Every company's accounts payable process is different. But the headaches are the same. Too much information stored on paper, errors in recording accounts payable and expenses, paying invoices and gaining reimbursement for expenses. Processing is too slow and costs too much as AP staff chase approvals throughout the organization and sometimes around the world.
It's no surprise that quicker approval of invoices was ranked as the top benefit to implementing an automated Accounts Payable workflow system by 76% of respondents in the PayStream Advisors Invoice and Workflow Automation report. Additional benefits include lower processing costs, reduction in late payments and increased discount capture. All of which could result in cashing in on rewards for your company. The following excerpt from the PayStream Advisors Invoice and Workflow Automation report shows the complete list of benefits of approval workflow.
Benefits of Approval Workflow - The implementation of an automated workflow system removes the friction of paper invoice workflow and speeds up the invoice approval and payment process. As the implementation of automated workflow increases, more companies are cashing in on rewards. According to PayStream survey results, the biggest benefit achieved through the implementation of approval workflow is quicker approval of invoices, see Figure 14. Quicker approval leads to less late payments and penalties and increases discount capture.
Figure 14 - Benefits of Approval Workflow