Accounts Payable (AP) is a document-driven process. Some invoices are simple, some complex. Some arrive electronically, others through fax machines or the postal service. Despite ERP efficiencies, the manual AP document processes necessary to support ERP data extend cycle times and increase risk of error. Paper processing and approval, duplicate data entry, and lack of effective collaboration often result in missed discounts, late-payment penalties, and inaccurate accruals. Document management software can help.
Staying strategic and lean in AP can be critical to the financial health of an organization during both busy and slow periods. Every discount must be found and every penalty avoided. Organizations look to improve AP processes in slow times in order to prepare for higher activity when productivity is up and payments to suppliers increase.
Continue reading the OSAM Document Solutions Blog for more information about how document management software can help your AP Department avoid three common cash leaks or for more information about our document management software, contact OSAM Document Solutions, Inc.