Are You Wasting Too Much Time Processing Transactions?
Transaction processing can be very time-consuming. It is very important to review processes from beginning to end to find areas of redundancy and tasks that can be eliminated. Additionally, finding and eliminating bottlenecks can reduce waste.
Below is an article from theaccountspayablenetwork.com that details some recommended methods on how to improve the process of transactions processing in your business office. After reading the article, give us a call at SpendBridge so we can assist you with streamlining your procurement and accounts payable processes to reduce waste.
Source: theaccountspayablenetwork.com | Re-Post SpendBridge 3/22/2018
A 2017 report from APQC, a business benchmarking and research firm, reveals that we’re still spending too much time on transaction processing.
While thought leaders recommend moving AP and AR staff into more strategic roles to capitalize on the cost of their labor—as well as to shield them from obsolescence brought about by automation—it appears that many organizations are still struggling with the relatively menial tasks associated with transactions: handling paper invoices and checks, manual keying, and so on.
APQC recommends the best way out of this wasteful cycle is by really digging down into how things are being done, picking those processes apart, then finding and eliminating the bottlenecks.
By managing processes according to best practices, you are able to reduce the amount of time being wasted and instead spend it on forecasting, analysis, and strategic improvements.
“That’s the ideal, but it’s tough to achieve,” says Mary Driscoll, Senior Research Fellow for financial management at APQC. “Large, complex organizations tend to be in a state of non-stop change. Also, the current data deluge is a big hindrance. No wonder finance has a hard time calling a ‘time out’ for finance process transformation.”