Boost Productivity with AP Automation

Manual accounts payable processes are universally known to be very involved and resource heavy, often resulting in some amount of error along the way. With effective AP automation these concerns can be alleviated, creating opportunity for a range of benefits. The perks of automation have resulted in its implementation among AP professionals for the last couple of years, and are beginning to inspire a more widespread acceptance within the industry. Though there are several benefits to AP automation including decreased costs, reduced errors, and a streamlined process, we want to highlight the boost to productivity it will undoubtedly provide. According to the 2014 Automation Study conducted by The Institute of Financial Operations, respondents including finance executives, shared services directors, and AP managers, reported a range of automation use within their process scaling from less than 10% to 90%. One of the conclusions this study provided, was the discovery of a trend towards more efficient and time saving processes with the use of automation. “While 72 percent of respondents said it takes them five days or fewer for data entry, validation, and approval of an invoice, 10 percent reported completing the process in less than a day – and 9 percent said they do it in less than an hour.” This meaningful time saved by eliminating routine tasks is unprecedented, and can be re-distributed for any number of projects or new initiatives, or even inspire members of your team who were previously bogged down with labor intensive tasks. Company resources can be maximized when there are fewer people and physical supplies needed to process invoices. Staff are consequently left with...

Why Process Superiority is Important

Most business leaders and owners today have a lot of issues to deal with.  Unfortunately, we see a lot of them working in the business trying to ‘fight fires’ and deal with all these issues so much that they don’t spend enough time on a key part of any business, business process management and developing superior processes. In life, you naturally have set up some processes to make your life less stressful and allow you to focus on what’s important to you.  For instance, you most likely have your morning routine, your before bed routine, your cleaning routine and so far.  The routines are actually processes. In business, process management is just as important to allow you to make your business the best it can be.  Toyota has proven this in the automotive industry, Google in search, McDonald’s in fast food.  Process creation and management is crucial for any business and business model.   Below are our three reasons why companies and organizations today need to focus on creating and managing superior processes. #1: Industries and Business Models are changing and getting more complicated Industries are rapidly changing, from rapid growth to rapid decline.  These forces in conjunction with the disruptive technologies such as cloud computing, process automation, big data and mobile computing has only driven up the importance of companies needing to focus on business process management. The energy industry, for instance, is making a shift from a hierarchical “cathedral” fossil-based model to a decentralised, locally produced, locally consumed and sustainable model. Facing stringent competition and miniscule margins, agriculture needs to evolve from being a single link in the...

Benchmarking Accounting Costs

With today’s economic climate and fierce competition, companies today must ensure their accounting operations are competitive in terms of efficiency, effectiveness and productivity. A recent article by APQC highlights some interesting ratios on what it costs to run the best of class accounting operations in the world today.  The article can be found here.  What is very interesting is that best of class accounting operations cost only 0.4% per $1000 per revenue.  Another study by CIMA revealed that best in class accounting operations are between 0.6% and 0.7% of total Revenue The big change in the last 5 years is that the cost of technology to acheive those savings are as low as a few dollars per day as opposed to hundreds of dollars per day in the past.  With new technology we are now integrating for our clients, we are seeing accounting costs tumble for some small and mid sized companies drop 30% to 60% in some cases. If you want to find out more, just contact us and we can show you...

Task Automation

Would you like to begin to enjoy the benefits of a four hour work week? Would you like to have more time to do what you want and less time doing monotonous tasks? Then you need to start leveraging the power of the internet and the power of today’s technology. You need to start with task automation. What is Task Automation? Task automation is the use of various systems and technologies to minimize or reduce the amount of human intervention to complete the task or process. What are examples of Task Automation? Let’s look at completing a telephone call. When you dial, do you need to talk to an operator to help route your call and wait until that operator is done? OR, do you just punch in a number and the call is immediately connected to the phone of the person? That is Task Automation. When you got to an ATM and withdraw cash, do you ask a person to give you the cash and wait until that person is done? Or, does the ATM immediately dispatch the cash after you ask for it? That is Task Automation. Remember in 1981 when the word processor was introduced by Digital Equipment?  The cost PER INDIVIDUAL WAS OVER $15,000 But productivity for those companies went up 400% or more, generating them more profit and making a lot of executives rich! Today, you can get even better word processing technology for $199 or even free! Today, technology to automate your tasks is now available to individuals, small and mid sized businesses that was previously only available to the largest of corporations....
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