How do businesses cut the paper chase in their accounts departments and gain control of the payment cycle? Digital Vision's Bob Goodwin puts the case for automating the accounts payable function.
Accounts payable (AP) would be easy if it wasn't for all the paper. Paper-based, manual accounting systems have been the bugbear of corporate AP departments for decades.
Even the most rigorously organised AP system has plenty of problems: lost or misplaced invoices; data entry errors; and time lost sorting and filing paper, or trying to locate matching purchase orders. These disruptions slow processing, which can seriously affect the organisation’s financial reputation with partners and suppliers.
Manual AP systems also make it almost impossible to meet the regulatory and compliance demands of Sarbanes Oxley, IFRS and regulatory requirements for document traceability and auditability.
Throwing manpower at the problem isn't viable.
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