Your Accounts Payable (AP) department is an essential part of your business, and it’s crucial that the department is operating at its full potential. Micro Records has the experience and technology required to handle your AP needs and can help your staff reduce their time spent sorting mail, opening envelopes, and performing data entry. Continue reading to learn more about how to help your AP department operate efficiently to save time and money!
AP Processing Facts
According to the Institute for Finance and Management (IOFM), the average company receives over 14,000 invoices every year, and over 60% of invoices are paper-based. It costs an average of $11.76 to process a single paper invoice, which means that organizations are spending a significant amount of money on invoices alone. Also, 70-80 percent of invoice handling costs are related to labor such as document handling and manual data entry, and businesses realize that manual accounting practices can be time-consuming, unprotected, and subject to human error. However, companies that switch to digital invoices will save an average of $5.46 per invoice, and a reduction of about 50 percent for handling costs. Businesses are now looking toward AP automation to simplify and streamline their AP processing costs associated with manual data entry, paper handling, filing and retrieval, routing of documents, supplier inquiries, and audit requests.
Benefits Of Our Invoice Processing Services
The process of AP automation starts with your suppliers sending their invoices to a dedicated PO Box. Our experienced staff will retrieve, open, and sort your mail, capture your invoice data, and send images through AP workflows. Your staff will then have AP invoices sent directly to them daily, and they can simply approve the invoices and remit for payment.
With Micro Records’ invoice processing services, your business will experience many benefits, including saving time by eliminating your staff’s manual processes, decreasing your paper burden, avoiding errors and duplicate payment, increasing information security, managing approvals electronically, and obtaining detailed reporting and audit trails.
AP Automation With Micro Records
Due to our companies outstanding 2017 sales, Digitech Systems has selected Micro Records Company as A 2018 Gold Star Partner! Micro Records can help your business transition to a paperless way of life with quality e-forms and technology. For more information about how we can help your business utilize proactive monitoring, transition to doing things digitally, get rid of sensitive documents securely or benefit from new technology solutions, visit us online or give us a call at (877) 410-SCAN. For more tips on transitioning your business to paperless technology and going green, follow us on Facebook, Twitter, LinkedIn, Google+, YouTube, and Flickr.