Accounts Payable Automation Pays Dividends

Accounts Payable Automation Pays Dividends
David Furth

Abstract (Summary)

Labor-intensive manual accounting systems and paper-based invoices have been plaguing accounts payable departments for decades. Departments relying on manual systems are finding that adding staff does not solve the inherent problems of unrecorded liabilities; duplicate, inaccurate, or unauthorized payments; and misappropriated cost allocations. These departments are struggling to meet their organizations' basic need for visible, timely, and accurate financial reporting and control. And compounding the problem, their manual systems make it difficult, if not impossible, to address the critical issues at the heart of compliance with the Sarbanes-Oxley Act (SOA). Faced with pressure to reduce costs, comply with strict process controls, and provide accurate and timely financial reports, best-in-class organizations have streamlined the invoice capture, review, coding, and approval process. They have also leveraged effective technology solutions that not only support process improvement but also deliver detailed analysis and reporting.