Accounts Payable is often a neglected back-office process, seen as a necessary part of your organisation – but not optimised to actually improve efficiency. In many cases, the manual and paper-based nature of payments and invoice management processes can even be a costly bottleneck, causing delays and errors.
So how do you change things around and make your AP processes improve your business performance? With Accounts Payable Automation (AP Automation), you can transform your processes and gain efficiency, compliance and real insights to your entire operation.
Increased Processing Speed and Reduced Processing Costs
Embrace Financial Process Automation using our platforms Kofax and OnBase , and Docuware to allow you to capture mailed, emailed and electronic invoices automatically as soon as they are received. This will minimise data entry delays using intelligent automatic recognition and therefore reduce data entry costs.
Using the latest 6th generation technology we are automating departments for the first time or replacing their out-of-date first to fifth-generation capture tools.
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What are the benefits of Accounts Payable Automation?
Have you tried invoice processing automation without success?
Ten years after Accounts payable automation became a viable solution for businesses to improve their processes with, there still exists two major problems and depending upon which you face the same answer could solve both.
Firstly, many teams looked at early technology based on OCR (Optical Character Recognition) and rejected it as unsuitable to solve their issues. These firms still struggle on with manual invoice processes and key every document into their ERP by hand. This task is boring, repetitive, error prone, and costly. It takes too long to realise the true state of commitments or accruals and leads to demotivated staff, too much cost, and poor supplier relations.
Secondly, many firms accepted that early technology wasn’t perfect but preferred it to staying with all the issues of manual invoice processing. However, any company struggling with outdated technology using 1st to 5th generation solutions will be at a serious disadvantage to their peers who have adopted the technology recently. Imagine what a phone or camera looked like ten or even five years ago and you quickly realise that unless you are investing in the technology that processes your invoices, it too will be out of date and costing your company time and money. Most firms update their AP automation system every 18 months to 3 years, speak to Twofold to find out if yours can be improved. Speak to Twofold about what Financial Process Automation software can do for your business to increase efficiency and reduce errors.
A world class platform, from a world class provider
For over ten years, Twofold, have been automating accounts payable departments to deliver leading levels of efficiency and control. The platforms we use, Kofax Accounts Payable solutions and OnBase, are world class and used by tens of thousands of organisations, and depending upon the solution could be either or a combination of both. Our team has years of experience in deploying the technology for accounts payable teams in both domestic, pan European or global shared service centres.
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