If you’re in charge of a small to mid-size business's AP department, you know the simple process of entering AP invoices into your ERP system can QUICKLY consume an employee’s time. It’s an easy thing to ignore as a very small business but it’s important to put scalable solutions in place as soon as possible. It doesn’t take long before you necessitate a full-time employee to enter invoices and once they are at capacity, the only option to grow is to add more data entry staff. This adds layers of management, complexity, and rockets up your cost very quickly.
So what’s the actual cost to enter an invoice?
Cost of the employee’s time + cost of management + cost of benefits + cost to correct any mistakes that employee makes. Not even taking into account the potential cost savings in digital routing for approval, this cost is substantial.
Aberdeen has done research to total up these costs and for the average company, it costs $7+ to ...
QuickBooks is a powerful platform; however, it does have some limitations. Many people have come to realize that payables approval management is still stuck in the relative dark ages (at least in a largely paperless world.) So what’s a business to do? Many invoices still come in paper format and don’t easily mesh with a paperless approval process. Fidesic AP is designed to take invoices from all sources, turn them paperless, acquire the necessary approvals and then import directly into QuickBooks.
We’ve written up this quick checklist to see how efficient and effective your accounts payable process currently is as 2017 is fast approaching. If you’d like to learn more about each step below, Fidesic AP can help fix your current challenges.
If you’ve taken a look at OCR in the past, you know that it has very really limits in terms of accuracy and reliability. If the documents are consistent format, computer readable, and predictable in content length, standard software only OCR can help reduce data entry by upwards of 80%. Now in the real world documents (specifically vendor invoices) vary wildly in format, content and quality of the scans. A traditional software only data capture system will fail miserably at reading any document that faces these real world issues. Fidesic OCR is better than software only and here’s why: 1. We know your ERP data. Most OCR will try to blindly read vendor names, terms, and coding without any reference. Fidesic OCR will compare these items against you accounting database. A missed letter no longer means a failed transaction. 2. Advanced Learning: Most OCR does not improve at all. The longer you use our system, the more intelligent our OCR becomes and becomes more and mo ...
EDI is a method for transmitting data in a standardized way. Many larger companies support EDI as a method for invoice delivery, and some even require it. If you’ve looked into EDI there are a plethora of companies trying to sell you EDI specific technologies. With Fidesic, receiving EDI invoices is built into the system.
We’ve always focused on making and easy to use system, and we’ve now shifted to easy to understand pricing. No more calculating how many invoices, customers, vendors and payments you send monthly you can estimate your use of our system simply by using our per user, per month pricing. No matter the product or features that you choose, this is simple pricing that you can count on.
Once you’ve built a digital workflow, it’s easy to assume everything is on auto pilot. For the most part, this is true. Once you’ve got an optimally functioning workflow within Fidesic, it should take care of all of your invoice approvals automatically. However, your business will have personnel changes that will require changes to your workflow engine. The Fidesic AP workflow system is fully editable on the front end of our portal and can be quickly used to make changes. We’ll cover three situations that often come up requiring a workflow modification.
So you’ve decided you want to start automating your accounting processes. With many different products, several different methods, and lots of different pricing structures where do you begin? The best place to begin is by searching for a system that works directly with your ERP system. You could have a world-class invoice approval workflow but without an integration into your ERP system you could easily increase the amount of total work it takes to approve an invoice.There are many ISVs in the automation space that offer AP solutions, but many of these are generalists who are more than happy to claim they “integrate” with your ERP system. This is frequently in the form of a spreadsheet hooked into another third party system to dump this data into your ERP system. Having to go through a separate module adds complexity and increased workload to your process. Ideally you want a service that communicates directly with your ERP system, allows your standard internal controls, provides a log ...
Providing a Customer Portal is the modern equivalent of sending out statements. Your customers will have easy access to their account info from any internet ready device and will be able to make quick payments to your company. Providing a portal for your customers can increase efficiency in several ways.
As a company grows audits and audit reports become increasingly important. What exactly do you need to prepare for an audit? The short answer is a record of everything. For a small business the prospect of keeping copies of all AP records can seem daunting. By using modern automated AP management systems, keeping track of everything is no longer a huge pain.