Working Remotely? Consider Digitizing your Accounts Payable Processes
As workplaces have been forced to adapt to physical distancing limitations imposed by the Covid-19 pandemic, many have successfully shifted their employees to remote work environments. While digital transformation may have been on the radar for many finance departments, the Covid-19 pandemic has accelerated the need to leverage digital processes to support business continuity and improve process efficiency, with a particular focus on accounts payable departments.
The limitations of paper-based and manual accounts payable processes have never been more apparent and are increasingly challenging:
- Decentralized processes are inefficient and lack visibility as information and/or paper travels between departments or individuals
- Manual scanning of invoices and data entry can be an expensive non-core function
- Human error can cause delays and mistakes damaging relationships with suppliers and/or causing the company to incur excess fees
In the midst of a global pandemic, it is more important than ever for companies to focus on reducing costs and leveraging technology to allow workforces to continue to work safely from home.
Automated AP Processing, including the implementation of a digital mailroom, allows companies to streamline operations, improve accuracy, lower expenses and cut paper.
Many clients leverage Octacom’s digital mailroom services as the first step in the automation of their AP processes if they continue to receive invoices by snail mail, in addition to digital invoice submission. While implementing your digital mailroom, please keep in mind that Octacom’s digital mailroom services can be leveraged for many other document types, including surveys, claims, warranty documents and applications.
From there, deploying Octacom’s automated invoice processing services as well as our Odiss™ AP Automation Software provides a completely digital and automated end-to-end solution, accomplishing the following goals:
- Overall reduced cost of invoice processing
- Increased visibility into invoice processing and approval status
- Eliminate lost invoices, late payments and duplicate payments
- Improved accuracy with multi-factor validation across POs, vendors and multiple stages of data validation
- Guaranteed turnaround times
- Full integration with your ERP or P2P Solution, with integrations in place with Coupa, Basware, SAP, Sage, Oracle and others
Odiss™ Core Features are as follows:
With Octacom as your partner, internal AP staff are able to become more efficient and able to focus on more important tasks than scanning, data entry, manual approval processes and invoice tracking.
In order to be successful during the pandemic, companies must be agile in their core business, while ensuring continuity of mission-critical services. There are many advantages in automating your AP process with Octacom – now is the optimal time to capitalize on these opportunities.
Octacom is SOC 2, Type 2 audited enterprise software and services company focused on document and data management solutions. Founded in 1976, Octacom specializes in accounts payable automation and automated invoice processing.
If your organization is looking to implement AP Automation, please contact us and we would be glad to help.