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Accounts payable is changing dramatically and rapidly.Automated processes and the evolving best practicesthat allow organizations to use them eectively arequickly replacing manual processing. It is becomingundeniable is that manual AP is on its way out. Look orautomating process to become one o the hot trends inAP or 2012.
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Now consider the impending changes in the U.S. Postal Service. The one-dayproposed increase in mail delivery time will directly aect AP processing ow;AP will have considerably less time to process invoices and payments. Potentialconsequences include loss o early payment discounts and additional late ees.Automating the AP process adds efciency into the system to counter balance this“lost time.” What about more stringent government reporting requirements, notto mention the need or efcient and responsible data handling? AP automationplays a vital role in managing vendor inormation. And, don’t orget raud…scamsare becoming more sophisticated. Manual AP processing provides gaps orunscrupulous employees and thieves to recognize and exploit weaknesses. Forthese reasons and more, 2012 is the year manual AP processing starts makingroom or automation, new technology, and evolving best practices.
Forward-thinking organizations have long recognized that technology increasesAP productivity and efciency. The problem has always been implementation costs.Automated systems have been prohibitively expensive, especially or smallerorganizations. Yet, automated AP options now exist or almost any size company.There are, o course, top-o-the-line, ully automated systems, but many APdepartments are using common technology to create semi-automated processes.Accepting invoices via email and e-ax are simple examples. Third-party invoice
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By MAtt Voorhees, Ceo AnD Co-FounDer oF AnyBIll