Tortoise and the Hare the Business Process Version

Take a step back and begin to think of the daily processes that are essential for the success of our companies. All businesses tend to struggle with all the same labor intensive processes but now ensuring that the information created is also compliant with security standards. I wanted to provide a detailed look at a very common problem in today's world of business, accounts payable and accounts receivable. Some may argue that this is a crucial piece to the success of the business but why are these areas of the business not getting the same attention as others?

The Tortoise : Accounts Receivable and Accounts Payable

For Example:

1. Invoice is received via email, fax, or US Postal Service

2. AP professional receives the invoice - matches the invoice with a PO (if applicable) - determines what department (cost center) to bill to

3. AP professional emails or hand delivers the paper copy of the invoice to the corresponding department manager

4. Paper or Email sits awaiting approval as managers typically are focused on their department's role to ensure that everything they oversee is running smoothly

5. Days and maybe even weeks go by and the manager has still not signed off on the invoice for their cost center

6. AP Professional may contact the department head with a reminder but typically this does not happen as they are focused on the other invoices which are being received and paid

7. Invoice is finally signed off on by the department manager and given back to the AP professional

8. AP professional works within the business financial software to route the invoice for payment

9. Once all the t's are crossed then a check is cut and sent out

10. Next month a late fee is applied to the next invoice, they realized there would have been a discount had they been able to get the payment turned around quicker

10.1 AP professional has a discrepancy and needs to pull an invoice from eight months ago - how long does this take ?

Total Time = Unknown it varies widely in each business but I encourage you all to take a look at your process and follow one invoice from start to finish !

The Hare: Accounts Payable Powered by a Content Management with Business Process Automation

1. Receptionist / Mail Room Clerk / AP Professional scans in the invoices sent via US Postal Service while the software monitors a generic company email i.e. [email protected]

2. AP Professional gets Alerted of a New Task - She reviews the invoice digitally- in the event that this is the first time the software has seen the invoice she will have to assign a cost center however if it is an invoice it has seen before this will happen automatically (details are a bit dry and filled with IT talk so I will spare you)

3. Email notification is sent to the department head alerting him/her that there is an invoice awaiting approval- he/she approves with a single click of a button from ANYWHERE!!!! (Smartphone / Tablet / Computer)

If he/she is does not complete the task in the appropriate amount of time (based on due date of payment) another email is automatically sent as a reminder with their CFO CCed in on the email. Ensuring the task is completed in an appropriate amount of time.

4. AP professional again is alerted that the invoice has been approved and reviewed (software and your financial business software talk in the background)

5. Check is cut and sent to the Payee

5.1 In the event their is a discrepancy, AP professional stays in financial software clicks a button and the invoice from eight months ago is pulled up on her screen within seconds.

No late fees , no time spent searching for the invoice , accruing early pay discounts and simple problem resolution

Sorry folks but that old story tale ending where the tortoise wins the race is not the case in the new version, you have crossed the line before your competition. Having a content management system with business process automation can accelerator your business, let your trusted employees focus on more meaningful tasks all while providing real time customer service. We are not changing the process we are recreating it in a digital format which saves your employees time and you money.

The choice is yours just like it was years ago pencil and pad or a computer. That seems a bit crazy to think about but there are always multiple ways to reach the same end goal. In this case however what is it actually costing your business ?

Make 2018 the year you make a positive change! I encourage you to call or email me to schedule a time for a consultative meeting if you are interested in learning more.

Kevyn Rustici

[email protected]

607-742-1613