Imagine a world where every aspect of your accounts payable (AP) process is automated, from expense receipt capture to data analysis, creating an efficient workflow that makes managing accounts payable easy.
Well with modern expense management tools, this vision is no longer a distant dream - it’s an achievable reality.
To demonstrate the potential of AP automation, we've created an AP automation business case that shows how our fictional company, Acme Corp, was able to transform every step of its AP workflow.
Join us as we explore (the hypothetical) Acme Corp's journey to AP automation perfection. From receipt capture and approval workflows to reimbursements and accounting integration, see how ExpenseOnDemand can help businesses improve their efficiency, accuracy, and cost savings.
Meet Acme Corp, an imaginary business that has successfully transformed its accounts payable (AP) processes through automation. Prior to implementing expense management solutions, Acme Corp relied mostly on manual processes to manage accounts payable.
Employees at Acme Corp collected paper receipts, and then physically submitted them to the accounting department for approval. Employees were often frustrated by this time-consuming process filled with back-and-forth communication. AP teams also struggled to keep accurate records when manually entering data from expense receipts. Tracking down lost paper invoices and receipts also delayed reimbursements.
Despite their best efforts, manual data entry and paper-based processes were error-prone and inefficient, leading to costly mistakes. Acme Corp also lacked real-time visibility into their finances, making it more difficult to make guided business decisions. And without automated payment solutions, they struggled to take advantage of early payment discounts from suppliers.
Recognising the need for a more efficient AP process, Acme Corp turned to ExpenseOnDemand's AP automation software for their AP automation project.
At Acme Corp, manually collecting and submitting receipts took a lot of time, and so the journey towards creating an accounts payable automation system began with expense receipt capture.
By using an AI receipt scanning tool, Acme Corp employees can avoid time-consuming manual data entry and minimise the risk of losing paper receipts or supplier invoices.
Employees simply take a picture of their receipt and ExpenseOnDemand's AP automation solution automatically extracts and categorises the expense details, ensuring accurate data collection from the outset.
Moreover, Acme Corp's corporate credit cards seamlessly integrate with ExpenseOnDemand, allowing them to import transactions from linked credit cards automatically. This gives Acme Corp instant financial updates and real-time visibility into credit card spending. Credit card integration also eliminates manual data entry, saving valuable time and reducing errors.
Once expenses are captured, employees can submit expense reports with just a few clicks, thanks to ExpenseOnDemand's intuitive interface.
The next step in Acme Corp's seamless AP automation workflow is expense approval. Acme Corp uses ExpenseOnDemand's customisable approval workflows to create an approval system that follows company policies and approval hierarchies.
ExpenseOnDemand's built-in policy compliance checks ensure that every expense adheres to Acme Corp's internal policies, promoting transparency and accountability throughout the AP process. Acme Corp uses robotic process automation to cross-check each expense against Acme Corp's predefined rules, flagging any violations and enabling approvers to take appropriate action.
Acme Corp also implemented a multi-tiered approval system. For example, line managers can be set as primary approvers. If line managers are not available, a deputy approver can approve receipts, ensuring an uninterrupted and efficient AP approval process.
Approvers at Acme Corp also enjoy real-time visibility into the entire expense approval process. Comprehensive dashboards and reports provide insights into spending patterns, policy adherence, and potential areas for optimisation.
By using ExpenseOnDemand's expense approval software, Acme Corp has largely eliminated the manual effort and compliance checks that came with their previous expense approval process.
Acme Corp's AP automation wouldn't be complete without their streamlined reimbursement process, which lets Acme Corp employees receive their reimbursements promptly and efficiently.
With ExpenseOnDemand, the entire reimbursement cycle is optimised. Employees can submit expense reports from anywhere at any time using the AI receipt scanner app. The finance department can then easily review the expense to make sure it's valid. If approved, the AP automation system promptly reimburses the full amount to the employee.
The automated reimbursement process not only enhances employee satisfaction by ensuring timely payments, but also reduces the administrative burden on the finance team.
Through custom integration, Acme Corp no longer has to manually transfer invoices and receipt data across systems. Instead, ExpenseOnDemand automatically syncs expense data with all of their existing systems. This minimises the risk of errors and inconsistencies and ensures accurate and up-to-date financial records.
Through a partnership between ExpenseOnDemand and Merge, Acme Corp can integrate their existing ERP, HR, and payroll systems, ensuring data compliance in every department.
With real-time synchronisation of expense data, Acme Corp's finance team can access comprehensive financial information at their fingertips, enabling informed decision-making and fostering a culture of transparency and accountability.
The final step in Acme Corp's perfect AP automation workflow is reporting and analytics.
ExpenseOnDemand's user-friendly dashboards and customisable reports give Acme Corp a bird's-eye view of their spending patterns.
Acme Corp can also analyse historical data and forecast future expenses with precision. This level of visibility not only facilitates proactive cost management but also supports strategic planning and budgeting.
Moreover, by using analytic tools Acme Corp can identify non-compliance or inefficiencies, and then make the appropriate adjustments to their AP process.
Ultimately, Acme Corp's reporting and analytics capabilities foster improved financial transparency and accountability across the entire organisation. With real-time access to accurate expense data, key stakeholders at all levels can make better decisions and maintain fiscal responsibility.
Acme Corp's journey towards the golden standard of AP automation has yielded remarkable benefits:
Acme Corp's AP automation processes have significantly reduced the manual effort involved with expense receipt and invoice processing, allowing their finance team to reallocate time towards more strategic initiatives.
With automated expense receipt capture, approval workflows, and reimbursements, productivity has soared and the risk of errors and duplications has been minimised, resulting in substantial cost savings for the business.
Acme Corp's employees now enjoy a hassle-free expense reporting experience, free from the frustrations of lost receipts and delayed reimbursements. ExpenseOnDemand's receipt scanning tool allows employees to submit expense reports when out of the office, reducing the risk of losing receipts. Acme Corp's automated expense approval process ensures timely reimbursement.
ExpenseOnDemand's user-friendly interface and seamless integration with corporate credit cards have made expense management a breeze, increasing employee satisfaction and retention.
ExpenseOnDemand's robust policy enforcement capabilities ensure that all expenses submitted by employees comply with company guidelines. Real-time access to expense data fosters a culture of financial transparency and accountability throughout the organisation and allows key stakeholders to make decisions based on quality data.
Acme Corp's success story is a testament to the transformative power of AP automation software. By embracing ExpenseOnDemand's innovative solutions, they've optimised their financial processes and set the stage for continued growth and prosperity.
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