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03.10.10 AP Automation and Productivity
A recent survey reveals AP staff productivity improvements when going from a low level to a high level of automation.
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03.03.10 ***Free Webinar on AP Automation***
Your next AP automation project in on the road to failure unless you have a solid plan of attack. Join us for a free 60-minute webinar, 25 Best Practices for Planning an AP Automation Project, Thursday, March 4 at 1:00PM ET. more...
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03.03.10 Where’s Your Pain?
To effectively automate the AP process, you need to identify your “pain points.” These are the areas where problems and inefficiencies plague your AP department.
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02.02.10 Centralized Invoice Receipt
In general, a best practice is to have all incoming invoices go to AP first. That way, they can be properly tracked, especially for discount purposes. more...
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01.27.10 Affordable AP Automation
Automating your invoice and workflow process slashes costs and boosts productivity, but not all companies have the budget to afford the technology. But now, technology is being delivered in a different way that could put it in the reach of cash-strapped firms. more...
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12.02.09 AP Still Manual at Half of UK Firms
According to our research, about half of U.S. companies we’ve polled are still on a manual AP process—and it’s the same story overseas, according to a recent survey from Formscan. Roughly half of UK firms still use a manual accounts payable system, missing out on the huge savings automation can bring, according to the survey. more...
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11.25.09 Promote E-Invoicing
One of the hardest tasks when moving to electronic invoicing is converting vendors. That is, having them move from sending you paper invoices to sending you electronic invoices. True, you can start contacting all of your vendors, but this will take a lot of time and follow-up work.
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11.11.09 Automation Tasks in AP
The majority of AP departments now handle certain AP automation tasks, such as invoice imaging/scanning, ACH payments, and wire transfers, according to IOMA's Accounts Payable Compensation Report 2010.
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10.28.09 Look Past the Buck
Some AP managers view technology simply as a way to cut costs and increase productivity. But the wise AP manager will recognize that invoice automation offers the ability to manage their departments more effectively in all directions. more...
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09.15.09 FULL AP EXPO PROGRAM AVAILABLE
Schedules and descriptions of over 30 sessions and workshops—including many on AP automation--are now available for our upcoming 8th Annual AP Conference & Expo October 14-16 at the Loews Royal Pacific at Universal Orlando. more...
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09.11.09 Test Your AP IQ: EDI Trouble
Which of the following is a barrier to using traditional Electronic Data Interchange (EDI) to receive invoices from vendors electronically? more...
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07.21.09 Monitor Cost Savings
Every AP department has been pressured to cut costs in this tough economic climate. As part of your efforts, you should monitor the cost savings you actually experience. Compare them to the mandate you were given or what you estimated you could deliver. If you were conservative in your estimates, you will likely find that the actual savings is more than you estimated.
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07.15.09 E-Invoice Alternatives
There are two approaches you can use to automate your invoices: (1) invoice imaging and scanning; and (2) electronic invoicing. Some people confuse these two approaches, or use the terms interchangeably, but they are two very different things.
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07.08.09 Automated Exception Handling
When you look to automate your invoice process, a key consideration is how the technology can reduce or eliminate invoice exceptions and errors. Handling exceptions takes a great deal of time, so it’s important to know about the system’s data verification and quality assurance process—which is the process that weeds out the “dirty” invoices.
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06.24.09 Hospitals Expand Imaging Endorsement
The use of imaging and document management in AP can bring huge benefits because it transforms mountains of paper invoices into a paperless, automated environment. There are lots of software vendors out there to choose from, but the choice has been made a little easier for hospitals. The American Hospital Association (AHA) has given its exclusive endorsement to a document management system from Hyland Software Inc., developer of the OnBase enterprise content management (ECM) software suite.
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06.17.09 “On-Demand” Invoice App Wins Award
Bill.com, Inc. has won a 2009 Tax & Accounting Technology Innovation Award from The CPA Technology Advisor, the leading independent multimedia technology resource for the accounting profession. The award honors new and enhanced technologies that benefit accounting and tax professionals. Nominated products must be less than two years old or have undergone a significant revision or addition during the past two years.
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05.20.09 Why Automating AP Can Stall
In our research, one of the biggest reasons companies do not move forward with AP automation is “lack of knowledge” and the confusion about all of the choices out there. So anything you can do to increase your knowledge and sort things out, such as listening to webinars, reading white papers, or attending an AP conference, will help.
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04.22.09 No Instant Results from Automation
Systems that automate the AP process cut costs and increase productivity. But don’t expect productivity increases to happen overnight when installing a new system. Here's why.
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04.15.09 Automated Invoice Routing is Up
Two-thirds of AP departments that have automated their invoice process say they achieve significant cost savings in the routing and approval phase. How? By using an automated workflow solution, which has the ability to look up the correct approvers for a given invoice based on various criteria, such as the business unit or department, type of order, dollar amount, or other variable.
Adoption of this type of solution is increasing. When we did this research back in 2004, 84 percent of companies we surveyed said they relied exclusively on manual lookup. Now, that figure is around 50 percent.
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04.14.09 Track Those Invoices
To streamline your invoice processing, start at the beginning. That is, where are the invoices going once they come in the door? Are they forwarded to the buyer or user of the goods or services? Do they all go right to AP? Unless you have a policy set up, invoices that are simply addressed to the organization but not a particular individual can float around for weeks from desk to desk before eventually ending up in AP or on the desk of the actual buyer/approver. more...
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03.18.09 Automate to Collaborate
AP automation is the “next great opportunity to improve business performance through collaboration,” according to an article by David Peraino, Global Procure-to-Pay Executive at J.P. Morgan Treasury Services. Peraino’s background includes a stint as Chief Procurement Officer at American Express.
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03.06.09 Test Your AP IQ: Types of EIPP
There are three types of Electronic Invoice Presentment and Payment (EIPP) models. Which of the following is NOT one of these models? more...
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03.04.09 New Report Says E-Invoicing is Top Goal
Implementing or increasing electronic invoicing is the top priority for financial automation for 2009, according to the AP Imaging and Workflow Benchmarking Survey Report from PayStream Advisors. Almost half (48 percent) of organizations polled cited this technology as their priority. Medium and large organizations were more aggressively focusing their energies on electronic invoicing, with more than three-quarters of the companies (78 percent) stating that this was their top goal.
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02.25.09 Figure Costs Before Automating
Before automating an AP process, whether it be invoices, payments, or expense reports, one of the most important things to do first is to figure out the current cost of whatever it is you want to automate. There is simply no way to determine whether you can save money with any automation solution unless you know your current cost. Depending on the size of the department, calculating costs can range from extremely simple (AP salaries and benefits divided by number of items processed) to quite complex.
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02.18.09 Is the PO Flip a Flop?
In some organizations, the PO Flip is really PO Flop because it assumes that the PO is correct. And who gets blamed when you do this and there is a dispute? AP, of course--because AP paid something based on the PO that was for that amount, even though the price has changed, the quantity has changed, or maybe there was freight, or insurance, or it should or shouldn’t have been taxed, or something was or wasn’t on the invoice. more...
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02.03.09 Need to Cut Your AP Costs? Free Webinar!
AP managers have found many ways to cut costs and increase productivity. Some ideas are new and innovative. Others have stood the test of time. Either way, they work—and that’s all that matters. Learn all about them by attending a FREE 60-minute webinar. more...
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01.26.09 PRESS RELEASE: Controllers Eye AP
CFOs, Controllers and Business Managers now realize there are significant bottom-line savings to be found in accounts payable, savings they need to tap in 2009. You’ll find a precise roadmap to those savings at the 9th Annual Accounts Payable Operations conference (March 11-13, San Antonio), presented by the Institute of Management and Administration, BNA Subsidiaries, LLC and Casher Associates.
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01.21.09 The Solution Provider: Friend or Foe?
Providers of AP automation solutions can sometimes appear to be your ally, but, at other times, they may seem to be your adversary. Actually, either extreme will not be healthy. It can hinder success of the project if you distrust the provider to the point where you require proof of every statement and insist on doing everything your way. On the other hand, trusting the provider too much can cost you money and potentially lead to an unsatisfactory implementation.
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01.02.09 Test Your AP IQ: Reducing Paper Invoices
Which of the following techniques does NOT help to reduce the number of paper invoices that come to AP?
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12.24.08 Discount Management Apps
Although this trend is just emerging, expect to see automated discount management to become a significant factor in the evolution and growth of invoice automation. According to our report, Paperless Accounts Payable: The AP Department’s Complete Guide to Invoice Automation, customers of one solution provider are reporting that their return on investment from “dynamic discounting,” as the feature is called, are five to 10 times as large as their ROI from processing cost reductions. To the extent that such benefits are replicable, they will be too large for chief financial officers and AP managers to ignore.
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