It’s mid January. How are your new year’s resolutions holding up? Are you hitting the gym? Watching your diet? Focusing on the important things in life? If it’s a challenge to squeeze time for yourself and your resolutions out of every day, here’s one thing you can do to make it easier: be more efficient at work by streamlining your AP invoicing.
This isn’t as tough as it seems once you break it down. Think of it as a series of workout exercises. Like going to the gym, you have a million excuses not to, but you’ll feel great once you’ve done it.
Exercise 1: The Data Press
First, set some time aside to really dive into the data you get from your invoice automation solution and figure out what’s going on. Hone in on the Key Performance Indicators (KPIs) you really need to consider, such as lead time for total processing, lead time for each individual process step, lead time required for approvals, and your touchless ratio for each organization and supplier.
Next, compare your performance to relevant benchmarks in your industry, to see how you compare with everyone else, where you excel, and where you have room for improvement.
Exercise 2: The Process Lift
Identity roadblocks and remove them
The next thing to do is identify roadblocks in your invoice processing and remove them. Have a look at your data with an eye toward identifying patterns. Be on the alert for invoices from certain suppliers that seem to keep getting stuck in the pipeline because the invoice information doesn’t match the purchase order data. Are buyers or purchase organizations not updating the ERP data? Are some managers are always behind on invoice approvals, resulting in late payments to suppliers?
Getting to the root of these problems allows you and your staff to work together to find solutions. A faster, more efficient and more accurate process benefits them, as well as you and the entire organization.
Exercise 3: Becoming a personal trainer
Instead of constantly answering questions about coding, or reminding people in other parts of the organization about invoicing and payment dates, teach people how your automated AP system can do, so they can take care of their own AP issues.
With a modern and user-friendly AP invoice automation solution, all the information any user needs is easily available, on their desktop devices or their mobile ones. Taking the time to teach your colleagues the ins and outs of the system will keep you from fielding the same questions over and over, and minimize SOS calls or emails when they’re on the road or working from home.
By making these relatively simple moves, you’ll achieve more efficiency—the kind that allows you to leave the office earlier and get some well deserved you-time. If you have questions, contact us at Paybox we’re happy to help you.
Paybox is a single platform for vendor management, invoice processing, invoice status updates, payment notification and AP customer service. It reduces the amount of time and paper used in processing AP, to save you money with no cost to your vendors. For more information, and tips on AP automation, contact us at (954) 510-3750