Accounts,Payable,Outsourcing,A business, insurance Accounts Payable Outsourcing Achieves Dramatic Results

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One of the areas that businesses have turned to in order to cut costs is invoice processing in accounts payable. Previously, companies would implement the latest technology as part of an in-house solution to cover individual AP processes such as data entry into an ERP system, verification of signature approval levels, and validation for duplicate invoices. This approach quickly became impractical as costs continued to escalate due to expanding IT resources, the need to make infrastructure enhancements, and the addition of AP processors. Instead of focusing on strategic business initiatives, companies were forced to dedicate more and more resources to deal with in-house system requirements, maintenance, and upgrades.New initiatives paved the way for a shared technology approach in which all business processes were funneled through a single technology platform. For example, numerous companies implemented ERP (enterprise resource planning) systems to manage processes such as inventory monitoring, purchasing, and production. While this may have increased efficiencies, companies still faced the rising costs resulting from the purchase and maintenance of an in-house system.The next breakthrough emerged as a result of the desire to achieve economies of scale while also shifting the focus back to a company’s core competencies. Instead of hosting an IT infrastructure internally, these companies turned to accounts payable outsourcing. Two approaches were developed that followed different methodologies. One was to utilize business process outsourcing (BPO) to contract out a specific process to a third party. The other was to use a Software-as-a-Service (SaaS) solution that enabled a company to control the processes internally while outsourcing the infrastructure and software requirements.A New Approach to Accounts Payable Automation and Invoice Automation Now there is a new approach that takes advantage of the strengths of BPO and SaaS while eliminating the weaknesses. Business Virtualization is taking shape and it provides dramatic results when implemented in an AP environment. The following example shows how a wholesale distributor was able to increase efficiencies while streamlining costs by implementing this new approach. The company was receiving approximately 50,000 invoices per month and completed all manual processing internally with a staff of 40 AP processors. The invoices were all paper-based and required signatures, coding and verification. The manual process was too time-consuming so the company searched for a more innovative solution. After extensive research, the company decided to implement ASPEN 360 Accounts Payable Edition from Archive Systems. ASPEN 360 integrates document receipt, document imaging and data capture, Web-based image hosting, and workflow management services for a complete services-based document management solution.All of the company’s invoices are now sent to a PO Box managed daily by Archive Systems. The invoices are sorted and batched, then prepped for imaging. Once the invoices are scanned and indexed, the image files are uploaded into the ASPEN 360 online repository and routed electronically to the appropriate person for approval based on client-driven business rules. These rules can incorporate notifications of duplicate invoices, route invoices above a certain dollar amount to particular staff, and perform workload balancing. Workflow alarms and notices speed approval times by alerting users as invoices arrive and when time limits for review and approval are exceeded.In this example, the company’s AP processor reviews the invoice information and enters the account allocation details online. The business approver can also enter the account allocation information. The invoice is then automatically routed to the next approval level for verification. After final review, the information is interfaced into the company’s in-house financial system and payments are completed. Throughout the whole process, the company never touches a paper invoice. After scanning, the hard copies are stored in Archive Systems’ full service records center facilities where they can be retrieved and delivered to the company at any time. All processing is handled online using ASPEN 360. Staff productivity has also increased and invoice processing costs are expected to be reduced by as much as 50%. The company maintains complete control over their business processes while gaining advanced reporting features to help ensure compliance guidelines are followed. Focus on Core Competencies Instead of Managing an AP Automation Infrastructure By implementing Business Virtualization, companies are able to strategically focus on their core business initiatives rather than on integrating and managing an internal infrastructure. They still maintain control over business information but eliminate the friction points that can stall a critical process. The end result is the ability to streamline business processes, reduce risk, drive down costs and increase efficiencies.