A workflow can mean different things to different businesses. For some it’s a document management system, for others it may be automating an assembly line. One area almost every business can relate to is Accounts Payable. Let’s look at how automating an AP workflow can save time and improve efficiencies.
Scenario:
XYZ and Sons is a local furniture store with three locations in the city. They sell a lot of furniture but still process AP manually in the main office. The person in charge of finance spends most of his time shuffling paper. He’s got an MBA and lots of ideas for growing the business but all that paper is wasting time better spent on growing the company.
The Current Process:
Currently all AP documents (invoices, receipts etc) for each location are sent to corporate. Right now the process is:
- Invoice is scanned at the location and emailed to corporate
- Finance prints it out
- Manually enters missing information
- Re-scans the invoice as a pdf
- Saves a copy for record keeping
- Pays the vendor
- Manually enters the transaction into the books
Complex and time consuming, right? Plus this process opens XYZ up to risks like human error or security breach. If an error is entered, the process must start over. A stray document left on a desk opens XYZ up to data breach.
Improving the Process
Implementing a simple AP workflow solution can streamline the process, save time and reduce risks.
- Invoice is scanned at location directly into AP workflow
- Invoice is digitally processed and approved
- Payment is made and info is automatically entered into AP system
- That’s it! No multiple scanning, manual data input and re-scanning.
This is just one approach to a single workflow. Imagine the time savings if you automate multiple workflows – you’ll gain back time that can be better spent growing your business. Ready to learn more? Give us a call and let us show you how workflow optimization can help you grow your business!
