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One of the Largest Resource Hogs in Business Today

Tags: accounts payable

Accounts Payable processing is one of the largest resource hogs in business today, yet still remains one of the most error prone processes within an organization and our company proved no better at managing this process. We found that we too suffered from many of the common errors in Accounts Payable such as data entry errors and matching errors to disappearing invoices, unapproved invoices, and most importantly, lost opportunities for vendor discounts . We also had the heavy task of audit and tracking after our invoices were processed.

Research showed us that the average error rate of an accounts payable department is 1.6% and this is due to lack of controls, poor visibility and poor documentation. Our management team was spending unnecessary time on non value added functions instead of exceptional service on their core functions as a manager.  We knew that many different AP Workflow technologies existed.  The real question was which one specialized in complex three way matching and had open architecture to integrate with our proven AnyDoc/AnyApp software and into various ERP and Content Management platforms.

We went on a search to find the perfect partner that would help us to offer this complete package to our clients.  We found Medius and its MediusFlow technology. We created a complete solution to offer to our clients, but not without implementing internally first. We focus on offering services that we as a business have successfully implemented and that have become a proven solution.

Implementing the complete accounts payable package allowed us to streamline the entire process by removing data entry, eliminating paper handling, two and three-way matching, enabling “Straight Through” processing, and streamlining the approval process through electronic notification. This alone increased accuracy and allowed us to take advantage of discounts. It also allowed us to refocus and redeploy finance resources appropriately. We understand the importance of timely and accurately processing invoices. With modern accounts payable automation technology, you too will find that you can once again focus your resources on what makes your business great and let technology manage your AP burden.