Best Practices for Process Efficiency and Cost Savings
By Reading This Study, Members Will Learn:
- How to streamline accounts payable processes
- How to maximize efficiency by reducing unnecessary manual processes
- How to realize maximum accounts payable savings
Facing increasing costs and flat or declining revenues, most colleges and universities are actively seeking methods to streamline labor-intensive administrative processes, improve efficiency, and potentially recoup some savings. Despite its crucial role, though, most institutions have not critically evaluated accounts payable (AP).
Much of unnecessary AP costs stem from manual processing work, which are often time- and labor-intensive and prone to errors. Reducing manual data entry will streamline processes and free valuable staff time to focus on higher-order AP tasks, such as speeding invoice processing and analyzing overall university spend.
Best-in-class institutions have dramatically improved AP efficiency by focusing most of their efforts on a handful of specific processes that generate the bulk of unnecessary manual work. By focusing on targeted, institution-specific automations that typically fall into three categories (invoice processing, approval and reconciliation of purchases, and vendor payment) colleges and universities stand to streamline their AP processes and realize maximum cost savings.