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How to Determine Your Cost to Process a Single Invoice

Does your organization know how much it costs to process a single invoice? At first glance, this figure might seem too granular and specific to be of any value. After all, your organization probably understands the difference between its revenue and expenditures. But upon closer inspection, determining your cost to process a single invoice can provide your organization with a concrete figure to compare its invoice processing capabilities against. If you can decrease this figure, you can increase your bottom line — which means better cash flow management and increased liquidity to grow your business.

Ready to determine your cost to process a single invoice? Follow these steps:

  1. Set your cost per invoice benchmark
  2. Estimate your average cost per invoice
  3. Calculate your average cost to process a single invoice
  4. Compare your total against your estimate and benchmark
  5. Consider solutions for decreasing your average cost per invoice

1. Set Your Cost Per Invoice Benchmark

In Top 5 Reasons to Automate Invoice Processing, we discuss the significant cost differential for companies that process invoices manually and those that automate invoice processing. Companies with no automation spent, on average, $15.96 per invoice whereas companies with automation only spent $2.94 per invoice.

When setting your cost per invoice benchmark, you want to set a realistic goal that falls between these two averages. If your organization hasn’t automated Accounts Payable, $2.94 can be an unrealistic benchmark. However, you don’t want your cost per invoice to exceed $15.96 as this indicates that your process is inherently flawed and may require you to rework your process from the ground up.

For our example, let’s set your cost per invoice benchmark squarely in the middle of these two values: $9.45. Of course, you can adjust your benchmark as needed to better suit your business. The goal here is to set a concrete goal that we can compare against your current cost per invoice.

2. Estimate Your Average Cost Per Invoice

Now that you’ve established your benchmark, it’s time to estimate what your average cost per invoice really is. Is it greater than, less than, or equal to $9.45? In the next section, we’ll give you all of the information you need to calculate your actual cost per invoice, but before we get to that step, take a minute to consider where you think you currently fall.

If your estimate is higher than the benchmark we set in the last section, that’s okay! If it’s lower, that’s also okay! Although you are free to adjust your benchmark, keep in mind that we set it at $9.45 because this falls in the middle of the range we’ve observed while servicing our customers. Estimating your average cost per invoice gives you an opportunity to think about where your AP department currently stands. It also makes the discovery of your actual cost per invoice that much more enlightening.

3. Calculate Your Average to Process a Single Invoice

Are you ready to see where your organization stands in relation to your benchmark and estimate? Take some time to record your answers to the checklist below. You may need to reach out to other leaders in your organization for information related to these questions. Keep in mind the individuals you speak with as they may play an important role in forming your committee for the enterprise software selection process. Enterprise software, such as Accounts Payable Automation, will help you bring down your actual cost per invoice and get it more aligned with the top benchmark of $2.94 per invoice.

Here’s what you’ll need:

  • # of supplier invoices you process per year
  • Avg. length of each invoice?
  • % of PO-based invoices
  • % of invoices that require exception handling
  • % of invoices received via mail and email?
  • # of POs and check pages filed per year
  • # of invoice processors in your AP department
  • Avg. annual salary, avg. fully burdened salary, and avg. fully burdened hourly rate for AP department
  • # of early payment discounts that are available to you each year
  • # of early payment discounts that you miss each year
  • Total cost of late payment fees incurred per year
  • Total cost (if applicable) of sending invoices from remote offices or plants to HQ for processing
  • Total cost of collecting, printing, and storing POs, receiving documents, payment documents, and other transactional information, including the cost of outsourcing document processing and data entry
  • Total time spent on recurring tasks, including invoice prep, document routing, mathematical conversions, duplicate payment resolution, and reporting (per month/year)
  • Total time spent on occasional administrative tasks, including audit preparation and file destruction (per year)
  • Total time spent by non-AP employees performing tasks such as sending procurement requests throughout our internal approval routes or entering receiving data into your ERP (per month/year)

Once you have your totals, submit them to info@intellichief.com. One of our experts will calculate your average cost per invoice using our AP Automation ROI Calculator. If you would like more information about the ROI Calculator before submitting your information, please send a request to info@intellichief.com. In the meantime, bookmark this page so you can complete Steps 4 and 5.

4. Compare Your Total Against Your Estimate and Benchmark

Once you know your cost to process a single invoice, it’s time to compare it against your estimate and your benchmark. Based on your findings, following Step 5 could be either critical or unnecessary.

If you need to lower your cost to process a single invoice, considering a solution that can help your organization do just that is the next natural step. On the other hand, if your cost is already lower than the top benchmark and your estimate, your organization might want to seek a different avenue for cost savings.

Here’s what your findings suggest about your current processes:

  • If your cost is higher than the manual processing benchmark (>$15.96), it means your organization is wasting thousands, potentially millions, on time-consuming and tedious manual invoice processing. It’s time to overhaul your AP process.
  • If your cost is higher than the median benchmark (>$9.45), it means your organization is outperforming laggards but failing to streamline and optimize its invoicing processes to compete with the top-performing half of all companies.
  • If your cost is less than the median benchmark (<$9.45), it means your manual invoice processing methodology has been refined but lacks the speed and accuracy of an automated invoice management system. In other words, your organization is a top performer amongst technology-deficient businesses. Conversely, it could indicate that your organization has an invoice automation solution that isn’t performing at the level it should be.
  • If your cost is less than the automation benchmark (<$2.94), it means your organization has likely deployed some form of invoice automation to reduce its invoice processing costs. You don’t need to do anything — unless you want to expand your solution to other departments or find a solution that offers more features.

5. Consider Solutions for Decreasing Your Average Cost Per Invoice

With your cost to process a single invoice verified, it’s now time to consider your next steps and start asking questions, including:

  • Is my organization satisfied with the cost to process a single invoice?
  • How can I reduce the cost of invoice processing?
  • Which vendors should I consider to help my organization achieve its goal?
  • What is the initial cost of implementing an AP Automation solution for invoices?
  • Do we need separate strategies for tackling PO-based and non-PO-based invoices?
  • What other cost-saving strategies should my organization consider to further reduce the cost to process a single invoice?

For many businesses, AP Automation is the ideal solution for reducing invoice processing costs. With a robust, scalable solution, organizations can reduce invoice processing times by 70 percent or more while improving accuracy, eliminating duplicate payments, and seizing more early payment discounts. Together, these functionalities yield significant time and cost savings that are impossible to replicate without an enterprise software solution like IntelliChief.

Are You Ready to Reduce Your Cost to Process a Single Invoice?

Reducing your invoice processing costs is one of the best ways to enhance your bottom line. The majority of companies have not invested in AP Automation because they haven’t identified the need. Working under the assumption that “if it ain’t broke don’t fix it,” these companies continue to squander profits on processes that are ineffective and costly. Now that you understand how much each invoice is costing your business, it’s time to do something about it!

To learn more about our solutions for automating invoice processing, contact IntelliChief today. Our industry-leading AP Automation solution integrates with your core technologies to support a seamless automated experience from start to finish.

 

 

Top 5 Reasons to Automate Invoice Processing

Businesses around the globe process billions of invoices annually. As the process of purchasing materials and goods is refined and streamlined, this volume is only increasing. In fact, recent studies suggest that the volume of invoices received is likely to quadruple over the next decade. For this reason, many businesses are eager to automate invoice processing to better manage their cash flow.

The benefits of automated invoice processing are well documented, but many companies are still hesitant to take the leap. Many of these companies have heard the familiar pitches, including:

  • Invoice automation increases efficiency
  • Automating Accounts Payable improves accuracy
  • AP Automation is a perfect entry point for digital transformation

But how can you be 100 percent certain that automating invoice processing is, in fact, the ideal solution for your business? In this article, we break down the top five reasons why companies are utilizing invoice automation to gain a competitive (and operational) advantage.

1. Automating Invoice Processing Saves Time

Do you still process invoices manually? If so, your process probably looks something like this:

  1. The invoice is generated by the supplier
  2. The supplier sends the invoice to the purchaser
  3. The invoice is printed and walked to an approver
  4. The data on the invoice is manually entered into the purchaser’s ERP system
  5. The invoice data is sent to the approver for review
  6. The invoice is approved
  7. The purchaser writers a check
  8. The check is mailed to the supplier

Of course, this process doesn’t necessarily end here. If there are any discrepancies or issues with the invoice, the purchaser and the supplier must work together to resolve them for approval.

Now, let’s compare the number of steps involved when this process has been automated. It looks like this:

  1. The invoice is submitted digitally via an invoicing platform (i.e., IntelliChief) to the purchaser
  2. The invoicing platform captures data from the invoice automatically
  3. The invoicing platform automatically processes the invoice through the correct approval routing procedures
  4. Once approved, payment is sent to the supplier

With invoice automation, the number of steps required to approve an invoice is cut in half. Better yet, each of these steps is occurring in real-time, which means your business doesn’t need to wait for an approver to interact with an invoice. Invoices are automatically captured and processed as they arrive without any human intervention, resulting in an 80 percent reduction in the amount of time it takes to process an invoice. In our research, we have found that it takes companies an average of 16.6 days to process an invoice manually as opposed to only 3.6 days with invoice automation.

Needless to say, time saved is money earned — bringing us to the second reason why businesses choose to automate invoice processing…

2. The Cost Savings Are Undeniable

When you can reduce the amount of time it takes to process invoices, you can get a more accurate look at your cash flow and make better decisions, but that’s only the beginning of the cost-saving benefits of invoice automation. You also save by:

  • Decreasing the amount of labor required to satisfy your AP process
  • Reducing paper-based overhead, including printing, mailing, and physical storage
  • Eliminating late and duplicate payments

Over time, these savings add up. When your cost per invoice is up to 80 percent less, you can reinvest those dollars saved to help your business grow and evolve. We’ve done our own research by leveraging our database of hundreds of customers. We’ve found that on average, businesses that automate invoice processing pay an average of $2.94 per invoice. This cost spikes to $15.96 per invoice at companies with no automation.

3. Gain Superior Visibility and Cash Flow Management

With automated invoice processing, your business will have a more accurate picture of where it stands from a cash flow management perspective. Not only will you have a better idea of your total available cash flow but also how it is affected throughout the year. In other words, invoice automation makes it easier to plan your next move — growing your business has never been easier.

Here are some examples of what your business can accomplish with greater control over its cash flow:

  • Invest in innovation
  • Hire and train new workers for more fulfilling roles
  • Expand product and service offerings or double down on your existing offerings by improving them
  • Reinvest in other departments that can benefit from automation

It’s no secret that implementing automation makes it easier for businesses to scale as their needs evolve, but it also helps kickstart growth by providing some greatly needed stimulus. Plus, with better cash flow management, you can focus on further refining processes to become more efficient.

4. Redefine Efficiency and Eliminate Human Error

According to Billentis, 20-30 percent of invoices “have to be treated as exceptions in one form or another.” This is where the top-tier invoice automation solutions separate themselves from the pack.  An important question to ask when considering invoice automation is this:

  • Can the solution automate exceptions? And to what extent?

Most automated invoice processing systems can automate simple, PO-based invoices. When discrepancies occur, these systems break down and require manual approval. Unfortunately, this is also the scenario most likely to result in human error. What if your solution could automate the bulk of your discrepancies? IntelliChief can.

IntelliChief utilizes a variety of features based on approval logic to get the job done when other solutions can’t. Mismatched item numbers? No problem. Unconverted currencies? No problem. Missing vendor ID #s? No problem. The list goes on.

This helps you improve invoice approval accuracy while also benefiting from additional process controls, reporting, accountability checks, and more. What happens when the discrepancy can’t be automated? Invoices can be recalled on demand and instantly connected to other related documents, allowing you to analyze what went wrong and why. If the solution is repeatable, IntelliChief will take the proper action next time having learned it from your manual approver.

5. Reduce Stress With Automated Compliance

Your invoices are an important form of documentation when it comes to financial and tax compliance. Your auditor needs to know what you purchased, and for how much, to ensure that your business doesn’t have anything to hide. Unfortunately, paper-based invoices are easy to lose or damage, which can cause friction with your compliance requirements.

With invoice processing automation, you can essentially automate compliance by providing auditors with all of the information they need through a digital portal. With your system constantly updating itself in real-time, you don’t need to explain why a certain document is missing or features outdated information — everything is accounted for at all times.

The World Bank notes that invoice automation can help you fortify your tax compliance and legal security needs while reducing related costs by nearly 40 percent. Are you currently preparing for an upcoming audit? Rather than investing sweat equity and work hours into preparation each time an audit is required, you can automate the entire process from start to finish with virtually no maintenance — all thanks to automated invoice processing.

Are You Ready to Automate Invoice Processing?

Now that you understand how invoice automation can help you reduce invoice processing costs, decrease invoice cycle times, obtain more vendor discounts, eliminate paper/storage costs, and achieve superior visibility into your process, it’s time to speak with an expert about your specific goals and requirements. Before you start to shop around, it’s important to form an enterprise software selection committee and understand the integration requirements of your core technologies.

Once you have this information, contact IntelliChief to speak with an expert about your project. We’re happy to point you in the right direction to ensure that your automated invoice processing project helps your business gain a competitive advantage.

Who Should You Include in the Enterprise Software Selection Process?

In an increasingly technology-dependent world, change is always on the horizon. Your organization has spent years, possibly even decades, working diligently to achieve success. Your people, processes, and customers are a direct result of your organization’s ability to adapt and thrive, but when the playing field is no longer level, it’s time to innovate before you dissipate.

For enterprise-level businesses, keeping pace with innovation is a constant challenge. By ignoring innovation, you only prolong the inevitable. By making rash, uninformed decisions, you shift your company in a dangerous trajectory. The most obvious example is enterprise software, including:

While these technologies have the potential to give your company a distinct competitive advantage in terms of security, accuracy, speed, and cost, finding the right solution takes input and collaboration from a variety of key decision-makers. Who should you include in the enterprise software selection process? It depends on your business, core technology, and objectives. This article provides several insightful tips to help you form a team that will lead you towards the best enterprise software solution to address your specific needs.

Consider This Before You Begin the Enterprise Software Selection Process

It takes time to find the ideal enterprise software vendor for your business. The vetting process can be long and costly, which means establishing clear objectives early on is essential for reducing the cost of your enterprise software project. The vetting process typically involves between three and ten vendors, which means the more vendors you reach out to, the longer and more costly your selection process will be.

Internally, your organization needs to set rules for performing due diligence, vetting qualifications, rejecting poor matches, and, ultimately, defining its shortlist. You don’t want ten vendors on your shortlist. Two is ideal. Three is manageable. But anything beyond that can make the final selection process harder than it needs to be.

Calculating the Cost of Selection

The enterprise software selection process can take anywhere from three to eighteen months. The faster you can pull together your team and start vetting vendors, the smaller the hit to your bottom line. According to the Supply Chain Coalition, it takes “up to 300 hours/person by a team of up to 20 key individuals” to select enterprise software for your business. But with the right team (and helpful vendors), you can cut down this number drastically. They estimate that the cost of selection, on average, equals $900,000. Here’s how they reached this number:

Company burdened rate ($150/hour) x 300 hours x 20 employees = $900,000

And that’s before you get any benefit from your new system. Over the last decade, we’ve implemented enterprise software, such as ECM, AP Automation, and Sales Order Automation, for hundreds of customers. We’ve discussed this statistic with them, and, frankly, the cost of selection has never been calculated anywhere near this figure.

Certainly, this figure could account for the worst-case scenario, but we believe that transparent collaboration is the key to accelerating your project and reducing the cost to implement. You want to recoup your investment as quickly as possible, which is why we’ve made it our goal to help businesses generate 100 percent ROI within the first 12-18 months of implementation.

If you want to learn more about how companies like yours have handled the selection process, our team is happy to walk you through some case studies from past customers that are already using IntelliChief. Now, it’s time to answer the titular question:

Who Should You Include in the Enterprise Software Selection Process?

CEO

The term “CEO” is used rather loosely these days. Investopedia defines a Chief Executive Officer as “the highest-ranking executive in a company, whose primary responsibilities include making major corporate decisions, managing the overall operations and resources of a company, acting as the main point of communication between the board of directors (the board) and corporate operations and being the public face of the company.”

In most companies, high-dollar investments must typically be approved by the CEO. We recommend getting project approval from your company’s CEO before you start the selection process, then looping back around in the later stages of your search to update them accordingly and provide additional knowledge. You must provide a clear rationale for the project, the estimated cost to implement, and the projected time it will take to recoup the investment as well as future projections for cost savings and operational improvements.

It’s unlikely the CEO will be involved throughout every step of the selection process, but they need to be convinced if you want them to provide the proverbial thumbs up or down at important junctions along the way.

Other C-Level Executives to Include in the Selection Process

In addition to the CEO, you should also consider the following C-level executives when shopping for enterprise software.

CFO

As the head of your Finance department, the Chief Financial Officer oversees financial operations, budgeting, and financial reporting. When shopping enterprise software, the CFO is a powerful ally that can help you convey value to the CEO and accelerate the project timeline. Among the members of your team, they also have the most to gain. Enterprise software is highly effective for reducing costs across all areas of your organization — a benefit your CFO will recognize immediately.

CIO

The Chief Information Officer takes the lead in matters concerning information technology (IT) and implementation. This technical role is responsible for ensuring the smooth rollout of any new technologies in your organization. However, their job doesn’t exclusively involve overseeing hardware, software, and data for the C-suite. They are also tasked with researching potentially lucrative technologies, building use cases, and providing value propositions. In most implementations, the CIO plays a prominent role because they combine the technical know-how of IT with the high-level insights of the C-suite.

Recommended Solutions: Enterprise Content Management, Accounts Payable Automation, Sales Order Automation, HR Automation, and Document Retention.

President/Vice President

Sometimes, the CEO is too busy or unavailable to greenlight a new project. As the second in command, the President (or even the Vice President) can be an effective partner in navigating the software selection process. Similar to the CEO, they have high-level knowledge of your organization’s needs and a strong understanding of what must be done to succeed in an increasingly competitive marketplace.

Some companies have a single President, while others have several Vice Presidents overseeing various departments. Determining who you should turn to (or who should take it upon themselves to initiate an enterprise software project) depends on the hierarchical structure of your company. While these positions most commonly deal with logistics, business operations, and policy, they can also serve as the glue between various managers and decision-makers. They can help you determine which type of enterprise software will have the most significant benefit by examining operational weaknesses, inefficient business processes, and detrimental cost centers.

Recommended Solutions: Enterprise Content Management, Process Automation, and Platform Services.

Operations Manager

The operations manager, also referred to as chief operating officer or COO, oversees various high-level HR-related duties, including:

  • Scouting and attracting qualified talent
  • Establishing rigorous training standards
  • Refining the hiring process
  • Analyzing organization processes and recommending improvements
  • Enhancing workforce quality, productivity, and efficiency

Implementing enterprise software, whether in Human Resources or any other department in your organization, will affect your employees directly by altering the way they perform their jobs. While these changes are almost always positive, they are changes, and employees often resist changes to the status quo.

The operations manager can help make this transition a smooth experience for everyone by providing their expertise and representing the sentiment of current and future employees. They can also refine hiring processes to account for new technology.

Whether your organization is looking to automate HR-based processes or increase efficiency across multiple departments, the operations manager can provide an employee-first perspective to ensure that your enterprise software implementation makes work more enjoyable for all.

Recommended Solutions: HR Automation, Process Automation, and Document Retention.

Production Manager

The production manager plays a vital role in any organization that creates and distributes products. From scheduling to budgeting and meeting deadlines, the production manager has an inside track on the functions that allow your business to satisfy commitments to customers.

How does enterprise software factor into your production line? This is an important question that you will need to address at some point during the enterprise software selection process. The production manager can help you answer it.

For example, if you are shopping for Sales Order Automation, your production manager can help you understand the effect faster order processing and clearance will have on your production needs. When you get paid faster, you can complete orders more quickly, but what effect does that have on production? There’s a good chance that you will need to produce more products to satisfy faster order turnaround.

Recommended Solutions: Sales Order Automation, Document Management for Manufacturing, and Accounts Receivable Automation.

Warehouse/Shipping Manager

According to TalentLyft, warehouse managers (or shipping managers) are responsible for an array of important tasks, including “packing, verifying content for shipping, receiving packages, [and] ordering supplies.”

However, today’s shipping managers are also responsible for using software to optimize distribution processes, managing documents (i.e., advanced shipping notices, pick slips, bills of lading, and more), and directing packages from start to finish.

Depending on your enterprise software solution, any number of these processes can be streamlined or automated, which means including your warehouse/shipping manager in your search will help you identify a solution that meets your requirements from both operations and cost savings perspectives.

Recommended Solutions: Sales Order Automation, Document Management for Distribution, Document Management for Manufacturing, Enterprise Analytics, and Workflow Automation.

Accounts Payable Manager

One of the fastest ways to recoup your initial investment when purchasing enterprise software is by starting in Accounts Payable. If your organization is still performing AP tasks “the old way,” it will benefit immensely from Accounts Payable Automation.

AP Automation helps businesses reduce invoice processing costs, eliminate late fees, and capture more early payment discounts. It’s the perfect starting point for any enterprise software implementation because it demonstrates lightning-fast ROI and significant operational improvements. Once you see the benefits of AP Automation, it’s only a matter of time before you expand your solution to other departments — if your solution is designed for the enterprise and can be utilized for multiple applications.

Your Accounts Payable Manager is an integral part of any software selection committee, providing the technical expertise of your specific AP processes that will allow your vendor to automate your processes in a way that matches the way you currently do business (while refining these processes and making them faster and more efficient).

When implemented by a proven vendor with a penchant for AP Automation success, your AP manager’s job becomes much easier. AP Automation streamlines invoice processing, voucher creation, records management, and reporting.

Recommended Solutions: Accounts Payable Automation and Enterprise Content Management.

Line Supervisors

Line supervisors oversee work performed on the line, manage schedules, and monitor quality control. Career Trend describes line supervisors as the “eyes and ears on the line during operations.”

Although line supervisors do not perform high-level management tasks, they can provide the most granular insights into your specific processes. When mapping processes for process automation, talking to your line supervisors can ensure that nothing falls between the cracks. This is important because even minor tasks can throw off your automation implementation when unaccounted for. Plus, they will have a more complete understanding of undocumented tasks and tribal knowledge associated with the particular line they are supervising.

Recommended Solutions: Determined on a case-by-case basis.

Outside Consultants

Forming a selection committee with members of your organization is a surefire way to ensure that your selection process is productive; however, there’s no denying the fact that the solution you need may not be one that you’re familiar with. For this reason, many businesses seek assistance from consultants outside of their organization. Outside consultants are helpful for a number of reasons, including:

  • Experience dealing with customers that match your business profile
  • Expertise on the subject of enterprise software as well as the various types of software that can be utilized to solve your unique problems
  • Connections within the enterprise software industry for potential discounts
  • Taking point during the selection process to weed out vendors that are only looking for a sale
  • Impartiality during the selection process
  • Familiarity with your existing core technology
  • Industry-specific or ERP-specific knowledge

Recommended Solutions: Determined on a case-by-case basis.

Account Executives (From Vendor Shortlist)

Once you have created a shortlist of vendors you are interested in discussing your project with, establish a point of contact at each solution provider. Are they trying to sell you their product? Yes. But in order to do so, they need to answer all of your questions and gain your confidence. In other words, you have all the leverage during the selection process.

Here’s an insider tip: the vendors on your shortlist are expecting you to be in talks with other providers. Use this to your advantage. Compare and contrast their offerings against the others on your shortlist. It’s a good idea to be transparent about the other vendors you’re considering as this can help you discover which ones are being substantive with their claims and which ones are only blowing smoke.

Ultimately, it’s up to you to decide for yourself which vendor has the right solution for your business, but it’s impossible to distinguish between the good and the bad without talking directly to an account executive from each contender. Here are some questions to consider as you talk to vendors:

  • Does the solution integrate with my ERP system?
  • If so, does the integration provide real-time updates?
  • Will I have to change my business processes?
  • Is the interface user-friendly?
  • What features are available to improve straight-through processing rates?
  • Does the solution permit remote work capabilities?
  • Is the solution able to be audited?
  • Does the solution feature analytics for reporting?
  • Can the solution be expanded to other departments?
  • What else is included beyond the software itself?
  • How is training handled?
  • What makes this solution more suitable than the others on my shortlist?
  • How can we verify ROI before making a significant investment?

By asking these questions (and others), you can start to whittle down your shortlist from the recommended three vendors to your chosen enterprise software solution.

Recommended Solutions: Determined on a case-by-case basis.

You’ve Formed Your Enterprise Software Selection Committee. What’s Next?

Now that you’ve assembled a diverse, knowledgeable team of experts from inside and (potentially) outside your business, it’s time to get to work. The longer you wait to implement a game-changing solution, the higher the opportunity cost of remaining the same. Businesses often fail to recognize the detrimental effect of existing inefficiencies that have been baked into your processes for years or decades — but this is the very reason why waiting to get started only hurts your bottom line. Fortunately, there are several ways to get started, including:

For more information on identifying the right enterprise software solution for your unique business needs, contact us today. Our experts are standing by to help your break down your goals and requirements. One quick chat with an expert can potentially save you hours of wasted time by ensuring that your search is pointed in the right direction from the start.

 

4 Tips for Going Paperless

There are many benefits of transitioning to digital paperwork but going paperless is not as simple as making a pledge to stop using paper. Going paperless requires an investment in technology and a close relationship with a vendor that can provide the tools and knowledge to help your organization eliminate its reliance on paper. This article discusses four tips for going paperless to help business leaders understand how to go paperless while avoiding the common pitfalls that can derail your initiative.

How to Go Paperless

Before we explore our tips for going paperless, it is important for businesses to understand how to go paperless in the first place. Migrating from paper to digital takes time, patience, collaboration, and investment. Covid-19 has accelerated the timeline for many companies who had “going paperless” on their to-do lists moving into next year, which means you need to start planning your paperless strategy today if you want to stay ahead of the competition.

The first step in going paperless is identifying a suitable strategic partner that specializes in transitioning businesses from paper-based workflows to digital workflows. Several types of vendors can assist with this transition, but an Enterprise Content Management (ECM) vendor will offer the most robust feature set allowing for greater functionality, compatibility, integration, performance, and scalability. However, before you can choose your vendor, you need to organize your company internally and get everyone on the same page. Follow these four tips for going paperless to start your search:

1. Create an Internal Team to Lead Your Paperless Initiative

Even if you hire a third-party consultant to help you evaluate and vet vendors, nobody knows your business like you do, so it’s essential that you form a trusted team internally to ensure your project is moving towards your goal at all times. Establish a team that fully understands your company’s business processes, including the underlying workflows that are not always consistent from person to person. For example, if you want to go paperless in Accounts Payable, you should form a team including members of your AP department and perhaps a member of your IT department to help translate any technical information that might not register with your AP Director, CFO, or your most active AP processor.

2. Consult Key Decision-Makers and Address Concerns

After establishing your team, it is time to consult them about their specific pain points. What do they hope to achieve by going paperless? What concerns do they have? How will they measure the success of the project? What will happen if the scope of work changes? You need answers to all the questions before you select a vendor. Even after you choose a vendor, the answers to these questions may change, but you want to set clear goals early and establish a precedent to avoid significant changes once your project has commenced. Remember, you can’t make everyone happy, but you can satisfy your team by listening to and considering every idea and pain point presented to you.

3. Develop a Roadmap

Now, it is time to get started! Talk to your implementation team, your consultant (if you have one), and any vendors you are currently vetting. Together, you can plot your roadmap and establish a plan that will get your key decision-makers to buy-in. Keep your existing processes top of mind when developing your roadmap. Which processes can be improved? Which ones need to stay the same? Keeping with the example of going paperless in AP, you must create standard operating procedures in collaboration with your AP team to ensure that your workflows are documented accurately. You must also plan for growth and scaling across multiple departments (if that is your endgame).

These considerations must be addressed openly with your vendor to ensure that they can truly provide the technology your business is searching for. Many companies go paperless in one department, such as Accounts Payable, and later expand their solution to other departments, including Accounts Receivable, Human Resources, Customer Service, and more. If this is the goal of your business, it must be accounted for in your initial roadmap to ensure the right vendor is selected.

4. Establish Clear Expectations

Ultimately, these tips for going paperless are worthless if your project fails to meet your requirements, but this pitfall can be easily avoided by setting clear expectations from the beginning. Answer important questions like:

  • How soon do you want your implementation to be completed?
  • How important is integration with your core technologies?
  • What is your expected ROI?
  • Do you want to process documentation without human intervention?

Your specific expectations will be unique to your business, and your list may grow after speaking to a vendor, so be sure to maintain transparency as you create your list of requirements.

Are you interested in learning more about how your organization can go paperless? Contact IntelliChief today to learn more about our award-winning approach to Enterprise Content Management.

Automation Skills Gap

How Businesses Can Address the Automation Skills Gap With a Team-First Approach

Automation Skills Gap

There is a significant skills gap with automation, one that must be confronted head-on to address deficiencies that could threaten your digital transformation. According to Forbes, “63 percent of business leaders believe the pressure to reduce costs will require their organizations to use AI in the next five years,” which means the clock is ticking on businesses that have yet to start to their automation journey. Don’t worry. This article is the perfect jumping-off point, answering essential questions like:

 

  • What is the automation skills gap?
  • Why is it important to open up a dialogue about automation?
  • Which tasks can be automated to benefit your team?
  • Why does automation give leaders the perfect chance to retrain and upskill their workers?

What Is the Automation Skills Gap?

Any competitor in an industry with a growing skills gap is in danger of losing their market share if they cannot find a way to address their deficiencies. In many cases, these skills gaps are the result of generational shifts in the types of occupations being pursued. For instance, the skills gap in the construction industry is the result of a lack of millennial construction workers. To attract new talent, contractors are investing in technology and software to help bridge the gap between the needs of the industry and the talents of the new generations. That said, generational shifts in the interest toward certain professions aren’t the only catalyst for skills gaps.

In regards to automation, the skills gap is related to technology. Digital Transformation is sweeping the globe, and those who fail to adapt will find themselves fighting an uphill battle against their competitors who have equipped themselves with the tools to work faster and more efficiently. McKinsey surveyed 1,500 executives across a broad range of industries and found that “addressing potential skills gaps related to automation/digitization” was a Top 10 priority for 66 percent of respondents. Furthermore, it was a Top 5 priority for 30 percent of respondents.

Industry 4.0 is here, and businesses are being forced to evolve. It is this evolution that has revealed an opportunity for the next generation to capitalize on the need for talented, automation-savvy workers that possess the soft and technical skills necessary to help businesses thrive in an automated world.

Remember, automation isn’t a substitute for your valued workers; it’s a complementary asset that improves work for everyone. It’s time to transform. For business leaders, that means not only consulting with automation experts to plot your Digital Transformation but also meeting with your team to retool your enterprise for a more profitable future.

Open Up a Dialogue About Automation

If you are already in the process of exploring your options to automate your company, it’s important to take note of three things before you commit to a purchase:

  1. Automation can be implemented to take over tasks, but it’s less effective at taking over jobs.
  2. Automation works best as a complement to your existing team.
  3. Automation can ameliorate working conditions to improve company culture and worker retention.

With these facts in mind, it’s time to open up a dialogue with your team so they are aware of your intentions to automate the company. Whether you’re looking to implement automation in Accounts Payable, Sales Orders, Human Resources, Customer Service, or another department entirely, you want to quell any concerns about automation and help your team understand why automation is important and how it will positively affect your company. You might be surprised to find that they not only take the news well but embrace it and support you. The automation buzz continues to build year-over-year, but not for the reason you might expect.

Adobe Digital Insights analyzed 3 million social mentions related to “future of work” and found that sentiment towards the role of automation in the workplace was overwhelmingly positive. People are more interested in learning about how automation can make their jobs more enjoyable as opposed to how automation could affect employment negatively.

Target the Menial, Time-Consuming Tasks Your Team Loathes

Now, it’s time to address the skills gap preventing you from taking the next step on your automation journey. The skills gap with automation refers to the soft and technical skills required to help employees thrive in a workplace that has incorporated automation in some form or another (i.e., AP Automation, Data Entry Automation, etc.). However, before you can address these skills gaps, you must identify them by mapping out business processes for automation. It is recommended that you undergo an in-person or virtual whiteboarding session with an experienced automation expert so you can target the menial, time-consuming tasks your team loathes — those that are the best fit for automation and tend to be error-prone, such as:

  • Data entry
  • PO/Non-PO invoice processing
  • GL coding
  • Auditing
  • Document routing

Once you have identified the processes suitable for automation, you will have a better understanding of the tasks that can only be completed by your valued team members. During this time, it’s highly recommended that you take a step back to focus on how you can retrain and upskill your workers to create a more resilient and self-sufficient workforce.

Focus on Retraining and Upskilling

Automation helps your business optimize processes that are commonly viewed as tedious and repetitive, but it’s not a panacea for all of your operational woes. As the emerging leader in workflow automation for the enterprise, we speak from firsthand experience when we say that your business will get significantly faster and more efficient, but there’s still work to be done if you want to gain a leg up on your competition. This is where your most important asset, your employees, get a chance to truly shine.

Did you know that 82 percent of executives at companies with annual revenues exceeding $100 million believe retraining and upskilling are the primary solutions to addressing the automation skills gap? It’s time to get to work! Job roles are changing and being redefined, yet 42 percent of US businesses lack a solid understanding of how automation will affect their future hiring processes in relation to specific job skills. Retraining and upskilling workers already under your employ are viewed as urgent matters by most business leaders. When you automate your company, you are presented with the perfect opportunity to assess areas of your business that can be improved and retrain your workers accordingly.

This can be accomplished in a number of ways, but many companies have found success by offering free e-learning content for employees or supporting re-training at institutions of learning. Arguably the best approach, and most hands-on approach, are retraining and upskilling opportunities that occur within the company itself. This approach helps you dial in on specific areas that need to be addressed, ensuring that your employees pick up the skills that will help them flourish at the company for years to come.

Closing the Automation Skills Gap for Good

Learning and development programs and training are highly effective measures if you’re looking to close the automation skills gap and embark on your automation journey. There’s no substitute for the real thing. Your workers have the knowledge, empathy, and unbridled freedom to do things automation could never, which makes liberating them from tedious tasks that much more important.

Are you ready to automate your company? IntelliChief, the emerging leader in Enterprise Automation, makes it easy to transition from manual processes to a fully automated workplace. We even train your team to get the most out of your system so you don’t miss a step during your Digital Transformation.

To learn more about how Enterprise Automation can take your business to the next level, contact IntelliChief today.

 

Why Your Company Should Consider Going Paperless

Going Paperless

Information is the heartbeat of an organization. Businesses need to manage and distribute information related to all of their departments’ business processes. This list can be long, as it typically includes Accounting, Customer Service, Human Resources, Legal, Operations, and more) and may need to be compliant with Sarbanes Oxley or HIPAA. If the circulation and management of this information slows down or becomes ineffective, progress gets stalled, and business concerns start to surface.

When a company is working under a tight budget in a demanding economic environment, every technology-related decision is predicated on its ability to generate an appreciable ROI. One major cost area in companies getting scrutinized is paper-based business systems. Traditional paper-based methods for creating and delivering documents are fraught with huge costs, chronic inefficiency, costly errors, and offer little flexibility. Some of these costs, which can be mitigated with Enterprise Content Management (ECM) and Workflow Automation, include:

  • Paper and paper-related expenses
  • Storage
  • Labor
  • Capital expenses
  • Employee productivity
  • Business processes

Why Do Companies Still Rely on Paper?

Many companies keep old paper-based systems for two reasons:

  • They do not know how much they’re really spending
  • They fear negative ROI from implementing a new solution

Paper-intensive companies need to find alternatives to these methods to reduce paper usage and eliminate paper costs that decrease their bottom line.

Successful ECM Projects Start With a Review of Your Current Expenses

Converting a company from paper-based processes to digital processes can seem like it is going to be an overwhelming expense, but it doesn’t have to be.

Calculating an ROI financial analysis requires careful study of current physical costs (paper, toner, paper storage, postage, shipping, envelopes) and labor costs (retrieving, handling, and filing paper copies).

Forrester Research references the ROI of imaging, suggesting companies follow these steps before converting to a paperless process management system:

  • Create a formal needs assessment
  • Establish specific goals to be addressed
  • Know your costs
  • Evaluate solutions
  • Build a business case with a clear ROI.

When companies go through the exploratory process, they begin to discover the excessive costs related to paper and inefficient processes. They can now consider adopting a paperless process management strategy document to achieve long-term cost savings and better efficiency.

Why Going Paperless Is the Only Solution for Large Enterprises and SMEs

The Gartner Group recognizes the components of Enterprise Content Management as top technology priorities for businesses.

An ECM system makes it possible to lower the high costs of paper and paper-related products, reduce manual processing of documents, improve business processes, enable businesses to scale their operations, and improve general efficiency in their organization.

Cost reduction from eliminating paper and storage for documents, a cut-back in operating expenses (daily time savings, eliminated rework, time lost looking for misplaced documents) are some of the benefits businesses achieve immediately.

A new paperless system can be added in stages, with a series of projects that do not require converting all paper documents and business processes at the same time. New processes can be added over time as a business grows.

Are you interested in learning more about adopting ECM and Automation for your business? Contact IntelliChief today to learn more about our award-winning, time-tested solutions that have helped hundreds of customers work smarter, not harder.

Content Intelligence

How Content Intelligence Supports Your Company’s Digital Transformation

Content Intelligence

Digital transformation. It’s a phrase that seems to be tossed around more and more these days; however, despite its burgeoning popularity, it’s somewhat of a misnomer when examined through a critical lens. In today’s unpredictable business climate, companies don’t just need to transform, they need to evolve in order to adapt and thrive. The digital transformation sweeping the globe isn’t a passing trend, it’s the next major challenge in the survival of the fittest — and, as it turns out, the key to staying viable may be content intelligence.

What Is Digital Transformation?

Business leaders that are determined to keep up have a lot to consider as they seek solutions to assist them with their digital transformation. According to Salesforce, these technologies can be utilized to modify or replace existing “business processes, culture, and customer experiences to meet changing business and market requirements.”

In other words, every company’s digital transformation is unique to its own existing processes and structure. Business leaders can spend a lot of time digging through niche technologies designed for their vertical, but this isn’t always the best method. Niche solutions typically require multiple vendors and haphazard integrations. Starting with a robust, formalized solution can help streamline integration and minimize the learning curve of adapting to digital processes. So, where do you start? First, you’ll have to answer this question:

What is the one thing every business has in common?

 

Content. Documents. Information. It’s the fuel that keeps a business operational, which is why business leaders exploring options for their own digital transformation should seek a flexible solution that allows them to handle their content more intelligently. With content intelligence, businesses can adopt a solution that can be fitted to every department across their organization, making it the perfect technology to kick off your digital transformation.

Content Intelligence Tools Simplify Unstructured Data Management

Content intelligence encompasses a range of technologies designed to digitize business-critical information so it can be routed throughout an organization as efficiently as possible. Content intelligence allows a business to reduce processing times, increase fulfillment speed, and mitigate human error. Businesses benefit because their employees have far fewer manual tasks, significantly reducing the chance of missing or erroneous content.

Leading content intelligence platforms utilize artificial intelligence and machine learning to read documents, capture and index information, rout it approved users, validate data across multiple related documents, and a number of other functions that help your organization manage unstructured data. The technologies that make up content intelligence tools include:

  • Optical Character Recognition (OCR)
  • Machine Learning
  • Content Analytics
  • Unit of Measure Normalization
  • Universal Cross-Reference Tables
  • Mobile Capture
  • And More

Leveraging Content Intelligence for Your ERP System

Major Enterprise Resource Planning (ERP) providers, such as Oracle, SAP, and Infor, have grown rapidly over the last decade, culminating in Koch’s $13 billion acquisition of Infor in April 2020. A company’s ERP system plays an integral role in its day-to-day operations. Unfortunately, widespread adoption and a race to acquire third-party solutions that bridge the gap in these ERP systems’ shortcomings have made it integral for companies to seek partnerships that help them get the most out of their ERP system, such as business process automation for Accounts Payable or remote GL coding for invoices.

Regardless of which ERP system or line of business application a company relies on, a leading content intelligence solution will capture the important information from any incoming document and rout it a relevant user or into an automated workflow, depending on the software stack being utilized by the business. Any employee within the organization who has the proper permissions can then view, edit, and manage the document without leaving their desk. Companies that embrace business process automation can even eliminate approvals altogether if the matching process passes a certain confidence threshold — typically around 90 percent.

Content intelligence tools make quick work of duplicate invoices, mismatches, and other exceptions that fail to pass through your ERP system. Machine learning capabilities mean visually unique invoices, such as those sent from new customers, are quickly read, interpreted, and applied to any future invoices from the same source. In a perfect system, document routing can be automated for as many as 70 to 90 percent of documents, allowing companies to cut costs, consolidate resources, and eliminate “busy work.”

Make Informed Decisions and Gain Superior Visibility With Content Intelligence

Another benefit of content intelligence is the ability for business leaders to clearly visualize the inner workings of their business with analytics. How many invoices does your company process a month? Which employees are processing the most documents? How many documents are being held up for exception handling? How long does your process take from start to finish on average?

Businesses that can answer these questions have all the information they need to make informed decisions that protect themselves from the unexpected. Some content intelligence tools, such as IntelliChief, even provide ROI analytics to prove that they are making businesses less resource hungry and more efficient. Businesses can literally monitor ROI in real-time — a testament to the efficacy of content intelligence.

Managing Risk During Digital Transformation

Companies undergoing digital transformation are oftentimes riddled with anxiety as they modify business processes to fit the “future mold.” They conjure images of lost documents, organizational freezes, and unforeseen legal issues. Rest assured, these fears will soon be put to rest once their digital transformation is complete.

Content intelligence can bolster an existing risk management strategy by eliminating lost documents and generating a digital paper trail of all enterprise content. Plus, the superior visibility mentioned earlier means every aspect of your process is accounted for. Additionally, when the time comes to audit, having all of your documents and content available in a digital repository means your information is ready for review at all times.

The Content Intelligence Checklist

Are you ready to explore your options? There are several content intelligence platforms available on the market, but not every solution will be right for your business. Some providers are only interested in solving a single problem for an organization. Others, generally Enterprise Content Management (ECM) providers, are geared towards larger businesses that want a scalable solution for maximum ROI. Business leaders should keep this checklist on hand when researching solutions to ensure that they end up with the right content intelligence tools for their needs:

  • Does my business process a large volume of paper, documents, or content?
  • Are misfiled, missing, or lost documents hindering my processing speed?
  • Does the solution I am researching integrate with my existing ERP system(s) or line of business application(s)?
  • Does the solution support an array of different use cases?
  • Does the solution support interdepartmental connectivity?
  • Is the solution scalable?
  • Does the solution offer named licenses or concurrent licenses?
  • Does my current ERP provider recognize this solution (i.e., Oracle Gold Partner, Infor Solutions Partner, etc.)

Naturally, business leaders will be confronted with their own questions while perusing all the options available on the market — and rightfully so. Thoroughness is essential when selecting a content intelligence solution as it will serve a business for years to come, so we encourage you to take your time when performing your due diligence. If you find yourself at a crossroads, or simply want to talk to an expert about whether content intelligence is right for your business, we encourage you to contact us today.

Ready to learn more about how content intelligence can help your business thrive during digital transformation? Contact IntelliChief today to learn more about our industry-leading content intelligence tools and ECM platform.

 

 

Automate Company

Ready to Automate Your Company? Follow These 5 Steps to Get Started

Automate Company

If you didn’t start planning your automation strategy before the end of 2019, you’re already lagging behind your competitors. In many industries, business automation is inevitable. Outdated processes inundated by years of stopgap solutions leave companies vulnerable when key employees depart the company. Specialized knowledge doesn’t always make a smooth transfer from one generation to the next, and that can leave you at a distinct disadvantage, especially during a crisis.

When you automate your company, you optimize your business processes and fuse them to the DNA of your business. You become faster, more accurate, less error-prone, and less vulnerable to business interruptions. You fortify business continuity and give yourself the ability to expand how, where, and when you do business. Best of all, your system continues to work when the office is closed, allowing you to achieve peak efficiency around the clock.

That said, one does not simply snap their fingers to automate a company. Automating processes with business automation requires preparation and planning. Follow these five steps to get started as you make the transition to the best version of your business.

Step #1: Make a Commitment to Long-Term Success

Most business leaders are understandably focused on the here and now. It’s easy to fixate on short-term success, but the long-term outlook for your business is the ultimate judge of whether you are truly achieving your objectives. A commitment to business automation is a commitment to long-term success, which means shifting your strategy and possibly KPIs to account for the adjustment. It can be a tough pill to swallow, but there’s no time better than the present to take the leap. Not convinced? Here are several reasons why you should affirm your commitment to automation today:

  • Reduce the cost of labor
  • Mitigate human error
  • Unlock remote workforce
  • Adapt to changing markets
  • Optimize workforce distribution
  • Eliminate workflow bottlenecks
  • Enhance collaboration in and across departments
  • Ensure compliance at all times

Step #2: Select Your Most Paper-Burdened Department

At this point, nobody needs to make the case for the benefits of automation – it’s a well-known fact. However, to get the most out of business automation, you need to take what you’ve learned and apply it to one of the most paper-burdened departments in your business.

More paper means more problems, which tends to result in an inefficient or resource-hungry office. These are the departments that cost businesses the most money; not because employees aren’t working hard, but because the outdated processes they are utilizing are simply no match for today’s more advanced paperless solutions. Commonly, Accounts Payable, Order Entry, Human Resources, and Accounts Receivable are the departments that can benefit most, both in terms of boosting efficiency, productivity, and ROI.

Step #3: Understand the Justification for Going Paperless

Before you can automate at scale, you need to go paperless. In many ways, eliminating paper is the precursor to automation. When you go paperless, you maintain digital copies of all documents in a secure, centralized repository that can be accessed by approved users based on permission level. This gives you the ability to access, review, edit, and rout all documents instantaneously, eliminating time spent shuffling through file cabinets or manually delivering documents. Unlike information on paper, information that is transferred into a digital format can be used in virtually endless ways, which means you can finally consider automating the processes that are holding your business back.

Step #4: Blueprint Your Business Processes

Now, it’s time to identify business processes in need of improvement. You need a deep understanding of your workflows if you want to automate it correctly. Try to avoid systems that try to force you to make sweeping changes to your existing processes. Improvements are welcome, but if a system can’t adapt to your tried-and-true processes, it might not be the right match. On the other hand, avoid duplicating a manual process using technology only because “that’s the way we have always done it.”  Change is also an opportunity to improve by challenging why things are being done a certain way.

Engaging a partner with knowledge of best ERP- or industry-specific practices can also help to re-engineer a process and make it better than before.  You want a robust product that can be “configured” to the particular needs of your business. Only then will you be able to fully realize the advantages of business automation.

Step #5:  Automate Your Company With Enterprise Content Management (ECM) Software

The moment you’ve been waiting for has finally arrived. You’ve made a steadfast commitment to automating your company, identified your most overburdened departments, reduced your reliance on paper, and documented the nuances of your business processes – it’s finally time to implement your automation solution! We recommend avoiding point solutions that only allow you to automate certain departments or processes. A configurable Enterprise Content Management (ECM) solution that can be applied to multiple departments gives you the benefit of dealing with a single vendor who truly understands the entirety of your ERP system and it’s connected applications. It also allows you to scale your solution on your own terms and timeline.

 

Are you interested in learning more about how business automation can help you work smarter, not harder? IntelliChief can help you automate your company to accelerate processing times and eliminate errors, giving you a distinct competitive advantage. To learn more about how we can help you plot your automation timeline to ensure that your business is protected against future interruptions, contact us today.

 

How to Organize Your Accounts Payable Files

Switch to Electronic File Storage

For most companies, managing the immense amount of paperwork required to keep a business running is a daily challenge. If your Accounts Payable department has grown accustomed to missed deadlines, lost early payment discounts, and unnecessary stress, it might be time to look for a solution that helps your team work smarter, not harder. However, in order to do so, you will first need to figure out how to organize your Accounts Payable files in a way that works for you.

On-Site, Off-Site, and Electronic File Storage

In most cases, businesses have three main options to organize Accounts Payable files:

On-Site File Storage

This is the most straightforward approach. You can designate a single storage area for all your accounts payable files, or you can have each employee maintain the files that they’re responsible for at their own workstation. Of course, you have to take security into account, making sure that unauthorized employees can’t access your company’s financial information. You also need to keep track of who is viewing your files and when.

The upside is that you can organize your files in any way that makes sense for you. Some companies match each invoice with the corresponding purchase order, receipt, and payment. This is typically the best approach when it comes to two- and three-way matching. Other companies organize their documents by vendor, date of payment, or date of receipt. But, whichever option you choose, know that it may still take quite a while to locate specific documents when you need to process them.

Off-Site File Storage

With off-site storage, you don’t have to find the space in your office for file after file – and you don’t have to create an organizational structure from scratch. But, you do have to budget for the (often significant) expense of storage.

You also have to trust that your vendor can quickly find the documents you need, right when you need them. It’s not uncommon for documents to get lost in the shuffle – and few things are more frustrating than having to hit pause on your workflows while you request a replacement.

Electronic File Storage

Electronic file management allows you to access your documents at a moment’s notice, without having to deal with the physical clutter. It does represent a significant up-front investment, but it lets you keep your documents organized without any effort. In fact, you can search by almost any criteria (for instance, if you don’t remember the account number or customer name, you can perform a lookup by date) – and you don’t even have to leave your desk. And when you need to collaborate, you can instantly send a document to another member of your team – even if they’re in a different office or working remotely.

Another important thing to keep in mind: no matter which option you choose, you’ll need to put a process in place for getting rid of files once they’re no longer needed. (This is especially important in public companies needing to maintain compliance with Sarbanes-Oxley and other regulations.) With on- and off-site storage, you can create a calendar and have an employee actively monitor it, although this method can be error-prone. Electronic archives, on the other hand, can be configured to permanently delete sensitive data once it’s no longer needed, making lifecycle management a snap.

Discover IntelliChief’s Enterprise Content Management System

Still not sure how to organize your accounts payable files? IntelliChief can help. Our accounts payable software has helped countless companies say goodbye to paperwork once and for all. You can set custom user permissions, create audit logs, and collaborate across multiple departments with the click of a button. Our software is designed to integrate seamlessly with any ERP system or line of business application, allowing your business to benefit from immediate improvements to processing speed and accuracy.

To learn more about how to organize your Accounts Payable files with IntelliChief, contact us today.