This post is part of The Datamation Guide to Managing School District Records.
While most industries face issues with manual accounts payable processing, schools simply don’t have the funds to waste on the extra costs that come with manual data entry and processing. Manual processing is costly, error-prone, and time-consuming between approval, matching, data entry, and more. Manual processing is outdated, and luckily, unnecessary when you automate your AP processes with Datamation.
The average invoice costs $22.75 and 16.3 days to process—and that’s just a single invoice. Between cafeteria food vendors, equipment vendors, and more, the average school district handles hundreds of invoices per year.
The amount of resources that go into AP processing reaches beyond money—employees who enter this data could be spending their time enriching student experience. Besides being a waste of valuable resources, manual entry is subject to a sizable margin of human error. When employees spend hours reading and entering numbers, it’s probable that tired eyes will lead to mistakes, which are costly and time intensive to fix.
When AP processing is automated, the difference is dramatic in the amount of time and money saved. Automated invoices cost $3.40 and 6.1 days on average to process. Every step of the process is automated, and the costs of printing, mailing, matching, and fixing data entry mistakes are eliminated.
In addition, companies who automated their AP processes were able to take full advantage of prompt pay discounts, which are offered to businesses who pay their invoices early or on time. On average, only 16% of districts and businesses who don’t automate are able to take advantage of prompt pay discounts. Comparatively, 47% of districts or businesses who do automate are able to use these discounts.
Better still, the money saved by automation can be put towards better equipment, more educational programs, and funding for clubs or teams. Without having to spend time entering data, staff productivity will increase and be directed towards school-wide improvement.
Datamation can take AP processing from an inefficient, time-consuming chore to a streamlined, nearly effortless workflow. The changes made to this process have widespread benefits: higher employee productivity, huge savings, fewer errors, and more funding for the important things within your district.
Datamation can make a world of difference in how your district runs, and gives you only the best results for the well-being of your students and employees.