Auto Dealership Accounts Payable: How to Reduce Errors with AP Automation
If you've worked in accounts payable (AP), you know that many operational struggles begin with errors in manual data entry of invoice data. While...
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It goes without saying that most organizations that pursue AP automation have a vested interest in reducing the cost of processing an invoice. Upon successfully automating a major subset of their invoices, that interest becomes a reality. It follows then that tracking organizational CPI is a byproduct of a healthy automation initiative. However, several other metrics don’t get the attention they deserve before automating but should be paid attention to after an Accounts Payable automation program has been launched.
With that said, monitoring how your suppliers are passing their invoices to you is important, as it is preferable to get invoices into the Accounts Payable process faster, which alleviates processing time pressures against invoice term deadlines. As a business driver, for organizations that are pursuing AP automation, this can be used as an additional value add to drive electronic invoice submission to their suppliers through direct email submission or via a vendor portal. Either way, with solid automation in place, the need to output and circulate or archive is eliminated, and a slew of extraneous costs evaporate from the equation, which results in a win for both customers and suppliers.
Many different items can be monitored when you pursue AP automation as the index data from invoices is aggregated and structured in a database format. We’ve highlighted a few that have significant business impacts from our perspective. Still, we’re eager to hear what areas of your AP organization you want to monitor more and get better insight into.
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If you've worked in accounts payable (AP), you know that many operational struggles begin with errors in manual data entry of invoice data. While...
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Vendor payments in auto dealerships, by and large, have been governed by manual processes involving keying paper invoices into accounting systems,...