

Administrative Efficiency

Implement paperless workflows to centralize documents digitally for instant access without physical searches. Automate manual processes like admissions to accelerate cycle times.

Teaching & Learning Innovation

Expand digital pedagogy specializations across faculty. Enable technology environments supporting personalized instruction, group collaboration, VR/AR, and online lesson dissemination scalable to thousands of remote learners simultaneously.

Learner & Career Success

Develop digital competency curriculum and project-based assessments preparing graduates to navigate the high-tech workforce. Expand short-term skills training through online academies. Offer badges validating in-demand proficiencies mastered.

While each institution’s digital transformation path differs, most master plans focus on optimizing a few key areas: Unifying Data Platforms, Administrative Efficiency, Teaching & Learning Innovation, and Learner & Career Success.

Digitally Transforming Campus-Wide for the Modern Education Era

Manual paper-based processes and disjointed analog data systems strain the responsiveness, productivity and budgets of educational institutions seeking to deliver modernized service experiences. By pursuing comprehensive digital transformation initiatives guided by partners like Epicor, universities and schools can:

Optimize Operations Performance

Enhance Academic Innovation & Excellence

Elevate Community Engagement

Transitioning fully into the digital realm through intuitive campus-wide platforms, institutions can sustainably stretch limited available resources to responsively shape progressive educational models unhindered by former outdated systems. Unified automation is what powers heightened institutional outcomes in the modern era. By taking transformation in a careful stride, schools position learning, research and community prosperity for long-term gains.

Are You Future-Ready?

The modern higher education landscape promises exponential complexity. Budget constraints. Disruptive models like credentialing platforms. Artificial intelligence reshaping university operations. Fierce competition for students globally. The time is now for colleges and universities to take courageous first steps towards digital maturity and future stability.

Mosaic helps construct the bridge – from overwhelmed by the avalanche of technologies to harnessing digital capabilities strategically with transformation roadmaps custom-tailored to your institutional goals. Contact us today to schedule an executive consultation and glimpse the future. A future where your school leads competitors through optimized productivity, pioneering pedagogy, and graduates securing high-caliber careers.

The digital era prompts your institution to answer transformation’s call. We’re ready when you are. Get in touch today

The Paper Chase is Over: Adopting Paperless Workflow in Senior Care Facilities

January 22, 2024/in AP Automation /by Mosaic Corporation

The sight is all too familiar – folders stuffed with forms, records cascading over file cabinets, staff scrambling to locate misplaced paperwork.

For senior care facilities, a dependency on paper processes fuels inefficiency and clutter while hampering care providers’ valuable time with residents. But by embracing paperless workflows, facilities can transform their operations for the better.

The reasons for pursuing paperless systems are compelling. Consider that the average employee spends over 5 hours per week searching for physical files. Or that paper records mismanagement contributes to an estimated 1 in 5 healthcare claims being initially denied.

Going paperless reduces these issues and more by standardizing procedures facility-wide. With intuitive software and a human-centered approach, senior care providers can implement paperless workflows for simplified record keeping, more accurate claims submissions, and above all, elevated quality of resident care.

The Downsides of Paper in Senior Care

Paper dependency severely hampers productivity in senior care facilities. Administering medication, updating health records, tracking ADLs (Activities of Daily Living) - virtually every aspect of caregiving relies on unwieldy paper processes. This paperwork burden contributes to nurse burnout as providers struggle to balance documentation duties with actual resident care. Meanwhile, decades worth of charts and files overrun facility storage rooms.

Environmental Impact

Paper-based workflows also come at a cost to the planet. Healthcare is among the most paper-intensive industries, utilizing an estimated 952 trillion sheets per year. The reams of printed forms, packets, and flyers generated daily in care facilities contribute to significant carbon emissions from paper production. Transitioning to paperless systems is a tangible way for senior care providers to lessen environmental impact.

Less Time at the Desk, More Time at the Bedside

Incorporating paperless workflows allows caregivers to devote more attention to what matters most – nurturing connections with residents. With intuitive record-keeping technology, updating files and scheduling care takes just minutes rather than hours spent rummaging through filing cabinets. Going paperless equips staff with on-demand mobile access to accurate health records so they can instantly review patient information at point of care. The resultant workflow improvements directly enhance resident quality of life with staff better able to focus on compassionate, individualized care.

Embracing The Digital Transformation

Transitioning fully to paperless workflows does not happen overnight. Migrating legacy paper documents into electronic systems, training staff to utilize new technology, transferring organizational knowledge – these phases require thoughtful change management. However, facilities that invest effort into structured digital transformation reap immense rewards in resident care and staff satisfaction.

Simplified Documentation

Well-planned electronic documentation systems save caregivers time charting shift notes, updating care plans, and scheduling ADLs. Intuitive design empowers even non-technical users to master platforms quickly. Equally important are smart built-in validations which ensure documentation accuracy at time of input – a crucial advantage over error-prone handwritten charting.

Secure Centralized Records

Thorough EHR (Electronic Health Records) remove anxiety over misplaced resident charts or illegible scribbles. Cloud-based records integrate the entire care spectrum into one holistic profile – physician notes, medication/treatment plans, images, progress reports, and more. Platform security protections prevent vulnerable health data breaches while role-based access allows staff view precision.

Automated Reminders & Alerts

Paperless systems eliminate missed treatments or uneven care through automated reminders about upcoming physician appointments, when to administer medications, or steps in a care plan. Platform analytics track ADLs, flag potentially harmful trends like sudden weight loss, and identify individuals not receiving adequate attention. These insights direct staff to address issues proactively.

Accelerated Claims Processing

Without accurate paperwork, facilities experience denied or stalled insurance claims that impact revenue. Paperless software validates forms at time of completion and equips users with templates for error-free filing. By submitting digitized records, staff bypass physical document mailing delays. The result - correctly filed claims processed rapidly.

Partnering For Paperless Success

Transitioning workflows without the proper solutions and support in place sets up initiatives to struggle. Mosaic helps guide facilities seeking the benefits of paperless through every phase – from building the project roadmap to system launch and beyond. Our comprehensive solutions allow care providers to improve resident quality of care, achieve operational excellence, and elevate staff satisfaction.

Intuitive Senior Care Software

Mosaic designs senior care tools intentionally user-friendly so that personnel use the system seamlessly as part of their workflow. Solutions integrate the entire care process into a single intuitive program – documenting progress notes, ADLs, building care plans, scheduling visits, tracking census and billing details. The software’s clinical validations and automation free up staff hours previously wasted tracking down records or fighting insurance claim denials.

Ongoing Training & Support

Even intuitive software meets adoption challenges without the right training model. Mosaic’s onboarding emphasizes role-based education so that staff utilize the precise system functionality pertaining to their responsibilities - from caregivers inputting progress notes to billing personnel submitting claims. We reinforce learning with onsite mentoring and helpdesk access.

The Human Touch

What sets Mosaic’s approach apart is understanding paperless implementation affects people equally to processes. We practice empathetic change management because altering workplace tools unavoidably impacts staff who relied on legacy workflows for years. Our integration teams solicit user feedback, involve personnel at every stage, and convey how digital transformation stands to make individual jobs more satisfying and allow for greater resident care quality.

Well-planned electronic documentation systems save caregivers time charting shift notes, updating care plans, and scheduling ADLs. Intuitive design empowers even non-technical users to master platforms quickly.

The Proof is in the Results

Wellmont Health System Eliminates Dozens of Filing Cabinets

Wellmont Health System As a premier regional healthcare provider operating 13 hospitals, Wellmont struggled managing vital records, contracts and accounting documents buried within overstuffed physical cabinets. Each hospital and back-office team relied on disjointed paperwork workflows, compromising productivity and decision visibility.

By switching to Epicor’s cloud document management platform, Wellmont now accesses digital records enterprise-wide for streamlined coordination. Contract analysts route agreement files to proper departments with supporting data automating renewals tracking. Accounting gained workflow efficiencies while opening up space to add staff previously wasted on search requests.

Wellmont’s paperless transition delivered measurable improvements across the enterprise

Streamlined Documentation Workflows
1000+ check payments and supporting documents scanned weekly
Instant digital accessibility accelerated procedures
Saved Physical Office Space
Eliminated all file cabinets cluttering accounts payable department
Gained room to add another much-needed full-time employee
Enterprise-Wide Productivity Gains
Automated contract routing and renewals tracking
Efficiency jumping across back-office teams like accounting

Wellmont’s extraordinary bottom-line savings and efficiency outcomes spotlight that with the right paperless solution and expert implementation guidance, organizations in any sector can revolutionize engrained processes deemed impossible to overhaul.

Act Now for Quicker Care

Mosaic supports senior living operations in making the leap towards a rewarding paperless future with faster workflows, simplified recordkeeping, and residents receiving better one-on-one care.

Our solutions promote holistic insight so that staff detect heightened falls risks, mental health declines, or inadequate social engagement before situations escalate while avoiding unnecessary hospital transfers. Contact us today for a customized consultation and to learn how to access significant state and federal funding for digital migration programs.

Discover firsthand how Mosaic’s paperless solutions stand ready to revolutionize your facility’s care capacities starting on day one of deployment. The future of senior living is here – and it’s paperless.

The Impact of AP Automation on Dental Practices

December 22, 2023/in AP Automation /by Mosaic Corporation

In today’s fast-paced world, dental practices are not exempt from the need for increased efficiency and effectiveness. Transitioning to paperless operations is no longer just an environmental gesture; it’s a strategic move that streamlines dental practices, significantly reducing administrative workload, minimizing errors, and enhancing service delivery. This transformation, essential for modern multi-location dental organizations, integrates seamlessly with existing systems, setting the stage for unprecedented efficiency and growth.

Overview of Traditional AP Challenges in Fast-Growing Dental Practices

The world of dental practices has seen a surge in growth and expansion, especially in multi-location setups. However, this growth often comes with its fair share of challenges, particularly in the realm of Accounts Payable (AP) management. Traditional AP processes can become bottlenecks, hindering the growth potential of dental practices. Challenges include:

Manual Processes:

The reliance on manual AP processes is not only time-consuming but also prone to errors. Managing invoices, approvals, and payments manually can overwhelm administrative staff.

Financial Burden:

Traditional AP methods can result in higher operational costs, as they require more human resources and physical storage space for paper documents.

Error Risks:

Manual data entry increases the likelihood of errors, which can have a cascading effect on the practice's financial health and reputation.

The shift to paperless operations is no longer just about the environment; it’s a strategic choice that empowers dental practices to thrive. By reducing administrative burdens, minimizing errors, and enhancing service delivery, this transformation paves the way for unprecedented growth and sets the stage for a new era of efficiency

Introduction of AP Automation and Its Rising Significance

In response to these challenges, the concept of AP automation has emerged as a game-changer in the dental industry. AP automation involves the digitization and streamlining of the entire accounts payable process, from invoice capture to payment authorization. Its significance is on the rise due to several compelling reasons:

The High Cost of Manual AP Processing

Financial, time, and human resource burdens of traditional methods.
Traditional AP processing methods incur substantial financial costs. The need for extensive administrative staff, paper documentation, and manual data entry adds up over time. This financial burden can hinder the practice's ability to invest in critical areas like equipment upgrades and staff development.
The time-consuming nature of manual AP processing also takes its toll. Administrative staff spend hours on tasks that could be streamlined with automation, diverting their attention from more critical responsibilities.
The risks of errors, fraud, and low morale with manual systems.
Manual AP processes are prone to errors, which can range from data entry mistakes to misplacing invoices. These errors not only disrupt the workflow but can also damage the practice's reputation and finances. Additionally, manual systems can be susceptible to fraudulent activities, posing security risks.

Furthermore, constant exposure to tedious manual tasks can lead to low employee morale. The repetitive nature of these tasks can result in burnout and decreased job satisfaction among administrative staff.

Transitioning to Automated Systems

A detailed look at the process and advantages of AP automation (cutting costs, error reduction, etc.).

AP automation offers a comprehensive solution to these challenges. By embracing automation, dental practices can realize significant benefits:

Cost Reduction: AP automation reduces the need for extensive administrative staff and minimizes the cost associated with paper-based processes, such as storage and printing.
Error Reduction: Automation eliminates manual data entry errors, resulting in more accurate financial records and improved compliance.
Efficiency Enhancement: Invoice processing becomes faster and more efficient, reducing payment cycles and improving vendor relationships.
Seamless Integration: AP automation can integrate seamlessly with existing systems, ensuring a smooth transition without disrupting operations.

Mosaic’s Role in Easing the Transition Through Its Services

Mosaic recognizes the unique challenges faced by dental practices and offers tailored AP automation solutions to meet their specific needs. Our expert consultants work closely with dental practices to:

Our goal is not just to implement technology but to empower dental practices to thrive in the digital age.

Beyond Numbers: The Holistic Benefits of AP Automation

While the financial benefits of AP automation are evident, there are additional, often overlooked advantages:

At Mosaic, we’re not just implementing technology; we’re empowering dental practices for the digital age. Our tailored AP automation solutions address unique challenges, offering comprehensive training and support. Beyond financial gains, AP automation unlocks often overlooked holistic benefits.

Impact on employee satisfaction and retention. Automating tedious tasks improves job satisfaction among administrative staff. By relieving them of manual data entry and paperwork, employees can redirect their focus to more engaging and strategic tasks. This, in turn, can boost morale and reduce turnover rates.
Strengthening vendor relationships through efficient payment practices. Efficient AP processes mean that vendors receive payments promptly and accurately. This strengthens vendor relationships, leading to better terms and discounts, ultimately benefiting the practice's bottom line.
Strategic Resource Allocation for Dental Practice Growth and Expansion

With the operational efficiency gained through AP automation, dental practices can strategically allocate resources towards growth and expansion initiatives. This may include investing in advanced dental technology, expanding services, or opening new locations.

Case Study: AP Success Story

Let's take a real-life example of how Mosaic’s AP automation transformed a dental practice:

Success Story: Sparkling Smiles Dental Group

Sparkling Smiles Dental Group, a multi-location dental practice, was grappling with the challenges of manual AP processes as it expanded. Mosaic implemented a customized AP automation solution that streamlined their invoice processing, reduced costs, and improved accuracy. As a result, Sparkling Smiles Dental Group experienced a 40% reduction in AP-related operational costs, faster payment cycles, and enhanced employee satisfaction. This allowed them to focus on providing exceptional dental care and expanding their services to new locations.

The impact of AP automation on dental practices is multifaceted. Beyond the obvious financial benefits, automation improves efficiency, reduces errors, and enhances employee satisfaction. It also provides dental practices with the flexibility and resources needed for growth and expansion.

If you are a dental practice looking to revolutionize your operations, consider embracing AP automation. Contact Mosaic to understand how our tailored solutions can help your practice thrive in the digital age.

Contact Mosaic to understand how AP automation can revolutionize your practice.

Revolutionizing Senior Care: How AP Automation Enhances Financial and Operations Efficiency

December 22, 2023/in AP Automation /by Mosaic Corporation

The financial aspect of senior care facilities often presents unique challenges that can impact both operational stability and the quality of care provided to residents. Fortunately, Accounts Payable (AP) automation stands as a revolutionary force in senior care, dramatically enhancing financial efficiency by speeding up bill payments, reducing operational costs, and allowing caregivers to redirect their focus from tedious paperwork to providing quality care. Implementing these solutions through expert partners like Mosaic ensures a smooth transition to a more efficient and cost-effective operational model.

In the realm of senior care, the pursuit of efficiency and excellence is non-negotiable. The transformative power of AP automation not only accelerates financial processes but liberates caregivers to bestow the gift of quality care, all while safeguarding the stability of senior care facilities.

Senior care facilities play a crucial role in ensuring the well-being of elderly residents, providing them with a comfortable and safe environment. However, managing the financial aspects of senior care can be an intricate and resource-intensive process. In this blog post, we will delve into the traditional challenges faced by senior care facilities in their financial operations and explore how AP automation offers an innovative solution to revolutionize this aspect of senior care management.

The Financial Bottlenecks in Senior Care

In the traditional model of senior care financial management, many challenges persist. Senior care facilities often grapple with slow and cumbersome financial processes. Manual invoice processing, paper-based transactions, and complex approval workflows can lead to delayed payments and administrative bottlenecks. These inefficiencies not only consume valuable time but also drive up operational costs.

Moreover, the reliance on manual data entry and paper-based systems increases the risk of human errors in financial transactions. These errors can have significant consequences, affecting not only the facility’s financial health but also the level of care that residents receive.

The impact of these issues on care quality and operational stability.

The financial challenges faced by senior care facilities can have a direct impact on the quality of care provided to residents. Delays in bill payments can strain relationships with vendors and suppliers, potentially affecting the availability of essential resources.

High operational costs can limit the facility's ability to invest in staff training and resident amenities.

Additionally, the time and resources spent on managing financial processes can divert the attention of caregivers away from their primary responsibility—providing quality care to residents. This misallocation of resources can lead to caregiver burnout and compromised resident satisfaction.

AP Automation to the Rescue

Accounts Payable (AP) automation is a transformative solution that can alleviate the financial bottlenecks faced by senior care facilities. At its core, AP automation involves the digitization of invoice processing and payment workflows. It streamlines and automates the entire accounts payable process, from invoice capture to payment authorization.

With AP automation, senior care facilities can significantly expedite bill payments. Invoices can be processed faster, reducing the risk of late payments and improving relationships with vendors. This speed and efficiency also lead to better cash flow management.

Furthermore, AP automation helps lower operational costs by reducing the need for manual data entry and paper-based transactions. Automation minimizes the risk of human errors, resulting in more accurate financial data and fewer costly mistakes.

The Mosaic Difference

How Mosaic implements AP automation tailored to the needs of senior care facilities.

Mosaic understands that each senior care facility is unique and faces its own set of challenges. This is why we take a personalized approach to AP automation, tailoring our solutions to meet the specific needs of each facility.

Our experts work closely with senior care facilities to assess their existing processes, identify challenges, and develop customized AP automation strategies. We recognize that the transition to automation can be daunting, which is why we provide comprehensive training and support to ensure a smooth and successful implementation.

At Mosaic, we don’t just provide solutions; we craft transformations. We understand the distinctive character of every senior care facility, embracing their unique challenges as opportunities for tailored excellence. Our commitment goes beyond technology; it’s about empowering senior care facilities to thrive with personalized AP automation strategies and unwavering support.

Emphasize the human-centered approach and comprehensive training.

At Mosaic, we prioritize a human-centered approach to AP automation. We understand that the people behind the technology are the key to its success. Our team of experienced consultants works closely with facility staff to ensure they are comfortable with the new processes and technologies.

We offer comprehensive training programs that empower staff to navigate the automated systems confidently. This approach not only enhances the adoption of AP automation but also fosters a positive and collaborative work environment within senior care facilities.

Real-World Impact: Case Studies

Let’s take a look at some real-world examples of senior care facilities that have embraced AP automation with Mosaic’s assistance:

Willow Senior Living

Willow Senior Living, a medium-sized senior care facility, was struggling with slow invoice processing and high operational costs. Mosaic implemented a tailored AP automation solution that streamlined their financial processes. As a result, Willow Senior Living experienced a 30% reduction in operational costs and a 50% decrease in invoice processing time. The facility could redirect resources to improving resident services and staff training, leading to enhanced resident satisfaction.

Serene Senior Haven

Serene Senior Haven, a large senior care facility, faced challenges related to human errors in data entry and compliance issues. Mosaic introduced AP automation, which not only reduced errors but also ensured compliance with regulatory requirements. Serene Senior Haven reported a 25% reduction in data entry errors and a significant improvement in regulatory audit outcomes. This allowed the facility to allocate resources to staff development and facility upgrades.

Closing Thoughts

The implementation of Accounts Payable (AP) automation has the potential to revolutionize financial efficiency in senior care facilities. By addressing common challenges such as slow processes, high costs, and human errors, AP automation empowers senior care facilities to redirect their focus toward providing quality care to residents.

Mosaic, with its human-centered approach and tailored solutions, plays a pivotal role in facilitating this transformation. Our success stories from senior care facilities demonstrate the tangible benefits of AP automation, including cost reduction, improved accuracy, and enhanced operational efficiency.

If you are a senior care facility looking to enhance your financial operations and provide better care to your residents, we invite you to contact Mosaic for a consultation. Our team of experts is ready to work closely with you to develop customized AP automation strategies that align with your goals and needs. Embrace the future of senior care with Mosaic and experience the transformative power of AP automation.

Contact Mosaic for a consultation on tailored AP automation solutions

Moving Beyond Email: The Case for Paperless Office Communications

August 10, 2023/in AP Automation /by Mosaic Corporation

In the modern workplace, having effective internal communications is essential. Whether you’re in HR, AP, or just trying to run your office smoothly – keeping everyone on the same page digitally can help streamline operations and encourage productivity. But when it comes to emails, there’s often a struggle to manage information overload with countless back-and-forth conversations between team members.

Transitioning from email-dominated to paperless, platform-driven internal communication can significantly improve information flow, boost team collaboration, and increase overall business productivity. By embracing digital transformation and automation techniques offered by Mosaic, you can move beyond email and incorporate automated paperless solutions for streamlined internal communication processes in your organization.

Read on to learn more about why paperless office communication makes sense for organizations of any size!

Understanding Internal Communications in the Age of Email

Emails have become a ubiquitous part of work culture, serving as a go-to tool for most organizations’ internal communication systems. They offer a convenient way for employees to exchange information and collaborate with colleagues inside the organization. Yet, the digital world has evolved significantly in recent years, prompting us to explore alternative modes of communication.

Emails tend to get buried in an already jam-packed inbox, leading to a decline in their effectiveness. Everyone can relate to a cluttered inbox, filled with spam and irrelevant information.

Plus, emails are often misinterpreted and slow to respond. They can also be difficult to track, leading to conversations getting lost or responses going unanswered. In this age of innovation and automation, it is crucial to re-evaluate traditional communication systems and seek to integrate more effective methods.

The Shift Toward Paperless Internal Communications

As technology advances, businesses are realizing the benefits of transitioning from traditional, paper-based communication methods to digital alternatives. Paperless internal communication refers to the use of digital tools and platforms for sharing information, ideas, and updates within a company.

This shift is gaining momentum as it offers numerous advantages, including increased efficiency, reduced costs, and enhanced collaboration. Furthermore, paperless office communication minimizes the carbon footprint and improves sustainability efforts. With email being the most dominant form of internal communication, going paperless is a logical and necessary evolution. As more businesses recognize the value of a paperless workplace, it’s predicted that this trend will become even more widespread in the future.

The Benefits of Paperless Internal Communications

In today’s fast-paced business environment, time is of the essence. That’s why paperless internal communication can offer numerous benefits to companies looking to optimize their operations.

By eliminating the time-consuming process of printing, distributing, and filing paper documents, digital platforms allow for faster, more efficient communication with digital documents, electronic signatures, real-time responses, and more.

With shared digital platforms, teams can collaborate on projects and ideas from anywhere, ensuring that everyone is on the same page. This leads to improved employee productivity, as seamless communication translates into more efficient work processes.

Last but not least, paperless office communication can help reduce miscommunication. By using well-organized platforms to share information, companies can minimize potential misunderstandings and unread emails, leading to better overall performance. With these many benefits of paperless communication, it’s clear why it’s become an essential tool for modern businesses.

Learn more about How Digital Workflows Simplify Compliance Audits

Exploring Paperless Internal Communication Tools

Paperless office communication is not just a trend but a necessity. With the rise of remote work, it has become crucial for organizations to rely on digital technologies to maintain efficient communication channels within their teams. Let’s review some of the most popular digital communication tools today:

Slack

Slack is a cloud-based communication platform that allows users to communicate with colleagues either publicly or via direct messaging. It integrates with most business apps and has features such as digital file sharing, group chat, video conferencing, and more.

Trello

Trello is a project management tool designed for collaboration between multiple teams in an organization. It offers an easy-to-use platform for users to assign tasks, set deadlines, and share progress on projects or initiatives.

Microsoft Teams

Microsoft Teams is a cloud-based collaboration tool that allows teams from any organization to work together in one secure space. With features such as video conferencing, file sharing, task management, and more. It makes it easy for teams to stay organized and connected.

Google Workspace

Google Workspace (formerly known as G Suite) is a suite of cloud-based productivity tools. With features such as word processing, electronic documents, digital spreadsheets, smart storage, and slideshows, users can collaborate with colleagues on projects from anywhere. It also includes messaging services for easy communication between teams.

Epicor ECM

Epicor ECM is a cloud-based document management system designed to streamline paperless communication. This robust and modern document management software sets itself apart by offering features such as secure file sharing, automated workflows, and paperless document tracking to increase productivity and collaboration.

Taking the Next Step: Integrating Paperless Office Communication

Making the transition to a paperless internal communication system is an important step for any organization. By eliminating the need for printed documents, you can save time, and money, and promote an eco-friendly office environment.

The first step is to identify your organization’s needs and goals. Ask yourself, what kind of information do you need to share and what are the most efficient ways to communicate that information?

Next, select a reliable and user-friendly platform that suits your needs. There are many options available, from cloud-based programs to mobile apps. Once you have selected a platform, it’s important to gain buy-in from all members of your organization. Provide training and support to help staff adjust to the new system.

Finally, make sure to continuously monitor and evaluate the effectiveness of your new communication strategy to ensure that it is meeting your organization’s needs. With careful planning and implementation, transitioning to a paperless internal communication system can have a positive impact on your organization.

Read more: Steps To Creating a Paperless Office.

Our team at Mosaic is known as The Paperless Guys for a reason: we help our clients make the shift to a paper-free office. We provide digital transformation consulting to ensure that your business team is equipped with the knowledge and tools they need for a seamless transition.

Contact us today to start your journey toward a more efficient, cost-effective, and sustainable future!

The Role of AI in Convenience Store Maintenance

June 29, 2023/in AP Automation /by Mosaic Corporation

Convenience stores are a cornerstone of modern life, providing us with quick access to essential items when we need them. But convenience stores face multiple challenges in order to keep their shelves stocked, their doors open, and customers happy – and luckily for them, artificial intelligence (AI) is up to the convenience store challenge!

AI-enabled technology can help convenience store owners create personalized experiences for shoppers while also automating routine maintenance tasks like restocking inventory and cleaning display cases. In this blog post, we’ll explore how utilizing AI in convenience store operations can boost efficiency and customer satisfaction.

The Current State of Convenience Store Maintenance

Convenience stores play an essential role in our daily lives, providing us with quick access to basic necessities. However, the maintenance and repair of these stores are crucial for their smooth functioning. The traditional maintenance process involved manual work, and it posed several drawbacks. The process used to be time-consuming and labor-intensive, posing many real challenges including slow response times, high costs, and a lack of integration between different systems. The maintenance workers had to schedule appointments manually, keep track of purchases, and communicate with the management. Handling all these tasks manually was not just inefficient but also prone to errors.

However, with new digital technologies, there has been a significant shift in these processes.

Businesses are now leveraging innovative maintenance management systems that can help streamline operations and reduce maintenance costs dramatically.

Companies like Mosaic are leading the way in revolutionizing maintenance processes through the use of advanced technologies. Our suite of services integrates seamlessly with existing platforms, streamlining everything from workflow automation to service maintenance.

The benefits of AI-driven maintenance cannot be overstated, from cost reduction to increased efficiency. For any convenience store looking to stay ahead of the curve, partnering with a provider like Mosaic is an excellent way to ensure success in the industry.

Read more: What is Digital Transformation?

The Power of AI in Streamlining Maintenance

Artificial intelligence (AI) has revolutionized the field of maintenance, streamlining various processes and enabling smooth operations. With its advanced capabilities in process automation, AI has the potential to significantly reduce maintenance costs while improving efficiency. Convenience stores, in particular, stand to benefit from the numerous applications of AI in their maintenance operations.

Applegreen utilized Epicor ECM AP Automation to reduce the number of accounts payable staff by 50% - read more.

These real-life examples demonstrate the immense power of AI in streamlining maintenance and ensuring that businesses can run smoothly, efficiently, and cost-effectively.

Paperless Workflow Automation: The First Step to AI-Driven Maintenance

In today’s fast-paced world, time is of the essence, especially when it comes to managing your business. That’s why Mosaic is offering paperless workflow automation that can transform your maintenance operations. By implementing this innovative solution, you can streamline your business processes and ensure efficient communication among your team members.

Say goodbye to manual data entry and endless paperwork, which can be prone to errors and delays!

Our platform integrates seamlessly with PDI ERP and other enterprise resource planning (ERP) systems, which means greater visibility and control over your maintenance activities.

Now is the time to take the first step towards AI-driven maintenance by embracing paperless workflow automation. Your business will thank you for it!

Moving to Service Maintenance Automation: The Next Step

By utilizing software like Mosaic and integrating it with service management software such as ServiceNow, businesses can streamline the maintenance request process. With automation in place, purchase orders and approvals are processed seamlessly, allowing for maximum efficiency and minimal errors. These changes not only speed up the maintenance process but also lead to quicker issue resolution. Moving towards service maintenance automation is the next logical step for any convenience store looking to improve its maintenance process.

The Benefits of AI and Automation Technology in Convenience Store Maintenance

Technology has been advancing at an unprecedented pace, particularly in the field of Artificial Intelligence (AI) and Automation. Convenience store maintenance represents a significant area that has benefited from the utilization of these technologies. The primary benefits include cost reduction, quicker processes, and increased efficiency.

Implementing AI and automation in convenience store maintenance has proven to be a game changer, enabling organizations to better manage their maintenance budgets, quickly attend to issues, and minimize downtime.

Mosaic, a leading provider of AI and automation solutions, has been at the forefront of confronting the biggest challenges for convenience retailers, leveraging cutting-edge technology to provide reliable, efficient, and cost-effective solutions to their clients.

Overall, it is clear that the benefits of AI and automation in the convenience store maintenance industry will continue to see further improvements, making it a key technology in any business strategy moving forward.

Ultimately, embracing the technological advancements offered by Mosaic will revolutionize convenience store maintenance and create mutually beneficial partnerships that are beneficial for businesses, customers, and ultimately our planet.

Ready to bring the power of AI to your convenience store business? Contact Us today to start facing your retail challenges today!

Revolutionizing Accounts Payable: Unleashing Efficiency with AP Automation

June 28, 2023/in AP Automation /by Mosaic Corporation

Is your accounts payable process a maze of complexities and stumbling blocks? It’s time for a paradigm shift with AP automation. This digital overhaul streamlines approvals, and payments, enabling businesses to experience a smoother, more accurate, and cost-effective approach to managing accounts payable. This is your chance to nip those potential errors in the bud before they cascade into full-blown issues.

This write-up walks you through the essential features and advantages of this disruptive accounting solution. Get ready to explore how this state-of-the-art technology can breathe new life into your business and elevate your financial management to unprecedented levels!

We’ll take a deep dive into:

The Nitty-Gritty of AP Automation
Why Companies Are Embracing AP Automation
Crucial KPIs to Track When Adopting AP Automation Software
Key Attributes to Seek in Accounts Payable Automation Software
Three Must-Remember Insights
Diving Into AP Automation

What does AP Automation entail?

At its core, AP automation (also known as AP invoice automation) employs software to optimize, manage, and automate your accounts payable process.

Conventional accounts payable operations can be slow and prone to errors, but AP automation turns this on its head, ushering in speed and accuracy. The system adroitly handles monotonous manual tasks, such as data entry for invoices, matching, and processing paper documents. This liberates your team to concentrate on strategic tasks that add more value to your operations.

With AP automation, human intervention in accounts payable invoice processing is either negligible or non-existent. The entire workflow for accounts payable is digitally managed, providing a unified, paperless source of truth for the AP process, granting you a panoramic view of accounts payable.

AP automation showcases some key features:

Invoice Automation: Transform paper invoices into digital form for straightforward storage, retrieval, AP processing, and analysis.
Digital Matching: Automate the matching of invoices to purchase orders and delivery receipts.
Approval Workflows: Establish rules to control the approval process with zero human input, or automate the approval process by guiding documents to the correct person for single-click approval.
Payment Processing: Integrate various payment methods and systems for quicker payment, offering customers more options and control.
Reporting: Supervise activities related to accounts payable in real-time via an intuitive dashboard, utilizing this information to make swift, informed decisions.
Fraud Detection: Utilize artificial intelligence and machine learning to detect patterns and irregularities that might suggest fraudulent activity.

The Rationale for AP Automation

No more towering piles of invoices, missing files, or chasing payment approvals; the benefits of AP automation are clear. Optimum AP automation software ensures round-the-clock access from any device, making the process as convenient as it is efficient.

Here are the key advantages of AP automation:

Superior Efficiency: By eliminating manual tasks, AP automation boosts the speed of invoice processing and enhances efficiency.
Improved Accuracy: Automation lessens the risk of human errors that can strain relationships and damage your reputation.
Greater Visibility: Digitizing the accounts payable process grants easier access to data for deeper analysis and continuous improvement.
Cost Savings: AP automation reduces labor costs and increases accuracy, avoiding penalties and unnecessary fees.
Stellar Customer Experience: AP automation makes your business nimble and responsive, resulting in improved customer experiences and stronger partnerships. Scalability: AP automation enables you to adapt to varying workload demands without overwhelming your staff.
Enhanced Security: AP automation leverages encryption technology and secure digital repositories to protect your information.
Compliance Management: Automated systems ensure compliance with internal standards and regulatory requirements.

Crucial KPIs for AP Automation Software Implementation.

All the above sound promising, but could this just be another technology that promises much but delivers little?

The starting point in any software implementation strategy is defining SMART goals and measuring results. Here are a few critical metrics businesses tend to monitor:

Average Cost of Invoice:

According to the Institute of Finance and Management (IOFM), the average cost to process a fully-loaded invoice can be as high as $21. This cost is influenced by numerous factors, including company size, industry, location, and product selection. The degree of automation in the accounts payable process, however, is perhaps the most influential factor. With DocStar ECM AP Automation, this cost can be reduced to under $3.

Average Invoices Per Full-Time Employee:

The average number of invoices processed by a full-time employee can vary due to factors such as the individual's skill, experience, and training, and the company size, internal policies, procedures, and workload distribution. However, accounts payable automation can significantly influence this metric, potentially tripling the average capacity for processing invoices from around 4800 to approximately 1400.

Average Invoice Cycle Time:

This is the time taken to process an invoice from receipt to payment. The average is slightly over 17 days. AP automation can reduce this to just under 4 days by simplifying procedures, spotting errors, and resolving disputes quickly. Faster cycle times improve cash flow management, increase early payment discounts, and lead to stronger customer relationships.

Essential Features in Accounts Payable Software

With a multitude of accounts payable solutions in the market, it’s crucial to establish well-defined criteria for selecting the perfect fit. You don’t want to overspend on features you won’t use, but there are some you simply can’t do without. If the following must-haves are missing, keep searching!

User-Friendly: Despite being a basic requirement, it's astonishing how often companies get distracted by flashy features and neglect usability. During your product demo, focus on the ease of implementation and the day-to-day functionality for various user groups. If the system is overly complex, it might hamper user adoption.
Intelligent Data Capture: This feature uses machine learning and OCR (Optical Character Recognition) technology to extract data from scanned paper documents, emails, images, and other sources. It converts unstructured data (commonly found in paper invoices) into structured data for easy analysis by humans and computers.
Efficient Search and Retrieve: Employees often waste valuable time searching through filing cabinets and stacks of paperwork for essential documents. AP software streamlines this process by ensuring quick, easy access to vital information, empowering the right individuals to retrieve the correct documents when they're most needed. This access boosts employee productivity, allowing them to focus on more valuable tasks.
Reporting and Intuitive Dashboards: AP automation should not only increase access to invoices and related data but also their utility. Data should be displayed in a clear, user-friendly format, allowing users to derive actionable insights that guide decision-making and strategic planning.
Integrations: For complete automation and optimization of AP workflow, your AP automation solution should smoothly integrate with other back-office systems, such as accounting, HR, and ERP. Seamless integration ensures synchronization across all systems, enabling every team to access consistent and current information, fostering improved collaboration and communication.

Three Key Takeaways

AP automation revolutionizes accounts payable by increasing efficiency and accuracy while reducing costs, leveraging advanced features like digital invoicing and fraud detection.
The implementation of AP and invoice processing automation offers numerous benefits such as streamlined operations, improved data visibility, enhanced security, leading to a better customer experience and easier scalability.
Focus on user-friendly AP automation solutions that offer intelligent data capture, efficient search functions, insightful reporting, and seamless integration with existing systems.

Discover the comprehensive capabilities of accounts payable automation software, from education to implementation, with Mosaic. We provide tools that empower your AP team to work smarter. Take a tour and get in touch with Mosaic to learn more.