Implement the best-of-breed AP Automation and Document Management.
When you are growing your company, you need each department to operate like a well-oiled machine. Unfortunately, the mining industry has so many moving parts that it's tough to achieve, particularly without adding to your headcount.
If you are juggling thousands of invoices, it can be challenging to pin down approval from the appropriate FIFO supervisor. All this before you even start considering shift changes and remote locations.
Then you have the issue of never knowing your current financial position, with $100,000+ of invoices sitting in a pile on someone's desk without anyone realising. Maybe the PO hasn't been receipted, or there’s a discrepancy that needs investigation. Either way, this lack of transparency makes managing your cash flow a very difficult task.
When it comes to auditing, you need to be able to locate a file quickly and easily. A misplaced invoice that slipped under someone's latest copy of Australian Mining Magazine doesn't cut it, and no one in the business has time to hunt out the right piece of paper.
How AP Automation works
Let us take you through the AP Automation process.
The business case for automation.
AP can be a significant cost base for mining companies, making it an excellent place to start exploring automation. You can rapidly improve your costs and efficiency by introducing AP Automation.
Your invoices will be processed and matched to the appropriate purchase order quickly. If the allocated supervisor isn't available or the invoice sits with someone for an extended period, it can be automatically reallocated for immediate processing.
Coupled with our Document Management System, you can be confident that your files will be consistent. So, when a compliance query arises or the business is audited, you can put your hands on the paperwork you need at a moment's notice.
You achieve complete transparency, so you always see exactly where your invoices are at all times. And even when your mine is expanding, AP Automation can manage the peak in invoice volumes without disrupting your daily operations.
I never have to worry about that when it comes to our AP processes, as the Redmap system enforces compliance to the processes we have established. Clearly, we didn’t know that we would be subject to SOX when we invested in Redmap, but I’m glad we have. The amount of labour I would have to apply to the AP process to pass that audit if I were still manually processing these invoices would be tremendous.