Accounts Payable (AP) is a document-intensive process. When an organization relies on a manual accounts payable system, it's not uncommon to see desks stacked with papers. Invoices often pass through multiple hands before they reach the accounts payable department, making the process time-consuming, labor-intensive, and prone to human error.
These challenges, among others, make running a manual AP department expensive. Research shows it can cost anywhere from $8 to $30 to manually process a single invoice.
Enterprise Content Management (ECM) automates and streamlines the accounts payable automation process, enhancing efficiency, minimizing errors, and reducing operational costs.
With ECM you can:
- Eliminate manual data entry through automatic data extraction
- Automatically match invoice line items to purchase order (PO) lines
- Manage non-PO invoices efficiently with an automated hierarchical approval workflow
- Gain real-time insights into purchasing trends, cash flow, vendor behavior, and more
OnBase Solution for AP Automation:
- Capture invoices, purchase orders (POs), packing slips, and email-based documents and data
- Centralize document and data management in one secure location
- Access accounts payable content anytime, from anywhere
- Seamlessly integrate AP automation with existing enterprise applications
- Track and measure process efficiency and system performance
- Securely store and protect all accounts payable data