AP Invoice Processing Workflow Assessment
Achieving up to 90% Reductions in Invoice Processing Time & Costs Starts with an AP Workflow Assessment from Genesis Technologies
If you process 50 or more AP invoices per month, imagine what you could gain with a workflow automation solution that pays for itself.
To determine if this is possible for your organization, our AP Invoice Processing Workflow Assessment evaluates your existing combination of people, process and technology and the gaps when compared to invoice processing best practices.
Highlights our AP Invoice Processing Workflow Assessment include the following:
- Average daily volume vs. peak invoicing volume and how overflow is handled today
- Evaluation of current visibility into monthly AP liability, how much your credit line needs to be tapped into to cover payables, and how much interest charges are incurred
- Identification of all document types, formats and how they are created/received (e.g. paper vs. electronic, PDF, Word, TIFF, etc.)
- Evaluation of all internal and external compliance requirements (e.g. company information governance policies, legal document retention requirements, industry compliance, financial audit needs, etc.)
- Mapping of how all of these invoice documents are currently processed: people, process and hardware/software technology used
- Exploration of data needing extraction from invoices and population into your accounting software, enterprise resource planning (ERP) or other core system, and what automated extraction technology may be needed
- Re-engineering of the entire process of paying invoices using workflow automation technology and other process improvements
- Evaluation of further improvements that increase alignment between purchasing and AP to reduce invoice processing exceptions
- How much productivity may be gained and how to re-purpose AP clerks that may see a significant reduction of invoice processing volume
- Cost-justification for all of the above
CONTACT US TO REQUEST AN AP INVOICE PROCESSING WORKFLOW ASSESSMENT