Top 4 Benefits of Accounts Payable Automation
Accounts Payable invoice processing is a mission-critical part of an organization’s daily financial operations, but it is also a non-core function that can require significant investments in people. In addition to being costly, AP invoice processing and approval related tasks are incredibly time-consuming.
Accounts Payable Automation helps to improve performance and allows your company to streamline operations while reducing costs. Below we highlight the Top 4 benefits of AP Automation:
1. Save Up to 75% of your AP Invoice Processing Costs
Octacom’s AP Automation services and software eliminates manual data entry requirements and drastically reduces labour costs in invoice processing, exceptions management and approval workflow management.
Further, invoice processing accuracy increases to over 99.9%, reducing costly errors.
2. Improve Visibility into Invoice Processing
Lack of visibility into the status of invoices in processing and approval often creates confusion and more work when a vendor is looking for a status update on the processing of an invoice. Further, invoices often get lost in stacks of paper and emails, thereby not getting appropriate processed.
With Octacom’s AP Automation solution, all invoices are processed by Octacom and non-PO invoices enter our OdissTM software to be routed for approval.
AP has full visibility into the status of each invoice and a full audit trail of actions and approvals.
Want to take it a step further? Inquire about our OdissTM Vendor Portal, where vendors can submit invoices, view status and associated payment details.
3. Eliminate the Need for Capital Expenditures
Outsourcing and automating AP invoice processing puts the onus on us to invest in our technology and efficiency and allows our clients to take advantage of best-in-class technology.
OdissTM is cloud-based, SSO-compatible, and cost-effectively deployed. All our clients pay is a fixed per invoice fee, eliminating the risk of cost overruns, seasonality, cyclicality and staff resource management.
4. Transform AP into the Strategic Center of Excellence it should be
AP teams have the ability to significantly enhance a business’ financial operations, but often times 5, 10, 15 or more AP team members are tasked with processing invoices and their managers assist them in working through processing and exceptions-related matters.
Leveraging Octacom’s s AP Automation services and software, your AP team can get strategic and analytical, focusing on optimizing spend management, vendor management and organizational process improvement.
Octacom is a SOC 2, Type II Audited enterprise software and services company focused on document and data automation solutions, including automated data capture. Founded in 1976, Octacom specializes in accounts payable automation and automated invoice processing, among other digital / automated business process outsourcing services.
If your organization is looking to learn more about our solutions and services, please contact us and we would be glad to help.
