The 5W’s and the H

A Question Guide for Expense Management and Accounts Payable Automation

WHO?

AP departments oversee the management of an invoice life cycle. It lies with Accounts Payable (AP) departments to ensure all invoices are approved, processed and paid correctly and on time. This cycle begins with the receipt of an invoice (paper or mail), which is then circulated for approval, input and recorded into an accounting system, paid and then the filing process begins. It can take many weeks for an invoice to complete its life cycle, add in lost or misplaced invoices, new suppliers, human error and exceptions and, you’ll begin to understand why the processing cost per invoice is so costly for companies.

In the current climate of data and technology, AP departments need to take advantage and look to new approaches and tools that will cement their value in today’s business landscape. Accounts Payable departments need to adopt a considerable shift in thinking, to add value and achieve.

The buck doesn’t stop here. It’s also internal stakeholders like managers and employees and their respective departments, where automation can deliver improved processes across company spend, authorisation, allocation, audit trails, and reporting.

WHAT?

It’s all about managing and controlling spend through OCR scanning and workflows. It’s about shifting what has become a clunky and tiresome process, to a modern way of thinking.

If you’re looking to streamline purchase orders, supplier invoices, credit card statements, expense claims, digital receipts and FBT reporting, then call in smart automation tools that will significantly improve your businesses operation and performance.

WHEN?

The Time Is Now. Because business needs to keep up with new technology to gain a competitive advantage.

Is your Accounts Payable function both manual and time consuming?

Do you want to make smarter spend and cash flow decisions?

Are you ready to equip key stakeholders with broad financial intelligence that aids in knowledgeable decision making?

WHERE?

The days of only accessing data from your office computer are behind us. AP and staff expense automation tools come with no software install or hardware infrastructure requirements.

All that’s required is an internet connection. Work from your desk, laptop or on your mobile device anywhere, anytime.

WHY?

The why logic spans far beyond the reduction of manual and time consuming processes. It centers around the challenges and pain points like double payments, lack of visibility, fraud, cash flow, overspend and accountability, that trigger companies to reach out and start the conversation about Accounts Payable Automation...  

After all it’s Cash Flow that sits at the heart of Accounts Payable.

HOW?

This is the easy part.

It’s about modern technology working hand in hand with exceptional implementation and support partners.

If you’re not sure where to begin or just wanting to discuss options about Accounts Payable and Staff Expense Automation, talk to the team at DMS today.

Alice is a finance professional with over 20 years on the ground experience in corporate and business finance departments. She partners with companies to achieve automation across processes like Accounts Payable, Staff Expenses, Credit Cards, Purchase Orders and Accounts receivable.