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A Little Automation Goes a Long Way
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Although many accounts payable managers would describe their operations as paper-based, chances are they have some form of automation, which can be anything from back-end scanning to comprehensive procure-to-pay technology.
Automating one or more steps in the AP process has a number of benefits including faster turnaround time, reduced operational costs, and improved reporting. This issue features information to help your organization get the most out of AP automation.
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| Patrick Harbin – Editor
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Automation Options |
According to a The Accounts Payable Network benchmarking study, the most common implemented AP-impacting technologies are p-cards (47 percent), automated workflow (33 percent), and EDI (29 percent).
| The following are important benefits concerning each technology:
- P-cards – P-cards can help organizations extend their DPO to as much as 45 days without impacting when the supplier gets paid.
- Automated Workflow – Automated workflow eliminates the risk of missing invoices, speeding up approvals.
- EDI – Popular in the manufacturing and retail sectors, EDI connections to high-volume vendors can significantly reduce paper volumes.
The term "AP automation" includes a wide variety of technologies each with their advantages and challenges. Be sure to sign up for TAPC's upcoming no-cost audio conference, AP Automation: Reducing Costs, Improving Efficiency and Driving Down Risk, featuring Scott Sanders, Vice President, Sutherland, and Christopher Ryan with SpringCM. Earns 1 CEU.
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1099s and P-cards |
The IRS is seeking public comment about what should be included in new regulations that will govern how p-card transactions are reported. See the full story on TAPC to learn how you can submit your comments.
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Just for Fun |
When traveling around the country, it's almost as fun to hear the many different American accents as it is to see the sites.
The University of Wisconsin-Milwaukee recently published an Interactive Dialect Survey. If you've ever wondered where in the country your mother's sister is pronounced "ant" versus "ahhnt," now you're in luck.
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