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What does it mean to Outsource Accounts Payable Processing?
How an outsource partner adds value beyond automation in accounts payable processing.
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2 min read
Written by
Daniela Marchetti
In today’s digital age, many companies understand the benefits to be gained by incorporating automation into financial processes. In particular, accounts payable can involve a great deal of data entry, approvals and validations / matching processes that can be fully automated through the use of data capture, workflow solutions and integration saving costs, reducing errors and increasing efficiencies.
So how does “outsourcing” fit within that model?
By partnering with an outsource provider, your organization can not only gain from the introduction of automation into your accounts payable processing, but can also realize further advantages as follows:
The Advantages of Outsourcing AP Processing
Centralize Receipt of Invoices
By leveraging EDI, forwarding physical mail and/or redirecting email addresses, partnering with an outsource provider can centralize the receipt of all invoices into one streamlined process.
Filter Out Non-Invoices
An outsource provider will take on the task of filtering through all the “junk” received via mail/email to locate the valid invoices for processing.
Best-in-Class Automation
Working with a high caliber outsource provider means that they will have invested in the latest technology offering a very high level of accuracy when it comes to data capture and validations.
Expert Staff and Processes
An outsource provider will be able to leverage their years of experience across a wide array of clients to offer your organization new opportunities for improvement as well as knowledgable staff to provide technical support and “human-in-the-loop” validations.
Redundancy
An outsource provider should have the technical infrastructure in place to offer your organization long-term data archives and back-up.
Scalability
Volume fluctuations in accounts payable are experienced across many organizations; by passing along the task of staffing up and down to your outsource provider, you will alleviate the pressure, training and risk that comes along with ensuring your accounts payable department is resourced appropriately at all times.
Choosing the Right Outsource Provider
If your organization wants to realize the full benefits of introducing automation into your accounts payable processing, partnering with a trusted outsource provider is critical.
Accounts payable outsource providers can process upwards of tens of thousands of invoices daily. Leveraging their experience, technology and efficiencies will allow your company to focus on high value-add accounts payable tasks and no longer deal with correcting data entry errors, returning mail back to senders and attempting to trouble-shoot internal software bugs.
Of course, it is critical that you select the right outsource provider for your organization.
