A/P & Financial Processing

Build a Best in Class Accounts Payable and Finance Department

Accounts Payable and FinanceThe financial operations of any organization are among the most appealing for addressing business process efficiency.

For example, best in Class finance departments have shown up to 70% operation cost savings by automating and streamlining the AP process, yet 2/3 companies do not know what their individual invoice cost is and the average cost per error in AP Processing is between $50 – $55.

Achieving Best in Class Accounts Payable is more than just increasing the number of invoices processed per FTE. It is a combination of people, process and technology efficiency. (Source: IAPP)

Business/Process Capability

  • What is your average Invoice Cycle Time?
  • What is your average error rate per number of invoices processed?
  • What percentage of your payment are made on time?
  • What percentage of early payment discounts from vendors are you taking advantage of?

Technology Capability

  • What percent of your organization’s invoices are received electronically, without the need for human interaction to extract data from the invoice?
  • Is your 3-way match for invoices a paper based process?
  • What is your estimated cost per invoice?
  • How many invoices do you process per year?
  • How many FTE’s are in your AP department?
  • #Employees/ Invoices Processed

VeBridge can help you address the people, process and technology issues required to dramatically improve your financial processing performance.

Contact us for a free initial consultation to begin your “Pain to Profit” business process journey.