Enterprises often struggle to manage document-heavy processes, particularly in regard to accounts payable. However, new electronic document management and automation technologies have enabled these firms to entirely eliminate the time and paper wasted in processing invoices and payments while also minimizing the margin for error. These benefits not only make enterprises more efficient, but also improve customer service.
A report by WinGreen Marketing Systems revealed that electronic transactions are faster and more cost-effective than paper-based invoices. One of the major problems with traditional AP processing is that invoices don't always match the purchase orders, which can lead to improper authorization. Further, WinGreen pointed out that manually matching invoices, receipts and other documents takes up considerable time, which can drain a company's productivity and hinder profit.
According to WinGreen studies, less than two-fifths of medium sized companies can process an average invoice in less than three days. Electronic invoicing can drastically accelerate this process so that suppliers receive payments sooner. The source noted that buyers can also leverage discount incentives for early payment.
Benefits for the oil and gas industry
Environmental Leader revealed that Heckmann Water Resources has used paperless technologies for a range of advantages. The news source reported that Heckmann was able to eliminate more than 700,000 pieces of paper and increase efficiency by $1.4 million with these workflows. The company uses customized electronic work order forms that allow Heckmann drivers to conduct any pickup or disposal order without the need for paper Further, Environmental Leader noted that Heckmann eliminated compliance forms and work tickets on about 200 loads per day which saves customers the cost of allotting space for storing those documents. Heckmann vice president of business technology Mark Ridgley told the source that automation gave his company a way of standardizing processes, and gave management greater visibility into disparate sites' operations.
The simplest way to reap these rewards, WinGreen's report explained, is to leverage third-party conversion services to digitize paper documents. This involves scanning invoices and other materials, creating electronic copies and digitally archiving them for enhanced transparency and a more seamless workflow. While initial scanning does take time, the source emphasized that there are more significant long-term savings, which fuel ROI from these solutions.
Investing in digital technologies for managing these processes offers enterprises the chance to improve not only the speed with which AP decisions are made, but also the accuracy and quality.
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