Accounts Payable

Solutions and Outsourced Services

Accounts Payable (AP) is a functional area of business that typically holds great potential for process optimization and bottom-line improvements. The complexities and challenges inherent in AP lend themselves to process improvements through automation and online workflows. The improvements made to accounts payable processes can favorably impact all internal resources that participate in invoice approvals and discrepancy reconciliations, vendor relations and financial performance.

Automation and online workflows serve to reduce the cost to process accounts payable, shorten the cycle time from receipt of invoice to entering data into the AP/ERP system and reduce the cycle time from receipt of invoice to payment approval and coding, all key elements in an optimized accounts payable environment.

As processes have become more complex over time, some vendor invoice processing has slowed to a crawl resulting in missed payment discounts. Many organizations have stopped negotiating for early payment discounts due to an inability of AP and the payment authorization and coding processes to process vendor invoices for payment in the time needed to accommodate discounts. (But it’s not the people in AP – it’s the legacy processes of accounts payable that have evolved over time and often out of necessity) Organizations paying attention to this also realize that they are losing the benefit of a 36% return on their money if we are talking about 2% net 10 terms (see calculation).

Solutions

ScerIS provides a number of core solutions to improve AP related processes. These solutions are easily personalized to meet the unique requirements of each customer. Follow the links to additional information:

Business Process Outsourcing

ScerIS provides outsourced services to improve AP related processes. These services are easily personalized to meet the unique requirements of each customer. ScerIS’s Service Center uses the same technologies to automate processes as those used in the delivery of solutions. This means that all invoice processing is accomplished at reduced rates, stateside. Workflows are implemented on client equipment or in the Cloud. Follow the links to additional information:

Benefits

There are obvious reasons for AP automation and workflow. Most of them have financial impact. Here’s a partial list of the many attractive benefits of ScerIS automation and workflow for AP:

Eliminate duplicate payments and related processing efforts
Reduce manual efforts handling faxes and emails
Reduce statement reconciliation efforts
Speed up invoice approvals
Provide AP with visibility and control of all in-process work
Timely responses to vendor inquiries
Fewer missed early payment discounts
Elimination of costs associated with records management
Lower risk of fraud
Less exception handling in purchasing processes
Increase potential to negotiate cash discounts
Less disruption of operations caused by delayed shipments due to nonpayment
Reduction of fees to third party companies auditing for duplicate payments and other errors
Reduction of audit related costs, both internal and external (sales/use tax, IRS, company auditors)
Complete monthly closings quicker
Better credit score

ScerIS – helping organizations enable optimized processes.

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