The continuing problem of too much paper to find and match for supplier invoice processing for payment is replaced by a completely electronic dashboard screen to go digital and become paperless. Integration of purchasing costs with financial accounting program to get an approaching real-time financial results view of your business.
Benefits of Implementing a Digital Procurement to Pay Platform: This is the third post in a continuing series exploring specific solutions available to the many problems identified under the heading of AP Problems. First in the series is AP Problem #1: High Defect Rates here…
AP Problem # 3. Lost Paper: Lost Time & A Productivity Sink Hole
A recent study of business productivity found that on average ten minutes a day was lost from productivity for finding lost paper file information needed to complete a task. The result is a productivity sinkhole of lost time from lost paper.
High on that list of causes of poor productivity was needing the right piece of paper at the right time to complete a task and move on. No paper, no progress. In a business office, productivity measurement needle starts falling back to the loss position the minute a crucial piece of information is missing from where it was supposed to be available for use.
Nowhere is this truer than in the payables department of an organization where purchasing and invoice payment are separate functions and often with different people responsible for separate tasks in purchasing and payment.
The connective tissue in this process has been paper. Lots of paper.
Each page with some piece of information critical to getting an invoice paid on time.
It is almost cartoonish to see an image of a business professional literally buried in paper, peeking out from behind a massive stack of files that threaten to consume his or her desk.
Just where is that invoice or purchase order that you need? Deep within the stack? Or was it in the filing cabinet?
Even if your time-consuming search is finally successful, can you really be certain that the document you hold is the most current version?
Or do you grip, between your ink covered thumb and papercut forefinger, last week’s copy, missing an important update? Somewhere in the forest, a tree gave up its lifeline circles to become paper, and all you’ve got to show for it is an outdated paper trail missing one or more pieces.
While there is a growing trend towards computerization and the promise of a paperless future, it is still a paper-based process for a lot of companies. Paper is used for completing purchases, confirming receipt of delivery, and then sending the paper back up the approval chain to confirm that the vendor-supplier is entitled to be paid. All this while happens while your supplier waits with an uncertainty of when their funds are arriving and then is given to phoning for an update after normal terms are missed. More lost time.
There has to be a better way.
SnapAP’s Procure to Pay with an automated accounts payable software module
positions you and your company to go totally paperless throughout
the whole purchase to pay process.
An instant gain in business productivity for your business.
By removing the paper from purchasing and payables invoicing, the benefits are immediate. For starters, nothing gets lost. Second, and it is a big second, your business achieves complete accounts payable transparency.
Going electronic eliminates defects, saves invoice processing time and ends the frustrating paper chase inside your business office.
SnapAP is designed to be easy for your staff and your most valued supplier to use. Easy to learn and train as well as completely set up to work without having a huge investment of IT staff or contractors involved.
- Going paper-free means that you’ll never miss a payment deadline or a supplier discount, or rebate for prompt payment by their cut off date.
- As well, as a manager, you will not ever again be staring at an outdated spend or budget to date document.
And here is the biggest benefit of losing the paperchase and going electronic. Your valued suppliers get their own login to a private transaction dashboard where they will see the status of their payment in real-time. The savings on having to answer phones by your staff will more than pay for the cost of implementing SnapAP Procure to Pay, which includes complete automation of your requisition-purchase order process through to invoice processing and supplier payment.
By using SnapAP’s included secure Supplier Portal, your supplier will always
see exactly what you are doing with their PO or invoice payment.
Even better this electronic process reduces errors discrepancies
and ends purchasing disputes over what was agreed on at the beginning.
So if your desktop is suffering from a hurricane of paper invoices each month and piled file folders on the tops of desks, with SnapAP you immediately reclaim your desk space by putting everything you need to pay invoices on a secure login desktop screen.
Say goodbye to paper-induced confusion and say hello instead to the SnapAP P2P system available on any device connected to the internet. Same easy private access is available for every individual supplier in your network. You very own custom supply chain network. Add and delete suppliers at will. No limits.
There are two ways for you to learn more.
- An easy next step is to calculate a projected estimate of your potential savings by answering a few quick questions to customize a savings calculation based on your volume of invoices and staffing input. You will get a calculation projection back immediately with an invite to explore savings in more detail.
- To see more procure to pay details faster and see a sample dashboard example of how you can go paperless immediately, then book a demo here.
Our paperless-worldview team will explain the many ways that SnapAP can streamline your purchasing, accounts payable process and supplier invoice payments all in one seamless electronic data refresh screen.
Your numbers your way, and available at a time of your choosing.
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