Today's post is a guest blog from Uplevl, a Gold Sponsor of Intacct Advantage 2015.
Assigning a metric and value to “time” usually is either associated with the value of time spent and the return on that investment or the savings associated with time saved. It is hard to believe it was just two weeks ago that we spent a very valuable three days with our friends and partners at Intacct attending the Intacct Advantage 2015 conference. Thank you Intacct!
The conference provided numerous classes and hands-on training sessions throughout the week that left us feeling invigorated by the valuable lessons learned and the new networking connections we have made. As a Gold Sponsor, Uplevl wants to thank the entire Intacct team for hosting a very informative and valuable conference well worth our investment to participate!
When it comes to the value of time saved, the often paper-intensive accounts payable process is where companies can quickly find opportunities to save time and money. The Aberdeen Group performed a study of organizations and identified three quantifiable benefits of improving the Accounts Payable processes as being:
- Faster Processing Times
- Lower Costs to Process
- Improving Discount Capture
Aberdeen Group then identified the gap between best-in-class companies at the top 20% and Laggards at the bottom 30% in terms of these measurable benefits. The results showed that most companies (the lower 80%) have an opportunity for significant and immediate savings through document management and approval process automation. Best-in-class companies processed their invoices in 4.1 days on average (versus the laggards at 16.3 days) and were able to take advantage of early payment discounts as much as 90% of the time (versus 18% of the time by the laggards)!
At Uplevl, we have been able to help our mutual Intacct and Uplevl customers and accounting firm partners achieve up to 40% savings of their team’s time with our document management and workflow automation solution integrated with Intacct. If you take into account that a typical month has on average 21.74 business days, the efficiencies that Aberdeen points out and our mutual Intacct/Uplevl clients have achieved is the equivalent of saving 8.7 days a month! (21.74 X 40% = 8.7 business days!)
What if you could give that many days of productivity back to your company? Would you be a business hero? What if you could say that during November you gained the benefit and return on investment of the time spent at the Intacct Conference (three days in November) and then in December, you came up with a way to save 8.7 days a month for your company? So, savor the memories of the conference, and let us help you get back some of your time and help you move your business forward!