New and Improved Accounts Payable Outsourcing with Technology in 2024

Imagine a world where your company’s Accounts Payable (AP) department handles a mountain of invoices, manages payments, and tracks expenses with ease. No more time-consuming manual data entry, human errors, or puzzling paperwork.

Welcome to the world of technology, the superhero that swoops in to save the day, making your accounts payable outsourcing process faster, more accurate, and cost-efficient. Here’s how it all unfolds:

So, picture this: a company’s accounts payable outsourcing provider handling loads of invoices, making payments, and tracking expenses. It’s a big job. But here’s the thing – there are often too many invoices, too little time, and human errors creeping in. It’s like a recipe for headaches, and these invoices are like puzzle pieces that don’t quite fit. It’s a bit chaotic, right?

Now, imagine a superhero swooping in to save the day. That superhero is technology. Here’s what it brings to the table: 

1. Faster Data Entry

Gone are the days of tedious manual data entry, which is not only prone to errors but also super slow. Technology can zip through piles of invoices, extracting data accurately and in a flash.

2. Accurate Data

No more wrong numbers or missing info. Technology checks and double-checks to ensure every digit and detail is on point. It doesn’t just reduce errors; it practically eliminates them. 

3. Smooth Workflows

Technology sorts out the chaos. It streamlines the approval process for invoices and automates payments, making everything flow like a well-oiled machine. Invoices move seamlessly from one person to the next, following your company’s specific rules. 

4. Cost Savings

Human power costs money, but technology doesn’t need paychecks or vacations. It does the job 24/7 without a fuss, saving you some serious cash. Imagine the reduced labor costs when you no longer need a small army of data entry clerks.

5. Data Security

You’re probably thinking, “What about data security?” Don’t worry; technology’s got your back. It guards your data like a hawk, keeping it safe from prying eyes. You can trust technology to handle your sensitive financial information securely.

6. Time for Strategy

With technology handling the nitty-gritty, your team can focus on strategy, making better financial decisions, and growing the business. It gives your team the gift of time, which is invaluable. 

Here’s where the magic happens. Traditional data entry can be a real drag – slow, error-prone, and frustrating. But when technology gets in on the action, it’s a whole different story.

1. Optical Character Recognition (OCR)

No, it’s not rocket science; it’s like tech magic. OCR reads documents and invoices like a pro, even if they’re handwritten. That means no more squinting at illegible handwriting. OCR technology is like having a superhuman reader on your team. 

2. Smart Data Capture

Tech can capture and verify data from invoices, receipts, and statements. It can spot errors and missing info in a flash. With smart data capture, it’s like having a second pair of eyes, only they never blink.

3. Automated Data Entry

No more manual data entry! Technology takes care of it. It’s like having a diligent assistant that never tires or takes a coffee break. The speed and accuracy of automated data entry are a game-changer.

Before technology stepped in, getting an invoice approved could feel like running a marathon with hurdles. Now, it’s more like a stroll in the park.

1. Automated Approval Workflows

Tech sets up automated approval routes. Invoices move smoothly from one person to the next, following the company’s rules. It’s like having a digital traffic cop that ensures things move in an orderly fashion.

2. No More Paperwork

Paperwork? So last century. Technology digitizes invoices, making them easy to review and approve online. No more rifling through stacks of paper. It’s like a virtual filing cabinet, neat and organized.

3. Faster Payments

Tech doesn’t waste time. Once an invoice gets the green light, it can trigger a payment, so suppliers get their money faster. It’s like having a payment genie that fulfills your financial wishes.

Saving money is always a win, right? Technology offers significant cost savings in AP outsourcing.

1. Reduced Labor Costs

No need for armies of data entry clerks. Technology takes their place, working faster, more accurately, and tirelessly. You can reduce your labor costs significantly. 

2. Fewer Errors

Human errors cost money, but technology is practically error-proof. It ensures invoices match purchase orders and contracts, preventing costly slip-ups. It’s like having a financial safety net that catches errors before they become expensive mistakes.

3. No More Late Fees

Tech doesn’t snooze on the job. It makes sure payments are on time, so you can say goodbye to those pesky late fees. It’s like having a built-in alarm clock for your financial processes.

That old saying really hits the nail on the head. Technology saves you a ton of time in AP outsourcing.

1. Speedy Data Entry

Manual data entry is turtle-paced compared to technology. It flies through the process, getting the job done in a fraction of the time. Technology transforms slow and tedious tasks into lightning-fast operations. 

2. Fast Approvals

No more waiting around for someone to approve an invoice. Technology speeds up the approval process, so you’re not stuck in limbo. It’s like pressing the fast-forward button on your financial processes.

3. Quick Payments

Suppliers appreciate fast payments. With technology, you can make their day by settling invoices swiftly. It’s like having a payment accelerator that ensures your suppliers are happy.

When technology takes care of the repetitive tasks, your team can focus on more important stuff. 

1. Strategic Decisions

Free from data entry drudgery, your team can make informed financial decisions and strategize for growth. You get to use your team’s brainpower for what really matters.

2. Customer Service

With more time on their hands, your team can provide top-notch service to your customers and suppliers. It’s like having a customer service dream team that’s always ready to deliver top-notch support.

Now, let’s talk about the wizard behind the curtain, ARDEM. They’re the folks who make this magic happen. ARDEM knows that in the world of Accounts Payable (AP) outsourcing, technology is the key to success. They’re not just following the trends; they’re setting the standard. Here’s how:

1. Top-Notch Optical Character Recognition (OCR)

It sounds complex, but it’s all about tech magic. ARDEM as a account payable service provider, uses OCR to read invoices and documents. Even if it’s handwritten or looks like your doctor’s prescription, OCR understands it. Think of it as having a super-smart reading assistant that never gets it wrong. It doesn’t just read; it reads accurately, even when things are messy.

2. Smart Data Capture

ARDEM is all about smart data capture. That means it doesn’t just collect data; it verifies it. If something’s missing or doesn’t match up, it spots the issue like a pro. It’s like having a second pair of eyes, but these don’t get tired, and they have a magnifying glass for accuracy.

3. Automated Data Entry

Goodbye, manual data entry! ARDEM is on top of the game when it comes to automation. It zips through invoices, getting the job done at warp speed. Imagine having an assistant that works faster, more accurately, and doesn’t need coffee breaks.

4. Streamlined Approval Workflows

No more messy, confusing approval processes. ARDEM uses tech to set up clean and clear approval routes. It’s like having a digital traffic controller that ensures everything moves in an organized flow. Invoices cruise smoothly from one desk to another, following your company’s unique rules.

5. Paperless Digitization

What about all that paperwork? ARDEM turns it digital. Invoices and documents are digitized, so there’s no more rummaging through piles of paper. It’s like having a clean and organized digital filing cabinet at your fingertips.

6. Prompt Payments

Who likes late payments? No one. ARDEM makes sure you never miss a due date. Once an invoice gets the green light, it triggers a payment, ensuring suppliers get their money on time. It’s like having a payment genie that fulfills your financial wishes.

So, there you have it – technology sweeping in like a superhero to revolutionize Accounts Payable outsourcing. It’s faster, more accurate, cost-effective, and leaves you with more time to focus on your business’s growth and success. No more headaches, just smooth and efficient financial operations. Say goodbye to the old way and embrace the future with technology at your side. 

So, when it comes to technology in AP outsourcing, ARDEM is leading the pack. We’re not just keeping up with the latest tech trends; they’re ahead of the game. With ARDEM, you’re not just outsourcing; you’re partnering with a tech-savvy ally that makes your financial processes faster, more accurate, and efficient. It’s the future of AP outsourcing, and ARDEM is at the forefront of it all. Please reach out to us for more information, or call us at 908-359-2600.