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Increase visibility
Invoices and PO requests siting on various management desks wait for forwarding to appropriate channels or for approval. This is the reason why paper trail processes limit visibility that requires the ability to see and understand all current and outstanding invoice transactions.
To increase visibility, you can use AP automation systems. Because they let you access to images and status notifications even during times that they may be traveling in a snap.
Eliminate fraud and strengthen internal controls
Increased visibility means eliminated fraud. According to a crime survey by PricewaterhouseCoopers, 45 percent of companies all over the world deal with the issues of fraud, and a lot of fraud issues are AP-related.
AP automation solutions allows you to simplify and centralize internal controls. You can also put additional layers of security access controls in place.
Reduce storage space
Thanks to using technology to scan invoices, turn the scanned invoices into readable data and interface with their claims accounting system, one small health insurance provider saved annually them $50,000 in the costs of storage space.
Centralize and standardize
Large companies have a lot of branches. Thus, centralizing all branches on one system is not really easy. This can addressed by using AP automation solutions. They offer a system to implement best practices, streamline financial services, and have necessary oversight controls.
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