Accounts Payable Outsourcing
Datamation’ s accounts payable outsourcing service utilizes workflow, automation, and imaging to improve efficiency and accuracy, and to lower costs in the accounts payable process.
According to the Aberdeen Group, the industry average cost to process an invoice is $15.61 and it takes 9.7 days. AP outsourcing from Datamation can achieve a cost range of $1.40 to $1.95 per invoice, and processing time can be cut to under 2 days.
In addition, Datamation’s system and services will give your office the accounts payable tools necessary to drastically reduce errors, speed up payment, and track where your money is going, allowing you more control and the ability to reduce labor costs.
Datamation is certified by the Institute of Finance and Management (IOFM) and has received the Accounts Payable Solutions Consultant Certification (APSC).
Benefits of Outsourcing Accounts Payable With Datamation
- Dashboard view of the AP process with complete visibility
- Auto-route invoices for approval
- Simplify G/L coding
- Perform 2- and 3-way matching
- Eliminate manual data entry and keying errors
- Take advantage of all discounts
- Prevent duplicate payments
- Eliminate filing and retrieving
- Streamlined approvals
- Monitor the progress of invoices
- Send email reminders, alerts and escalations
- Significantly reduce AP processing costs
- Completely eliminate paper-based processing
Outsourced Accounts Payable Process
Datamation’s accounts payable outsourcing service uses a combination of mailroom outsourcing, document scanning, and an automated invoice processing workflow system. The end result is a fully digital invoice tracking and payment system that requires less manual labor and a streamlined, easy-to-use cloud platform from invoice to payment.
Here’s how it works:
Step 1: Invoices are received via standard mail and email. Our mailroom outsourcing system scans your incoming paper invoices and converts them to an electronic form. In addition, an email is set up to receive invoices that are already received electronically.
Step 2: Specialized software learns and reads incoming invoices and automatically extracts the data necessary to process payments. Invoice data is then reviewed for accuracy and uploaded into your current ERP or line of business application for accounts payable.
Step 3: Secure delivery to your accounting department. Datamation uses only secure server technology to facilitate digital AP outsourcing and cloud-based paperless document storage.
Additional Benefits of Outsourcing AP Processing
- Fewer resources required in your mailroom. Businesses typically incur a cost of $15 to $20 per parcel that is handled. Using a digital system yields significant cost savings and can reduce your cost to less than $1 per parcel.
- A fully digitized AP outsourcing process includes the use of imaging technology in your mailroom, which enables you to recover a great deal of office space and reduces labor costs.
- Devote a higher percentage of your payroll to customer-facing employees who help generate revenue and grow your business.
Interested in outsourcing your AP processing? Contact us for a free consultation.