There aren’t many subjects as boring as Accounts Payable (AP). After all it’s just dollars that your ISD owes vendors for goods or services. Pretty straight forward. No need for a large, in-depth treatise of the ins and outs of cash flow and operating capital. Just pay the bill within the agreed upon time frame, be it net 30 or 90 as long as the account is kept in good standing, and your district keeps getting the goods and services. Everything is good. Right?
Dry as it maybe AP operations constitutes a very large cash outflow for most school districts. In addition to input accuracy errors, lost or misplaced invoices, and storage costs, manually processing an invoice costs an average of $12.00 per invoice. School districts are high cost operations with many vendors providing services.
How many invoices does your district process on a daily basis?
Additionally, there are unseen costs tied to manual AP processing as well. Often, high value knowledge geared AP employees are relegated to do operational process work when manually processing invoices. The reassignment of knowledge workers to “busy” work can be a real moral killer leading to higher turnover and more costly mistakes. Couple this with the inherent audit risks all paper-based documents are susceptible to and the costs continue to mount. Lost or misplaced documents can lead to very costly fines, and potential municipal bond devaluations when Uncle Sam calls.
Let us help your district out with your AP process. Our automated SMARTSolution reduces the costs of invoice processing by 50-75%. If your district processes an average of 30 invoices daily, that’s a $50,000/year savings! No more lost purchase orders, no more input errors, no more costly high risk physical storage. Check out the below video – Tom Bienski, VP of Strategic Solutions demonstrates how simple, fast, and efficient our automated solution is.