Accounts payable and invoice processing is an essential part of any business, requiring meticulous care and attention. While it is both time consuming and error-prone, an organized invoice and AP process transform through outsourcing.
In a previous blog post, we talk about how ‘good enough’ isn’t enough for data entry, asking the question, what is an ‘acceptable’ error rate? Late payments, duplicate entries, and inconsistent data can cause serious harm to your company’s image.
Outsourcing this process allows you to improve not only accuracy but also cycle time, improving back-end processes for smoother business which takes advantage of accounting outsourcing to manage your invoice and accounts payable processes through the use of automation.
Why Should You Outsource Your Accounts Payable and Invoice Processing?
Notably, time and accuracy are the two largest resources that accounts receivable need. Often, businesses find that as they grow there is a higher demand for time and effort to manage invoices.
According to a survey report by Cannon, 50% state the major challenge of invoice processing is receiving it in paper format with 37% stating that the manual data entry process is seen as inefficient in-house.
Often, businesses find errors and redundancies because this process is handled manually in-house. Streamlining AP and invoice processing allows a mix of automation and human intervention to ensure speed and accuracy.
Many challenges are solved through automation of invoice and accounts payable processing. Once an invoice is received ARDEM will scan and convert the scanned image into a searchable document.
In the long run, the solution to inefficiencies of paper documentation is solved through digitization. Searchable electronic documents make it easier for automation software to find and identify information, reducing time in invoice processing.
Different fields such as supplier code and quantity will be extracted in order to match with the purchase order for accuracy. This helps flag invoices for errors and validates the data your business has with the supplier.
Eliminate Error and Increase Efficiency with ARDEM
By automating your invoice processes it helps lower costs, decreases cycle time, and avoid undesired fees. Different vendors mean different formats; ARDEM implements multiple validation processes to ensure the highest quality of accuracy for data entry to reduce error rates.
Invoices sent directly to ARDEM will be handled within the United States. Volumes can fluctuate, which is why we provide customized solutions to offer scalability for your invoice processing outsourcing needs!
Contact ARDEM today to find out how you can streamline your Accounts Receivable process!
