Speaking with finance professionals at many companies across a variety of industries, we have heard familiar scenarios like this: It’s the end of the month and we still need to complete payment of invoices for 30 vendors, each begging for our undivided attention.
Even if you could get this done today, is it possible to be confident that you can get them all paid accurately? Are you willing to take the chance? With accounts payable (AP) automation, you don’t have to.
Here are five reasons why you should consider automating your AP process.
- Get Rid of Paper Invoices
Many businesses deal with a huge number of invoices, and these come in various forms via mail, fax, or email attachment. Account payable automation helps you deal with all those invoices in a paperless manner. Regardless of the nature of your incoming invoices, an AP automation solution can scan, interpret, and organize all the data according to a pre-defined set of business rules. The AP automation software extracts important information and even validates it.
- Greater Control
Automation of accounts payable improves your internal processes and relationships with the suppliers. When you have better control of your invoices, you can expect smoother workflow, more efficient payments, and even happier vendors. Automation brings all the information to your fingertips, so that you don’t have to fall back on multiple sources to track tax information, item details, status and so on.
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Accurate Financial Reports
AP automation can provide digital access to all the data on each invoice creating accounting reports with ease. You can set the reporting method in the software – graphs, charts, or tables – and get the exact information presented the way you want it.
- Reduced Manual Labor
Your AP department can breathe easier because the automation software takes care of manual processes like data entry and matching each invoice with a purchase order. Your accounting system can achieve true automation nirvana!
- Fewer Errors
Reduced manual touches means fewer chances of error. Automated input minimizes the chances of mistakes, and the software can even highlight errors for you. In case there are any deviations from company regulations, you will be notified.
In summary, integrating AP automation software to your accounting process eliminates costly errors and gives your employees more time back in their days. For more information about automating your AP process, contact us or learn more here.