Workflow automation - Setting yourself up for success!
One of the prevalent thoughts that has held sway over the entire Accounts Payable automation industry is a focus on core invoice processing. This has typically been oriented around streamlining processes and expediting process cycles for data accuracy. This article aims to highlight the many potential possibilities from Accounts Payable automation and the implications on education institutions’ efficiency.
Dynamic visibility – The ability to be able to call up an invoice from a search perspective has a myriad of advantages over antiquated paper storage and retrieval methods. Any member of an Accounts Payable department understands the challenges that come with situations when auditors call for a workflow and process check. As a result, many Accounts Payable staff are subject to conduct retrieval processes that are onerous. An Accounts Payable solution addresses this constraint point by providing access to data in real time, not just archival, and affords the opportunity for data to drive better business decision making. As an example, surfacing invoices with eligible discounts as part of an invoice processing queue can and will empower an Accounts Payable department to function more strategically to make payment and generate savings. Absent dynamic visibility on the other hand, results in Accounts Payable staff being less empowered to impact their business in a positive way.
Payment execution – Accounts Payable automation can easily divest valuable team resources of copious and error-prone data entry in favour of accurate data throughput without the need for multiple keystrokes. In order to raise business efficiency, Accounts Payable departments need to integrate optimised payment execution into their Accounts Payable strategy and approach. Instead of integrating multiple modules of disparate technology providers, a one-stop approach is increasingly becoming an optimal choice. For example, good Accounts Payable software can seamlessly handle both the front-end invoice processing and the execution of payment across a variety of payment types to include Automated Clearing House, wire, and traditional payments like cheques. This gives education institutions an advantage for processing flow and the invoice cycle time as part of a bigger narrative to monetise payment stream, especially in an increasingly cost-driven and competitive market play.
Mobile empowerment – In keeping with the idea of getting the most productivity out of your multi-campus staff and administrative needs, modern Accounts Payable solutions have the invaluable integration of mobile technology. This is imperative, not only from a search and retrieval standpoint, but also from a workflow escalation and payment execution capacity. Lost time translates to lost opportunity and if inefficient processing impedes a school’s ability to capture payment discounts or causes late fees, this is a clear opportunity to adopt such workflow automation to provide savings and potential revenue generation through mobility. Combined with intelligent workflows and delegation, Accounts Payable team leaders can access real-time information to get better insights into the state of their business processes and drive opportunities for positive outcomes at a much quicker pace.
In a rapidly digitised world with new disruptive market forces, education institutions could harness the positives of workflow automation and emerge more effective without being encumbered with legacy systems or operating models. The ability to process and track with an automated platform greatly improves visibility, reporting, data insights and control with compliance over key business functions, which could be a defining factor between future success or failure.
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