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AP Invoices - Meet Your Match

Topics: Macola 10, Accounting, workspaces, Professional Service

Posted on Jun 1, 2016 1:00:00 PM by Exact Macola

iStock_000002136578Medium-031724-edited.jpgIf you enter vendor invoices into Macola on a regular basis, you should be using the A/P Voucher workbench customization. It will improve the efficiency of entering vendor invoice data, simplify three-way matching, link A/P invoice documents, provide better traceability on the purchase to pay process, and automate the G/L matching process of PO receiving transactions to linked, posted A/P vouchers.

Benefits:

  • Reduce invoice processing costs – realize significant time & cost savings
  • Reduce errors & improve accuracy
  • Replace manual data entry
  • Replace paper-based invoices
  • Integrate with Macola 10
  • Easily search liabilities & payables
  • Enable traceability
  • Integrate with general ledger

Example Cost Savings:

Without AP Automation:
10,000 invoices x 5 minutes per invoice = 833 hours

With AP Automation:
10,000 invoices x 2.5 minutes per invoice = 416.5 hours

Result = $18,742 in savings (assuming a $45 hourly rate)

**Time savings could vary, with the possibility to receive up to a 70% reduction in processing time.

AP Automation Addresses the Following Issues:

  • Large volumes of transactions arriving in different media and formats
  • Challenges in identifying the right data to extract and enter in the financial system of record
  • Discrepancy resolution and approval workflows that reach to the edge of the organization, and the need to ensure the highest integrity
    
The ERP Blog covers the impact of Enterprise Resource Planning (ERP), business software and accounting solutions on organizations in the manufacturing and distribution industries.

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