Companies that automate their Accounts Payable workflow stand to benefit financially, according to a study at IOFM.com:
- Companies that use “limited automation” (no more than 20 percent of invoices received electronically) can expect to receive 52.9 percent of early pay discounts.
- Companies with “moderate automation” (21 to 69 percent of invoices received electronically) can expect 58.5 percent of the same discounts.
- Companies experiencing “significant automation” (at least 70 percent of invoices received electronically) do much better, averaging 74.2 percent of early pay discounts.
If your organization is looking to capture a greater percentage of those early pay discounts – and streamline your AP process at the same time — Dimensions360® AP workflow can automate your entire transaction lifecycle. From the receipt and processing of PO and non-PO invoices, to electronic payments, Dimensions360 can optimize every step of the AP process.
Benefits of automating with Dimensions360 include:
- Data automatically extracted from invoices regardless of the format, transferred directly into the ERP of your choice
- Automatic matching of invoices, POs and goods receipts, at the header or line level
- Exceptions workflowed to correct approver(s), with approvals and communications recorded
- Automated approvals for recurring invoices and contracts
- Complete archival and auditing capabilities
Dimensions360 is part of Data Dimensions’ complete AP automation solution, which includes a digital mailroom with secure, state-of-the-art processing facilities, and an electronic payments solution that offers multiple payment methods with the opportunity to generate monthly rebates.
To learn more about best practices in AP automation and steps your organization can take now to prepare for the move to a digital processing environment, click here to sign up for the webinar, “4 Steps AP Leaders Can Take To Help Their Business Return To Growth”, led by industry expert, Mark Brousseau.
You will learn:
- The latest benchmarks on how COVID-19 has impacted invoice processing
- Why there has never been a better time to modernize the accounts payable function
- A post-pandemic action for creating a future-proofed accounts payable department
- The technologies that will be most influential to the future of accounts payable