Guide to modernizing accounts payable

Manual processes remain a new-world struggle for accounts payable (AP) departments.

Research shows that AP departments receive almost half of their invoices manually, and 40% of business-to-business payments are manual.

High volumes of paper and manual work can lead to processing delays that disrupt operations and vendor relationships. Also critical: Inefficient, error-prone processes can disrupt cash flows and negatively impact profits.

Modernizing your AP department increases efficiency, provides great visibility, expedites information access and improves control.

How do you get there? This quick guide can help.

Automate

Hyland offers an end-to-end AP automation solution that is built on our enterprise-class OnBase platform. The solution leverages intelligent data capture and workflow automation to capture paper and electronic invoices and extract necessary information. The data is automatically sent to all relevant systems, including your ERP.

Processes are further automated via a configurable workflow engine that drives predictable tasks while delivering exceptions and decisions to the right people, at the right time.

Key benefits

• Accelerated processes

• Increased efficiency

• Reduced costs and errors

• Improved control

• Minimized data entry

• Invoices are captured from any source (paper, email, digital formats, etc.)

> Read more | Accounts payable automation: Real-world success stories

Does your AP team struggle with a lack of integration between systems? Is the AP department frustrated by switching between applications, duplicate data entry and out-of-sync data?

Hyland’s AP automation solution integrates seamlessly with existing ERPs to minimize disruption, speed optimization and increase adoption. Hyland directly integrates with any existing ERP or financial management platform — including Deltek, SAP and Workday – to capture, manage and provide critical information alongside your AP records.

Key benefits

• No switching between applications

• Greater visibility

• A single source of truth for AP documents

With documents and data automatically synced between systems, users can access the information they need, when and where they need it. Hyland’s intuitive content portal allows vendors to submit invoices and view payment statuses, and mobile access makes approvals faster and easier for remote employees.

Key benefits

• Expedited information access

• Accelerated decision-making

• Minimized process delays

• Invoices are quickly routed for review and approval

With Hyland’s AP automation solution, your team can view up-to-date performance dashboards and generate reports to monitor production. Users, administrators and auditors can get controlled access to dashboards, logs and reports that deliver key insights to stakeholders.

Key benefits

• Get insights into cash flow and process bottlenecks

• Easily identify bottlenecks and adjust workloads

• Audit AP data with one interface instead of relying on paper documents

A full set of security features are included to protect your business and third-party data as soon as it enters your organization. Content is securely stored, whether on-premises or in the Hyland Cloud.

Hyland’s solutions deliver a full range of enterprise-class, secure document management capabilities on a single platform.

Key benefits

• Information is protected and destroyed in accordance with applicable regulations

• A full range of enterprise-class, secure document management capabilities on a single platform

Thousands of organizations have partnered with us to optimize their AP processes. But it doesn’t have to stop there.

Our intelligent content services platforms can serve as an organization-wide solution that empowers you to become more agile, efficient and effective.

Ready to transform your AP department from a cost center into a profit center? We can help.