In most organizations, there are a huge number of invoices coming in from vendors. But the old way of entering data in these invoices in the accounts payable system can lead to chances of errors, misplacing documents, invoices entered without the right approvals, etc.
This is where the Easy Access Savings Calculator comes as an advantage.
Manual Invoice Process versus Invoice Process Automation
- With manual invoice processing, employees have to focus on every invoice at different points, leading to a lag in productivity. With invoice process automation, AP employees can use an AP automation saving calculator such as the one brought out by Easy Access AP.
- With manual invoice processing, employees may have to recall important data about the invoices. With AP automation, this data will be available within the system itself.
- As other business processes across the organizations have taken up automation, the manual invoice process has become outdated.
How AP Automation Benefits With Setting Goals and Objectives
- When employees use AP automation software such as the Easy Access, the processing of invoices can be tracked faster.
- The organization can set goals to know how much savings happen with AP automation compared to using manual processes. This can be achieved by using the Easy Access Savings Calculator.
- Vendor relationships can be cultivated better with AP automation because there would be lesser chances of vendor payments not going through due to manual errors.
To evaluate AP automation, you can simply log on to https://easyaccessap.com/savings-calculator/. You can get an overview of your total cost savings by entering values such as the volume of your monthly invoices, percentage of your invoices that are PO-based and PO-based invoices that match the purchase orders in a single touch.
By using the Easy Access Savings Calculator, there are a number of key performance indicators or KPIs that company heads and decision-makers can use for their accounts payable department.
Most Valuable Accounts Payable KPIs
- Tracking Invoices – The total percentage of electronic or digital invoices seen against the basis of the percentage of suppliers sending them– would be an important piece of information when you are looking to calculate AP automation
- Knowing the Status of an Invoice – Suppliers and vendors must be added to the system in an organized manner. This will ensure that you can know the exact status of the invoice of a particular supplier when you are using automation software.
- Calculate the Average Cost of Processing – This KPI can ensure that the AP team can make changes so that expenses are taken care of.
- Prevent Duplication– By using AP automation, there won’t be instances of duplication of invoices. Therefore if there have been cases of duplication, then the amount of money and time lost can be taken into consideration and loopholes can be identified.
- Track Number of Invoices Input by a Single Employee – Thanks to automation, more invoices can be processed by a single employee as compared to manual invoice processing. This will enable the employers or business heads to understand which employees can handle how many invoices and they can assign work accordingly for a more productive environment.
By using the Easy Access Savings Calculator, you can tabulate the data that you require to determine these KPIs. Hence it is a wise decision to use a Calculator for Accounts Payable automation.