Automating accounts payable (AP) can dramatically transform businesses, and leveraging DocHorizon, an intelligent document processing (IDP) solution provided by Chaffinch, brings this innovation into sharp focus. Regardless of your industry or company size, AP automation can yield substantial benefits, including reducing errors, cutting costs, ensuring compliance, and improving supplier relationships.
At Chaffinch, we recognise the complexities and time-intensive nature of traditional finance operations. By integrating DocHorizon, we streamline accounts payable processes efficiently, freeing up valuable staff time and enabling them to focus on higher-value tasks.
The Risks of Manual Accounts Payable
For many organisations, accounts payable remains a labour-intensive, paper-heavy process. Invoices often arrive via email, post, or as PDF attachments, resulting in a cumbersome system that relies on manual intervention. Steps such as printing, reviewing, coding, approving, and filing contribute to a workflow that is susceptible to human error, fraud, and delays. Common issues, such as lost documents, late payments, duplicate entries, and inconsistent approval processes, can lead to inefficiencies that hinder organisational performance.
By adopting a manual approach, businesses risk consuming excessive time and failing to comply with regulations and standards.
What is Accounts Payable Automation?
Accounts payable automation with DocHorizon involves the use of sophisticated IDP technology to digitise and streamline the entire invoice-to-payment journey. From the instant an invoice is received, DocHorizon efficiently manages all stages of the process. The software facilitates automated approvals, reducing bottlenecks and empowering finance teams to focus on strategic decision-making rather than routine tasks.
Chaffinch ensures that DocHorizon integrates seamlessly with existing finance systems, incorporating intelligent workflow controls, versioning capabilities, and comprehensive audit trails. Whether you manage hundreds or thousands of invoices each month, our solution enables finance teams to work smarter, not harder.
Key Benefits of DocHorizon’s AP Automation
1. Faster Invoice Processing
DocHorizon significantly reduces processing time by automating repetitive manual tasks. Digital invoices are captured instantly, allowing for quick routing to appropriate approvers and effectively removing system bottlenecks.
2. Fewer Errors and Fraud Risks
The IDP technology within DocHorizon reduces the risks associated with human data entry errors. The system actively flags inconsistencies, duplicates, or suspicious activities, helping to prevent invoice fraud and compliance issues.
3. Cost Savings
It can cost between £9 and £15 to manually process an invoice. By utilising DocHorizon, organisations can significantly lower these costs by reducing paper usage, postage, and employee time through automation.
4. Improved Supplier Relationships
Maintaining timely payments fosters stronger supplier relations. DocHorizon ensures that businesses can make prompt, accurate payments, thus enhancing partner satisfaction.
5. Audit-Ready Compliance
Each action taken within the automated AP workflow is systematically recorded. This gives organisations complete visibility and digital audit trails, ensuring they are always prepared for financial reviews or audits and reducing stress in the process.
6. Better Cash Flow Management
With real-time visibility into outstanding bills facilitated by DocHorizon, finance teams can make informed decisions about cash flow and deferred payments.
How Chaffinch Supports AP Automation with DocHorizon
At Chaffinch, we tailor the implementation of DocHorizon to develop an AP workflow that meets each client’s unique needs. Our solutions encompass multi-stage approvals, automatic reminders, document classification, and secure storage, providing your business with comprehensive control over financial documentation.
We also prioritise data protection and compliance right from the start. Our solutions are fully compliant with the Data Protection Act 2018 (formerly aligned with the General Data Protection Regulation) and meet the ISO 27001 standard for Information Security Management Systems.
Regardless of whether you are in manufacturing, professional services, education, or the public sector, our flexible document automation solution, powered by DocHorizon, can revolutionise how your organisation handles accounts payable. Want to find out more? Get in touch: email [email protected] or call 0333 320 8627.