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FASTER ACCOUNTS PAYABLE

 

ACHIEVE COST SAVINGS, TRANSACTION VISIBILITY AND FASTER AP CYCLE TIMES

 

THE PROBLEM IS;

A reliable accounts payable (AP) system is an intrinsic part of any business, yet half of businesses still use cumbersome manual processes instead of automated solutions. Manual AP processes cause high procedure costs, long AP cycles, limited transaction visibility and increased risk for human error. All of this puts immense pressure on cash flows.

 

EXAMPLES

Typical examples of insufficient AP performance include:

 

  1. Manual processing of huge quantities of paper invoices

  2. Besides the actual invoice processes, associated documentation also needs to be captured, stored and archived manually

  3. No central provisioning of payment information to easily access and collaborate

 

THREAT OF DOING NOTHING

Productivity Losses - Manual processing of invoices is a costly and time-consuming task. Moreover, poor monitoring capabilities and low transparency of invoice status prevent many companies from improving AP cycle times and receiving faster turnaround times

Insufficient Regulatory Compliance - Paper-based and manual processing of invoices and all related case file documentation complicates managing and keeping records and might lead to insufficient regulatory compliance.

 

SOLUTION

Moving to paperless systems for AP processes and automating those processes, can achieve increased process visibility and simpler AP approval loops which will result in rapid and substantial cost savings, along with cash management benefits. In fact, 50% of AP system users report a payback period of nine months or less, and 22% report payback in as little as 6 months.

 

THE MACKSY KIT

  1. Viewdirect Repository - Enterprise Content Storage and Long-Term Archiving

  2. Viewdirect-Audit and Balancing System - Enterprise Content and Data Matching, Validation and Reconciliation

 

BENEFITS

ViewDirect not only delivers faster turnaround time on payments and better monitoring and transparency of invoice status, but also better records keeping for compliance purposes. Moreover, invoice processing cost reductions average close to 30%, and nearly a third report savings of 50% or more from adopting automated AP solutions.

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