AP automation is a no-brainer when it comes to enhanced efficiency in the workplace. How much time does your company spend on the AP process gathering invoices, keying them into your accounting system, routing them to the right people for approval, and getting them paid?
Maybe the better question is, how much time could be saved if these processes were automated? And what could your business do with that extra time?
AP automation with M-Files can give you that extra time and more. Would these benefits help improve your organization?
Higher Security with AP Automation
The typical AP process involves paperwork, and a lot of it. Unfortunately, the more paper you have floating around, the more your company’s security is at risk. Think of all the personal information that is easily accessed on just one W9. The average company has far more than W9s on file.
Think about what could happen if the wrong person had quick access to the file cabinet where your company keeps employment applications, background checks, driver’s license copies, and more. It only takes a moment for this vital information to be compromised. What a nightmare!
Now, what if you were able to get rid of that vulnerable file cabinet? If you could save this critical information electronically, it would immediately become more safe, secure, and convenient. You might think this scenario just went from a nightmare to a dream, but it’s not just a dream. M-Files can make it a reality by protecting your company from security breaches. All this sensitive information can be stored in electronic locations that are highly protected with multiple layers of security.
We already discussed the time savings when you don’t have to gather all the invoices, and then input, route, and pay them. But you can also create more efficiency by eliminating the filing and locating of vital paperwork. This not only saves time, but it virtually eliminates the possibility of misfiling due to human error.
Consider this. The average worker spends 18 minutes searching for a document. That may not sound like a lot, but the average worker also shares an average of six documents a day. If they have to spend about 18 minutes looking for each one, that’s one hour and 48 minutes a day that is wasted. Multiply this by the number of employees, and that a lot of wasted time each day that could be put to better use. Don’t you agree?
Wasted time equates to wasted money. The average cost of filing a document is about $20. But the average cost of misfiling a document is $125. In fact, the average cost to keep that antiquated filing cabinet maintained is around $1500 per year. It all adds up to unnecessary expenses.
Did you know that Gartner estimates that roughly 1 to 3% of a company’s revenue is spent on printing costs? That comes out to about $150 per employee. Even if you only have a few employees, that is a cost that can be whittled down considerably with AP automation.
AP automation with M-Files can save your company up to $5 per document while it also reduces errors by as much as 30%. You can do the math and see how this would improve your bottom line. Cost saving is easier than increasing revenue, but you can probably make the jump and realize that revenue will also increase due to more efficient workflow.
M-Files and AP Automation
M-Files and AP automation will help you pay invoices quickly and efficiently, while saving you time and money, safely and securely. It makes it simple to transition to a paperless system and is intuitive to use. Manage your AP process anytime, from any device you choose.
Wondering how to automate business processes with Intelligent Information Management? Download our eBook.
It’s time to schedule your M-Files demo with Laminin Solutions.