Document Management Strategies

Streamlining the Accounts Payable Process: Three Best Practices, Part 2

Ken Neal

April 10, 2013 Posted by:

In my previous column I mentioned that in order to provide the operational excellence that is now expected of it, the AP function must streamline the invoice process, leverage new technology, and implement best practices such as outsourcing non-strategic work and migrating from paper to digital workflow. I spotlighted one of these best practices to consider for 2013. Here are two more: 

Leverage automation to reduce errors, improve productivity, and lower cost – One option with this best practice  is to work with a service provider that offers standard and scalable invoice automation platform that can be integrated with virtually any ERP, ECM, and P2P system.  Automating data capture/conversion, invoice validation and workflow can significantly reduce invoice processing time. Automation can also dramatically increase productivity – from processing 1,000 to up to 10,000 invoices per AP worker per month.  

Implement consistent workflow to improve compliance and controls – This best practice helps ensure compliance with regulations such as Sarbanes Oxley.  If deciding to team with a service provider, an organization should consider a partner that can implement consistent workflow processes designed to help maintain accurate records.  By overcoming gaps in tracking, accessing, and updating data, such workflow processes help clients avoid compliance issues.

For more information on accounts payable processing best practices as well as advanced document manage strategies, feel free to visit www.cbps.canon.com