Article

Is your AP/AR process a well-oiled machine or a clunker?

by Nick Sprau
Vice President, Marketing and Sales, Metafile Information Systems,

I've seen the power of technology in impacting positive and productive change - not only for an organization, but for suppliers, partners and the entire ecosystem. The latest tools and technology in AP automation can not only eliminate the paper from AP processes, but can also help leadership ensure they're cultivating efficiency across the enterprise. While technology is a powerful and positive influence, it's only as strong as the processes that underpin it.

Best in class accounts payable (AP)automation software makes visibility a priority; creates savings opportunities through reduced paper expenses, early-payment discounts, and avoidance of late-payment fees; and even makes sure the right employees are assigned to the right P2P roles to maximize productivity.

My advice to organizations interested in investing in streamlining their financial management processes is tried and true. Start by taking a hard look at the numbers to get a handle on whether your organization's internal process is an enabler or a detractor of efficiency.

Invoice processing: a measure of financial health

How long does it take a single invoice to make its way through your organization's AP department? A company's profitability is often determined by how well vital departments are managed internally. The amount of time it takes to turn cash into more cash is often a tell-tale sign the level of efficiency of the AP and accounts receivable (AR) departments. Research by The Aberdeen Group indicates the top 20% of organizations process the average invoice in three days, while the bottom 20% process an invoice in just over 27 days.

A few questions to consider:

  • Do invoices with the shortest turnaround times get paid first?
  • How much does your organization spend on postage, courier costs, and other ...

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About Nick Sprau

Nick Sprau is vice president of marketing with Metafile Information Systems Inc., an independent provider of paperless document management applications serving middle-market and large businesses. Sprau is responsible for developing and implementing Metafile's international marketing strategy to support the organization's wide array of document imaging, workflow and management products and services.

Visit Metafile's Paperless AP Resource Center to read more on how companies have benefited from AP/AR technology and to connect with someone from the Metafile team. Chief among Metafile's solutions is its signature MetaViewer document management solution, which automates workflow and boosts transparency, accountability and visibility in accounts payable, accounts receivable and human resources departments.

Sprau has served the financial systems automation industry during his more than 20 years at Metafile and has been personally involved in helping hundreds of organizations improve their business processes by utilizing document imaging, workflow and electronic document management technology. Sprau has seen great changes in the way information and, specifically, information found on paper or destined to be printed on paper is handled.

Sprau's previous roles within Metafile include regional sales manager and marketing coordinator. He graduated from the University of Wisconsin - LaCrosse with bachelor's degrees in business administration, marketing and psychology.

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