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Business Workflow Solution for AP/AR

Automate and optimize your AP/AR processes.

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60%
Percentage of higher education survey respondents who said their accounts payable processing is not centralized, and requires employees to manually enter data and route invoices.*

65%
Percentage of higher education survey respondents who said their accounts receivable processing is not automated, and requires employees to manually enter incoming checks/payments into the financial system.*
APAR Finances for higher education
 
 

Chances are, your accounts payable and accounts receivable (AP/AR) transactions are not typically at the forefront of your college's or university's mind. Consequently, your invoicing processes might be outdated — causing slow turnaround times and inaccuracies that could be costing your institution hundreds of thousands of dollars annually.

 

Our combined solutions and team of experts can help you modernize your AP/AR processes and reduce transaction complexity by using an overall paperless process. The results will help you cut costs associated with labor and meet early payment discounts by speeding turnaround times. We'll also help you decrease inaccuracies in your payments, simplify payment management, tighten payment security and reduce supplier payment inquiries through a digitized and proven automated workflow.

 
 

Hear from a Ricoh expert on using digitization and automated workflows to address common admissions, finance and fundraising challenges.

 

Streamline your process

 

See what a pared down and sped up process can do for you.

 

A manual AP/AR workflow can cost your institution hours, days and even weeks in labor to process a single invoice. It often starts with an invoice arriving by mail. The item is then manually sorted and sent to the corresponding department(s) via interoffice mail, where it's then opened and keyed into the AP system. And this is just the beginning. From there the item goes through a series of physical approvals, check-cutting, mailing and archiving.

Other manual processes can involve mailroom staff taking invoices directly to AP. AP then turns around and manually delivers the invoices to the departments. When departments are not located on campus and AP has to open the invoices and scan, email and/or fax them to outlying locations not on campus, it causes even further delays in processing.

We’ll work with you to revise all stages of your AP/AR process, including:


  • Consulting: workflow consulting
  • Input: hard copy capture, digital data capture
  • Process: digital workflows, approval routing
  • Infrastructure & support: digital storage, data security
  • Output: exception and utilization reporting
  • Delivery: onsite managed services
Close up of making payments on technology tablet
 
 

Minimize costs through reduced touch points

 

Reduce manual efforts throughout your AP/AR workflows.

 
Ariel view of desk looking at invoices
62%
Amount of total AP costs typically consumed by labor costs.**

Do you know what your AP/AR processes are costing your institution? If not, you're not alone. According to the results of a recent survey by University Business commissioned by Ricoh, over 50% of higher educations institutions surveyed said they do not have a clear understanding of the true cost to receive and process an invoice.*

Processing a single invoice could be costing you between $10 and upwards of $40.* A large part of this price tag is directly related to manual labor costs. Manual scanning, keying, routing, approval and archiving can make costs add up fast. By reducing your manual touch points with automated, technology-enabled workflows, we can help lower your costs associated with your AP/AR workflows and improve financial reporting.
 
 

Regain confidence in your AP/AR processing

 

Help reduce inaccuracies through the use of automation.

 

32%
Percentage of large organization respondents who said invoice errors hurt their ability to close the books quickly when asked about experiencing common AP problems.***

Mistakes happen, but when they occur frequently in your AP/AR processes they can cost you. An automated workflow can help decrease:


  • Missing bills.
  • Late payment penalties.
  • Missed early pay discounts.
  • Risk of duplicate payments.
  • Delays in orders.
  • Risk of fines or penalties for noncompliance.
  • Invoice and data entry errors.
  • Pricing mismatches between contracted rates.

By partnering together, we can help you to automate workflows and minimize mistakes in processing by reducing the number of times an invoice changes hands, as well as reducing the manual labor associated with each step — including keying in items, handwriting checks and other general paperwork.

Handing off paperwork
 
 

What is the true cost of doing business in higher education?

 

57% of higher education executives disagree that their institution has a clear understanding of the true cost to receive and process an invoice, according to a University Business survey commissioned by Ricoh.*

Many institutions have not automated key financial processes.

57% business woman and man
Statistics of pie charts

Document Workflow

65% agree — My accounts receivable processing is automated and does not require employees to manually enter incoming checks/payments into the financial system.

61% agree — Our accounts payable processing is centralized and does not require employees to manually enter data and route invoices.

28% agree — Our current application process includes automated document workflows, helping to minimize administrative time and processing costs.

Agree vs disagree on paperwork statistic

Security concerns

47% agree — My institution has concerns about PCI compliance due to our manual processes.

24% agree — Data security is a primary reason my school has considered or would consider outsourcing of account receivable processes.

Fundraising with statistics

Fundraising and advancement

50% agree — My institution has a clear understanding of the true cost to collect advancement funds.

67% agree — My university is analyzing fundraising data in relationship to accounts receivable to improve the success of future campaigns.

46% agree — My institution leverages seasonal/student labor to meet the demands of fundraising.

 
Institution
We work with higher education institutions to integrate AP/AR data into core systems and workflows, placing the right information at your fingertips to uncover the true cost to process financial transactions. Then we work together to reduce those costs by helping you seize early payment discounts while avoiding fees related to late, inaccurate, or lost payments.
*Source: "Modernizing Administrative Workflows in Higher Education." University Business. Ricoh. July 12, 2016. https://www.universitybusiness.com/webseminar/modernizing-administrative-workflows-higher-education
**Mary Driscoll. "Metric of the Month: Accounts Payable Process Cost." CFO. June 24, 2015. http://ww2.cfo.com/expense-management/2015/06/metric-month-accounts-payable-process-cost/
***APQC."Understanding the Total Costs of Payables." www.apqc.org.