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Avoiding the “Cash Flow Crunch”Top 3 Ways to Win Approval for YourAccounts Payable Automation Project
Introduction to AP Automation
Despite the well-documented benefits of Invoice Capture and Enterprise Content Management (ECM), many Accounts Payable (AP) professionals remain frustrated that they can’t get their automation projects approved by senior management.
In fact, only 22.8% of AP departments currently have a high level of automation, according to IOFM’s 2013 AP Department Benchmark & Analysis.
While “tight capital budgets” are frequently cited as the culprit for stymied automation projects, the problem likely lies in disconnects between:
1. The Tactical Departmental Benefits, usually outlined in AP Automation Solutions
2. The Strategic Enterprise Priorities of Senior Management.
Over 61% of Best-in-Class companies currently use full AP automation, according to a 2012 study by Boston-based research and advisory firm Aberdeen Group, it is imperative that AP departments find a way to win approval for their automation projects.
This presentation shows AP Professionals how to frame their automation proposals to make senior finance executives raving fans of your AP Automation initiatives.
- How to Make the C-Suite Stark-Raving Fans of Your Accounts Payable Automation Proposal
- The Accounts Payable Network: State of Accounts Payable 2014
Identify Your Target Roles
• AP CLERK
• AP MANAGER
• CFO/CONTROLLER
Confirm each role so that you can learn their day-to-day pains that they experience. Once we know the pains, we can analyze which solutions are “right” for your team.
Combining OCR Scanning + Document Management + Workflow may sound complicated, but it’s quite simple.
We are using a system of tools to eliminate the need for people to perform mindless tasks. Put your team to real work, and let the software handle the tedious data-entry automatically.
- How to Make the C-Suite Stark-Raving Fans of Your Accounts Payable Automation Proposal
- The Accounts Payable Network: State of Accounts Payable 2014
BUT WHO SETS THE GOALS?
Most AP Departments (59.5%) have their budgets prepared for them, typically by the position to which it reports (36.7%), according to a 2013 IOFM study.
Moreover, only 16.9% of AP Departments set their own goals.
Some 41.6% of AP Leaders surveyed report that their department’s goals are set by the position to which the department reports.
“Misaligned goals are why many AP automation projects stall.”
More than one-third of AP Departments (34.4%) report to the Controller, and approximately one-quarter of AP Departments (23.6%) report to the Finance Director, while about (16.6%) of AP Departments report to the CFO.
- How to Make the C-Suite Stark-Raving Fans of Your Accounts Payable Automation Proposal
- The Accounts Payable Network: State of Accounts Payable 2014
AP CLERK
AP Clerks are being thrown bigger piles of
work, but they are less educated and
trained on how to process faster. It’s
important to provide them the right tools
and training to be successful.
With OCR Scanning, we can have all of the
invoice data read and put into your
backend systems automatically. No more
hand-typing the invoices, just scan them.
Speed up the process and everyone will
get more done, in less time. Let the
software do the mindless work for you.
AP MANAGER
AP Managers can’t increase efficiency
without the right solutions in place.
Visually streamline workflow processes
with real-time reporting.
Being able to process invoices faster
will help you capture early-payment
discounts from your vendors.
You’ll also be better at responding to
cash flow needs, if you are tracking this
process using Predictive Analytics. This
is available in some ECM Solutions.
CFO/CONTROLLER
CFO’s and Controllers need to move and
balance money, but they don’t have time
to analyze each little step of the process.
Document Management, combined with
fluid Analytic Dashboards, creates an
environment easy for any decision maker
to spot issues, and act on them quickly.
Not only do your invoice processing costs
drop, you’ll be providing a system that can
enable your entire company to work
securely and remotely from any location.
In Summary
With Document Management, you capture invoices electronically, and the software will automatically route documents to the appropriate person for review, approval, and coding.
Electronically managing your Accounts Payables will:
• decrease processing TIME
• capture early-payment DISCOUNTS
• decrease processing COSTS
With analytics from Tallega, you’ll have increased visibility into processes that your organization can manage in real-time dashboards.
Avoid the Monthly Cash Flow Monster, begin automating your workplace by starting in your AP Department. Automating your Accounts Payables is the first step in going paperless across your departments. The same software can be used in Human Resources, Legal, and beyond.
About Tallega Software
Tallega Software is an award-winning team comprised of ECM Consultants and IT Support Technicians.
We are different because we have partnered with all of the best OCR Scanning and ECM Software products on the market.
Our job as ECM Consultants is to simply help you find the “right” one for your team.
Tallega has been the labeled Irvine, CA’s #1 ECM Provider since 2005.
Visit:
www.Tallega.com
Email:
Call:
949-367-9860
