Businesses all over the world are making operation efficiency their top priority for growth in the next following years. The key to maximizing efficiency, especially in your accounts payable process is automation!
What Accounts Payable Automation?
Accounts payable (AP) automation is a piece of accounting software that reduces manual and repetitive tasks such as data entry and sending cheques. Using automation, companies are able to (but not limited to)
- Capture invoice data intelligently from both paper-based and electronic files
- Manage approvals via the workflow engine
- Match invoices to purchase orders and to good receipts
- Enable secure, end-to-end payments
- Reduce errors such as duplicate payments and gain early payments discounts
There are so many more amazing features AP automation can do, but the overall purpose of it is to increase efficiency throughout the company. Not only have companies significantly reduced AP costs by replacing paper with electronic invoices — their accounting talents can focus on more productive and higher rewarding work.
Here are the top benefits of using AP automation:
Automated accounts payable allows you to save up to 70% of your operational costs while reducing the time spent on manual tasks
With an invoice processing system that depends on manual data entry, mistakes are bound to happen! Errors lead to businesses paying more and conflicts with vendors.
3Streamline Invoice Approval
Automated accounts payable enables employees to set up workflows for invoices to follow! It can match the invoice to purchase orders and good receipts and then send it along to the appropriate approvers! All you have to do is enable it with a press of a button and automation takes care of the rest!
4Early Payment Discounts
Paying invoices on time can secure discounts and also help create a stronger relationship with vendors! This can boost your reputation and other vendors will want to work with you!