Changing the game in AP
Sporting events often result in predictable outcomes. Take the NBA, for example. Since its inception in 1949, no team has ever rallied from a 3 – 1 deficit to win the NBA Finals.
That all changed last year when the Cleveland Cavaliers defeated the Golden State Warriors in a 4 – 3 series that, literally, came down to the final moments of Game 7.
What happened that caused such a shift in outcome? LeBron James. Named the Finals MVP, in Game 7 alone he scored 27 points, 11 rebounds and 11 assists.
As journalists, sports analysts and fans agree, James was a true game changer. He, along with his team, changed the way basketball is typically played – defying the odds, playing extremely well under tremendous pressure and sweeping the last three games.
This scenario isn’t specific to sports alone. For accounts payable (AP) professionals, implementing technology that streamlines invoice processing can be a true game changer – taking what was once an arduous process and transforming it into a strategic part of the business that can positively impact the bottom line.
3 ways to change your AP game
That’s where enterprise information platforms like OnBase by Hyland can truly impact the status quo. Here are three ways OnBase performs like the LeBron James of your AP department:
1. Improves efficiency
OnBase eliminates the excessive time and errors that result from AP staff manually entering invoice data and indexing files. Regardless of how invoices and supporting AP documents arrive – via fax, mail, email, EDI, etc. – OnBase imports these documents automatically and:
- Captures and extracts critical data like invoice numbers, due dates and line-item details
- Delivers that data directly to existing business applications like your ERP
- Files the documents into a single, secure database
OnBase workflow management also automates invoice processing by routing documents and information to appropriate business units at each stage of the process. Workflow automatically notifies key stakeholders via email when action is required, keeping everyone in the loop.
2. Expands user access
OnBase features web and mobile clients that give remote and field employees quick access to information they need without any connection to the office. And because all AP documents and data are stored in a single system, that same information is instantly accessible when users are back in the office.
Further optimizing the process, when you integrate email applications like Microsoft Outlook with OnBase, non-AP business users can also view and approve invoices directly from their inboxes to keep invoice processing on track.
This keeps the invoice-approval engine running without additional ERP or other software licenses for non-AP staff. It also promotes greater user adoption since staff are working within their familiar email application.
3. Increases visibility
When you automate invoice processing with OnBase, AP managers use dashboards to monitor the statuses of invoice payments and summarize liabilities for more accurate accrual reporting. This real-time information provides finance leaders with a better view of outbound cash flow, enabling them to better predict and budget for cash requirements.
You can also integrate OnBase with an existing ERP system and other business applications, allowing AP staff to view relevant documents without wasting time physically searching for critical information on paper. They can retrieve invoices, goods receipts, packing slips, check images and more directly from their ERP screens.
OnBase can also help guard against compliance risks by providing a clear and auditable trail for every movement and touch of a document in the payables process. With all documentation in a single, secure location, users proactively identify critical documents that may be missing in order to expedite the accounting close.
Vote for your game changer by March 31
Once the Cavaliers defied all odds and won the Finals, fans celebrated like never before – more than 1 million people gathered in downtown Cleveland to honor their team for its first championship title.
And now, you can let the world know you feel OnBase is a real game changer, too, by voting for it in the Institute of Finance & Management’s (IOFM) Game Changer Awards of 2017.
You can vote now through March 31. This new award program recognizes five companies that provide the most productive and effective technologies and meet the highest standards of design, ease of use and conformance with appropriate accounting standards.
Much like fans celebrated the Cavs’ victory last year, you can celebrate all that OnBase can do – or already does – for your AP processes by taking a minute to vote.
Let’s continue changing the game with OnBase – especially in AP, where a streamlined invoice approval processes can transform this department into a strategic partner in any organization.