Your accounts payable department is responsible for handling the flow of your business’ finances. Ensuring that the AP process is accurate and efficient allows you to maximize your ROI and maintain a positive relationship with vendors. As a business grows, the inefficiencies of manually processing invoices in-house quickly become apparent – not only is this a slow process, but it also becomes costly to manage. In this blog post, we identify some of the challenges ap processing such as having an overqualified team manage your accounts payables.
Weighing the Pros and Cons of AP Processing
The first step is to identify how much it is costing to maintain the current accounts payable process. Employees will either have to be trained or hired to manage the steady stream of invoices and certain software licenses or perhaps additional computers will be necessary to set up the team. The soft costs of in-house ap processing are often overlooked, businesses tend to have overqualified employees managing the process which strongly impacts employee productivity. These skilled employees, whether part-time or full-time, also have other tasks on their plate that they need to complete which can hinder business growth opportunities.
With various tasks to manage, employees struggle to balance meeting both quality standards and deadlines. Sending emails to approvers in order to initiate payment often becomes a bottleneck. Having to constantly follow-up to figure out whether or not an invoice has been approved increases cycle times leading to late payments and penalties. This becomes commonplace when there are hundreds to thousands of invoices to process, making it easy for an invoice to be lost or forgotten.
ARDEM Adds Efficiency and Scalability
ARDEM addresses the challenges of AP Processing management for an in-house team by adding both efficiency and scalability. We bring the sharpest minds to utilize deep industry knowledge and experience to improve your overall AP process, especially when working to reconcile accounts or review exceptions. By applying a combination of technology and human intervention, we ensure the highest accuracy and quality of data. The ARDEM Invoice Manager is a proprietary tool that allows you to upload invoices directly and utilize our machine learning and artificial intelligence programs to efficiently automate the extraction of data. One of the largest benefits to the invoice manager is that it generates automatic notifications to be sent to your list of approvers – this way visibility is increased to ensure invoices are being processed smoothly.
Contact ARDEM today to find out more about how we can help reduce your Accounts Payable Process by an immediate 30% and create customized solutions to tackle all challenges of AP Processing.