When it comes to accounts payable (AP), most organizations receive invoices from a number of digital channels (mail, fax, email, electronic data interchange - EDI, etc.), but the overwhelming majority of them are paper documents.
Though invoices may be received in various forms, a typical accounts payable process usually remains the same, following a series of steps: capture the invoice, manually key in the data, code the invoice against purchase orders or general ledger (GL) accounts, route for approval, and issue payments.
Since you and your users are only human – humans that are wrestling manual processes and shouldering an unrelenting workload – someone is inevitably going to make a mistake (most likely during data entry). When you’re working with manual AP processes, long-term storage and retention are lacking, invoices slip through the cracks, and early payment discounts are missed.
And no, hiring more people – unfortunately – won’t solve these issues; that wouldn’t be feasible or sustainable.
But there is a solution: Process Automation.