How to Automate AP Invoice Processing for Less than $10,000
Thursday, July 29, 2021
No one likes manual data entry of vendor invoices: it’s tedious, time consuming, and error prone.
Software vendors and their reseller partners have been touting automated AP invoice processing for two decades, but what degree of automation is really possible and at what cost? How can you be sure it will be easy to use and do what you need it to do?
ReadSoft Online + RPA
At ISSI, we understand the fears around these AP automation issues well, which is why we developed the ISSI AP Automation Solution with our vendor partner, Kofax. Using ReadSoft Online, this solution will automate better than half of your AP invoice processing data entry for under $10,000 per year.
Add in ReadSoft Online customization and robotic process automation (RPA), and you could automate 80 to 95% or more of all AP invoice processing data entry, repurposing AP clerks doing that work to functions where they can add more value: AR, customer service, operations, inside sales, etc. – i.e. shifting employees from the AP cost center to company profit centers.
| Option | Conservative | Moderate | Aggressive |
|---|---|---|---|
| Automation | 50%+ | 80%+ | 95%+ |
| Technology | ReadSoft Online: Configured | ReadSoft Online: Customized | ReadSoft Online: Customized plus RPA |
| Volume (invoices/yr.) | 8,000 | 8,000 | 8,000 |
| AP Clerks No Longer Needed | 2 | 4 | 6 |
| Repurposed Compensation Value* | $80,000 | $160,000 | $240,000 |
| ROI through Year 1 | $70,000 | $145,000 | $220,000 |
| ROI through Year 3 | $210,000 | $435,000 | $660,000 |
* What you will not have to spend to hire in other departments or gain from AP clerk attrition.
ReadSoft Online
Simply put, ReadSoft Online is the fastest, most cost-effective way to automatically process invoices for small and mid-sized companies and divisions.
If you’re manually processing 5,000 to 10,000 accounts payable invoices or more per year and don’t want to spend $30,000 to $100,000+ on a custom solution to automate AP, ReadSoft Online is the solution you need.
ReadSoft Online lowers AP invoice processing costs, increases speed of payments, improves supplier relationships, and leads to more effective cash management. Learn more >
RPA
By scanning paper invoices and email attachments with advanced document capture software, data is automatically extracted and populated into your accounting software or ERP system. Workflow automation software routes invoices for any manual processing needed (including exceptions and approvals) and the approved invoices are scheduled for payment. This reduces invoice processing time from weeks to days.
But you might be surprised to learn that you can shrink your processing time even further – from days to mere hours. That’s the beauty of robotic process automation (RPA). Learn more >
Start with an AP Automation & RPA Assessment
To identify the right AP automation solution for you and ROI based on your invoice volume and the number of AP clerks employed, contact us. We’ll conduct an AP automation assessment—at no charge—prepare a quote and schedule a custom product demo.
