In today's rapidly evolving business landscape, organizations are constantly seeking ways to streamline their operations and improve efficiency. One area that often presents a challenge is accounts payable (AP) processing. Traditional AP processing methods can be time-consuming, error-prone, and lack the agility needed to keep up with modern business demands. In this blog post, we will explore the advantages and benefits of using OnBase, a flexible enterprise content management (ECM) solution, as compared to traditional AP processing methods.
Table of contents:
I. Advantages of OnBase for AP Processing
Advantages of OnBase for AP Processing
1. Improved Efficiency
OnBase offers a range of features designed to streamline AP processing and eliminate manual tasks. According to a study conducted by DTI, organizations using OnBase experienced an average reduction in manual effort by 50%. By automating invoice capture, data extraction, and processing workflows, OnBase significantly reduces the time and effort required for AP tasks.
2. Accelerated Processing Time
Traditional AP processes typically involve manual data entry, paper-based document handling, and tedious approval workflows. With OnBase, invoice processing times can be reduced by up to 75%. By automating the capture and routing of invoices, OnBase ensures faster turnaround times for approvals, resulting in improved cash flow and vendor relationships.
3. Enhanced Accuracy
OnBase leverages advanced data capture and optical character recognition (OCR) technologies to automatically extract data from invoices, eliminating errors associated with manual data entry. In fact, the accuracy rates of data extraction using OnBase are as high as 99.9%. This ensures that invoices are processed accurately and reduces the risk of late payments or disputes with vendors.
4. Increased Visibility and Control
One of the key advantages of OnBase over traditional AP processing is the centralized storage and accessibility of important business content. OnBase consolidates all AP-related documents in one secure location, providing users with instant access to critical information whenever and wherever they need it. This ensures greater visibility into the status of processes, documents, and information, allowing for better decision-making and improved auditability.
5. Compliance and Legal Requirements
OnBase incorporates legal retention requirements automatically, giving organizations total control and visibility into compliance adherence. By storing documents securely and maintaining an audit trail of all activities, OnBase helps organizations meet regulatory requirements and ensures that sensitive information is protected.
6. Cost Savings
By reducing manual effort, accelerating processing times, and improving accuracy, OnBase leads to significant cost savings for organizations. In fact, organizations that have implemented OnBase have reported an average reduction in AP processing costs by up to 69%. The elimination of paper-based processes also reduces printing, storage, and shipping costs, contributing to overall cost reduction.
7. Streamlined Approval Workflows
OnBase provides automated workflows for invoice approvals, simplifying and streamlining the approval process. With OnBase, invoices can be electronically routed to the appropriate approvers, reducing the reliance on manual methods such as physical distribution or email attachments. By automating approval workflows, OnBase ensures that invoices move through the approval process seamlessly, reducing bottlenecks and improving efficiency.
8. Improved Vendor Collaboration
OnBase offers vendor self-service portals, allowing vendors to submit invoices electronically and track the status of their payments in real-time. By providing a transparent and collaborative platform, OnBase strengthens vendor relationships and improves communication between organizations and their suppliers. Vendors can easily access invoice status, payment history, and any relevant documentation, reducing the need for manual follow-ups and inquiries.
9. Integration with ERP Systems
OnBase seamlessly integrates with existing enterprise resource planning (ERP) systems, such as SAP and Oracle. This integration eliminates the need for double data entry and ensures data consistency between OnBase and the ERP system. By integrating with ERP systems, OnBase further enhances efficiency, reduces errors, and provides a unified view of AP processes.
10. Mobile Access and Remote Work
In today's digital landscape, remote work and mobile access have become essential. OnBase offers mobile applications and cloud-based access, allowing users to access relevant AP documents and information from anywhere, at any time. This flexibility enables remote collaboration, enhances productivity, and facilitates quick decision-making, regardless of physical location.
11. Enhanced Security and Data Protection
OnBase prioritizes security and data protection, providing various mechanisms to safeguard sensitive AP information. Role-based access controls ensure that only authorized personnel can access specific documents and perform certain actions. Additionally, OnBase allows for document encryption, electronic signatures, and audit trails to ensure compliance with data protection regulations and maintain the integrity of AP processes.
12. Scalability and Flexibility
OnBase is a scalable solution that can adapt to the changing needs and growth of an organization. Whether dealing with a small number of invoices or handling large volumes, OnBase can handle the workload. As businesses evolve, OnBase can accommodate additional users, increased document volumes, and expanding AP processing requirements. This scalability ensures that OnBase can grow alongside the organization and continue to deliver value in the long term.
Conclusion
In conclusion, OnBase offers a wide range of advantages and benefits over traditional AP processing methods. From improved efficiency and accelerated processing times to increased accuracy, enhanced visibility, and cost savings, OnBase revolutionizes AP processing and helps organizations streamline their operations. By adopting OnBase, organizations can automate manual tasks, reduce errors, enhance collaboration with vendors, improve compliance, and gain a competitive advantage in today's fast-paced business environment.
To learn more about the advantages of OnBase and how it can transform your AP processing, visit DTI OnBase.
Frequently Asked Questions
- How does OnBase improve efficiency in accounts payable processing?
OnBase streamlines AP processing by automating invoice capture, data extraction, and workflows, resulting in an average reduction of manual effort by 50%, as observed in a study by DTI. - Can OnBase accelerate invoice processing times, and if so, by how much?
Yes, OnBase can reduce invoice processing times by up to 75%, primarily by automating the capture and routing of invoices, ensuring faster approvals and improved cash flow. - How does OnBase ensure accuracy in AP processing, and what are the error rates?
OnBase leverages advanced data capture and OCR technologies, achieving data extraction accuracy rates as high as 99.9%, thereby minimizing errors associated with manual data entry. - What advantages does OnBase offer in terms of visibility and control over AP processes?
OnBase provides centralized storage, consolidating AP-related documents for instant access. This enhances visibility, facilitating better decision-making, improved auditability, and greater control over processes and information. - How does OnBase address compliance and legal requirements in AP processing?
OnBase automatically incorporates legal retention requirements, providing total control and visibility into compliance adherence. It stores documents securely, maintains audit trails, and ensures the protection of sensitive information.
