When legendary bank robber Willie Sutton was captured in 1934, the FBI agents asked, Why do you rob banks, Willie? He replied, “because that's where the money is.”
Accounts payable operations can be chaotic, but AP automation solutions can help. First off, there’s the chaos of lost invoices, errors during data entry, and invoice duplicates that comes with the analogue version of accounts payable. Then, you have staff members banging their heads against the wall doing the same monotonous tasks over and over again. And if you’re considering implementing an AP automation solution, the daunting task of researching, integrating, and training your staff can seem like too much to bear.
Did you know you could reduce your document management costs by up to 80% if you choose the right system? Download the infographic for free when you subscribe to our blog.
A cost per invoice benchmark is important because it tells you how efficient you are. Industry leaders are paying just a few dollars, but laggards are paying $10, $20, or more. It’s expensive, inefficient, and with the right elbow grease, can become a strength for the company instead of a weakness. Calculating your Cost per Invoice (CPI) benchmark may seem like a challenging and time-consuming task, but as we’ll discuss, an accurate CPI is well worth spending the time on to use as a tool to benchmark your AP department’s efficiency and help determine if you should look for ways to automate and improve your processes. Often AP departments will simply calculate their CPI by dividing the total annual salary of their AP department by the number of invoices processed per year, but this leaves out several important factors that impact cost and does not give a clear picture of where you can start improving your processes.
As you finish closing out the books for 2016, it’s time to think about what the coming year could hold for the accounts payable industry. This past year we saw a big push toward cloud-based document management and automation. This year we think that trend will continue, with more technologies and advancements around data, artificial intelligence, mobile accessibility and more!
Making significant process changes is rarely ever easy, but if you’re reading this post, there’s probably a reason you’re curious if switching to an automated accounts payable system is the right move to make in your company. Maybe you’ve heard colleagues at other companies have had success making the switch, or perhaps you just feel bogged down with endless paperwork and that there has to be a better way. We work with people in finance every day to identify what process improvements they can make and if an accounts payable automation system is the right solution for them. Below we’ve outlined some key signs that your finance department is in the right place to start considering such a system.
A contract management system may be just what your company needs to effectively store, locate, and review contracts. While you may be an expert on contracts, finding a software solution (and figuring out how much it costs) probably isn’t something listed on your resume. Not to worry! We work with companies in different verticals every day on evaluating solutions that best fit their needs and their budgets. This brief overview will tell you what you can expect for pricing and the evaluation and decision-making process involved with purchasing a contract management system.
Congratulations, you have decided to implement a document management solution at your business. You’ve realized the countless hours lost searching for documents, redoing versions, tracking down approvals and basically every task in the office that involves paper, and you've decided to make a change. Now the question is - how much is all this going to cost?
We talk to companies every day who are looking to automate their accounts payable (AP) processes, and the burning question is always: How much will it cost us? And the answer is always the same: it depends. But that doesn’t mean you should be left in the dark. Here are the factors that influence the cost of the switch to an automated AP system, and what you should plan for when deciding.
If you’re considering automating your accounts payable processes, you’re probably weighing a lot of different factors to make your decision. We talk to companies every day who are in that same boat, and we want to give you a straightforward list of the most important advantages and disadvantages of switching to an automated AP processing system.
Manual accounts payable processes can become messy. You may have a solid system in place, with procedures to upload Accounts Payable data to the cloud and integrate it with your accounting system. However, AP is prone to input and posting errors: someone in the accounting department can make a mistake; management didn't actually approve payment for a major purchase for which an invoice has been received; many invoices are hard to find because your boss insists on overstuffed file cabinets with invoices dating back to the Carter Administration.
You know the routine. Each month, you hand your accounts payable specialist the stack of invoices from your vendors and suppliers for entry into your accounts payable system. Your employee will spend the next two days staring at the computer, working to get everything done. At this point, the routine is so repetitive that they could do it in their sleep and often do. Sounds exciting, right? There has to be a better way. OCR technology could be the answer.
While many companies have digitized and streamlined their human resources and procurement workflow processes, significantly fewer companies have optimized their accounts payable (AP) process for efficiency. In many cases this is because Accounts Payable departments provide more of a back-end function whose function is to simply “pay the bills on time.” The reality of the matter, however, is that the Accounts Payable department is one of the most important in your business – often engaging in detailed time-sensitive activities – and should run as efficiently as all other departments.
Outsourcing some or all of your accounting department can seem like a risky move, but it can reduce your risk of errors and save your organization money. Some may view this as a service only for large businesses, but the use of cloud software makes accounting outsourcing scalable, and affordable for smaller clients. Here are some reasons to consider an accounting outsourcing service, regardless of company size.
The increasing availability of restaurant technology can often lead to multiple, disjointed systems for different facets of a business. For example, software for Point of Sale (POS), labor scheduling, inventory, cost analysis, Enterprise Resource planning (ERP), accounting, data analytics and reporting, etc. are all important tools, but lose some of their potential value to a business when the information is separated into silos and difficult or impossible to access and share across systems. As restaurants delve more deeply into the tech world, it becomes increasingly apparent that it is necessary to not only utilize several software systems but also to create a cohesive solution that unifies the many moving parts of a restaurant’s operation. This is especially true for multi-location restaurants.
In today’s high-speed digital world, we expect instant answers and immediate results. Without the technology to support this, businesses can struggle to make accurate, real-time decisions – especially when they are relying on paper-intensive, manual processes that require extensive spreadsheets and weeks of analyzing to inform key stakeholders. With a cloud financial system, data across an organization is easily accessed, analyzed and actionable.
With fitness clubs and offices in two states, Planet Fitness Michigan Group needed to find a more efficient way of processing invoices. CFO Advisors, which had managed Planet Fitness Michigan Group’s Intacct implementation, brought Uplevl’s process automation and integration with Intacct to their attention. Uplevl then solved all their issues associated with the AP process.
Uplevl, empowering data and improving business efficiency, today announced that its software has been recognized as an Acumatica-Certified Application (ACA).
Uplevl, a leading document management and business process automation cloud solution, is pleased to announce that it is now HIPAA compliant.
Taking a strategic role in the businesses that they serve is increasingly important for finance and accounting professionals who seek to build their careers and contribute to the success of the businesses they support. The routine and repetitive nature of processing transactions is not a good use of the talents within an educated finance and accounting team. In a recent article on www.proformative.com, Robert Kugel (Senior Vice President at Ventana Research) highlights the value of what he calls “Continuous Accounting” as a way to enable a strategic finance department.
Cloud-based accounting software serves essentially all the same functions as your traditional on-premises or self-install accounting software; however, the key difference is that cloud-based software is hosted on remote servers, providing additional benefits in storage and security. These systems work by sending data to the cloud, where it is processed first, and then returned to the user. All application functions are performed off-site, rather than on the user’s computer. Users can remotely access their data anywhere they have internet access simply by using the cloud application’s software provider. An increasing number of business owners are making the switch to cloud-based accounting software. Below are just a few of the benefits experienced:
There is a degree of effort and expense to implement a new accounting ERP system or upgrade to one that better meets your company’s needs, but current research shows that this investment is an essential move to increase returns to clients. Nucleus Research, a key provider of case based technology research, noted in a recent report that: “ERP and financial management applications return $7.23 for every dollar spent, up 36 % from five years ago.”
There are several definitions of “business intelligence,” but the most useful we’ve heard here at Uplevl is the one supplied by Lucas Biewald in his article The Data Science Ecosystem: “Business intelligence tools are essentially statistic tools focused on creating clear dashboards and distilling metrics. You can think of them as tools that translate complicated data into a more readable and more understandable format for the less-technical people in your organization." In this article, he talks about the three major functions of a data scientist being: Getting Data Wrangling Data Analyzing Data Business intelligence tools can help you when
While many companies have digitized and streamlined their human resources and procurement workflow processes, significantly fewer companies have optimized their accounts payable (AP) process for efficiency. Adding efficient, cost-effective automated invoice processing and AP systems can make a big difference. Below are the latest recommendations for businesses looking to implement automated invoice processing or other AP automation systems.
If your business is avoiding implementing business process automation software for invoice processing and accounts payable processes, it’s time to take a deeper and more critical look at the metrics. What are the operational costs, productivity levels, cycle times, and error rates associated with your business’ traditional, paper-based AP processes? Can you confidently quantify these costs? A trusted and widely-used way to see if your AP processes are efficient and cost-effective is to compare your business’ current metrics with the APQC’s  benchmarking survey reports. By doing this, you can determine where exactly you stand in comparison to industry
Thanks to the fast development of paperless technology, businesses have a new way to improve their efficiency and administrative costs, while also reducing their carbon footprint (or “going green”). Making the switch from a traditional, paper-based office to an automated paperless office is understandably daunting; as such, we’ve collected the following tips and tools to help your business begin its transition toward a paperless future. Remember this is not going to be a one-and-done, instantaneous transition – it’s a process! TIP#1. Stop storing and start scanning. Physically storing all of your business documents is typically expensive, unorganized, cluttered, and prone
Document management is a large part of every organization, and because it can be a time-consuming and costly process, there is huge potential to streamline the process. For many companies, cloud document management has become an effective solution for streamlining productivity, as well as decreasing costs. In fact, by updating your current AP processes, you could see a reduction in costs by as much as 50-75%. Think of all the ways your organization could use that saved money to expand and increase revenue! When you partner with Uplevl to begin cloud document management, we believe you will experience time and
Uplevl is both a process automation tool and a document management solution. You may be wondering, “How do these two tasks relate to each other?” Business process automation eliminates manual steps while ensuring that all outlined company processes are followed. Tremendous time is saved by eliminating these manual steps, such as physically delivering documents, responding to drawn out email chains full of approvals and questions, and chasing after verbal reviews. Rules for processes can be easily set in any organization; however, with a process automation system, you have an organized mechanism that ensures the process is followed exactly with thecorrect individuals being held accountable.
The numbers don’t lie: manual processing is costing your business thousands of dollars! It is increasingly accepted that manual invoice processing is a highly flawed system ripe with problems that can critically disadvantage your company. In light of the current highly competitive, and oftentimes volatile, climate in the business industry, ignoring the inherent problems in your manual processing system is no longer an option for business owners who want to maintain a profitable business, increase their bottom line, and propel into a prosperous future. Manually entering data and processing paper invoices is: – error ridden, – time-consuming, – andwasteful.
Business process automation software takes difficult, complex, or repetitive tasks and simplifies them into a streamlined automated process, making your operations less complicated and more efficient. This software, especially versions of it managed on the cloud, is relatively new to the marketplace. As with most technological advancements, there are a few myths and misconceptions surrounding business process automation software, causing many people to be skeptical and hesitant to explore its capabilities. Here are four of the most common myths about business process automation, and the truth behind them. MYTH: It is difficult for employees to learn and accept a new
Do you want to propel your business into a prosperous future? The tech forecast is right: the era of cloud computing is here. And it’s here with a thunderous bang. That’s why at Uplevl, we pride ourselves on our ability to look to the future to bring our customers the newest and most helpful technological advances. So where do we foresee document management and process automation software heading? Business Intelligence Expect huge advances in the ability to extract, visualize, and manage information from structured to unstructured. As the Aberdeen Group claimed in a recent study, one of the main reasons
Every business, regardless of its industry or size, is familiar with the arduous, time-consuming process of invoice processing. Implementing an automated data entry, document management, and invoice processing system can bring numerous benefits to your organization. Here are just a few: 1. Reduce costs The costs of manual data entry and invoice processing can be staggeringly high. In addition to the clear costs, such as labor and storage, there are also many hidden costs. These include manual routing and classification, multiple hands on one invoice, postage, and human error, including misfiling or misreading documents. A streamlined AP department that uses
Cloud-based accounting software serves essentially all the same functions as your traditional on-premises or self-install accounting software; however, the key difference is that cloud-based software is hosted on remote servers, providing additional benefits in storage and security. These systems work by sending data to the cloud, where it is processed first, and then returned to the user. All application functions are performed off-site, rather than on the user’s computer. Users can remotely access their data anywhere they have internet access simply by using the cloud application’s software provider. An increasing number of business owners are making the switch to cloud-based
While many companies have digitized and streamlined their human resources and procurement workflow processes, significantly fewer companies have optimized their accounts payable (AP) process through efficient, cost-effective automated invoice processing and AP systems. Below are the latest recommendations for businesses looking to implement automated invoice processing or other AP automation systems. Measure and continually improve your AP performance using key performance indicators (KPIs). How can you know where you’re going if you don’t know where you’ve been? As AP processes continually become more strategic, it is helpful to determine solid metrics about your current performance, and then use those analytics