If you have gone through a month-end close you know these are never fun. This repetitive and time-consuming process can be especially burdensome for those who rely on manual activities to close out the month. However, there is a solution that can alleviate this pressure – AP automation.
Increasing number of organizations are becoming aware that there is a better way. In the wake of the pandemic, many have reevaluated their processes and swiftly recognized the immense value that accounts payable (AP) automation offers. It not only streamlines operations and facilitates remote collaboration but also enables real-time data management. Let's explore some of the ways AP automation accomplishes this.
Unlocking Time and Resources with AP Automation
AP automation is a game-changer when it comes to increasing the efficiency and accuracy of month-end reporting. One of its most powerful benefits is the automation of tedious manual processes that often consume a significant amount of time for AP teams. These processes are also prone to human error, especially during the rush to summarize financials at the end of each month. However, with AP automation, many of these processes, such as invoice matching and data verification, can be easily automated, saving valuable time and eliminating costly errors.
Another advantage of AP automation is the ability to standardize manual reporting procedures. Without automation, these procedures can vary greatly depending on who is implementing them, leading to confusion and mistakes among team members. By centralizing these procedures through AP automation, organizations can ensure that everyone is on the same financial page. Additionally, well-documented procedures provide the highest level of speed and accuracy when it comes to tackling month-end closing reports and other audit processes.
Clean Data = Easier Close
In addition, the data itself is a crucial aspect to consider during month-end reporting, as it often gets lost or delayed in manual, paper-based processes. AP automation revolutionizes this by eliminating the need for paper invoices, providing real-time reporting, and generating customized reports that are ready to use for month/year-end closing. As a result, the relevant data is always readily available to the right stakeholders when they need it most.
Furthermore, AP automation can also enhance team collaboration. Effective AP operations rely heavily on team members working together to deliver projects quickly and efficiently. AP automation facilitates this by promoting transparency among teams, ensuring that everyone is aware of their assigned responsibilities. It also supports collaboration regardless of time, circumstances, or location, enabling invoice approvals and inquiries to be resolved within seconds or minutes, rather than days or weeks.
Everyone Rowing in the Same Direction
Efficiency is the key to success in today's rapidly changing global market. With AP automation, tasks that used to take hours for employees to complete can now be seamlessly performed in real-time, from anywhere and on any device. This collaborative and secure environment not only saves time and money but also boosts productivity and efficiency.
By implementing the right processes, AP automation can make month-end closing reports painless. The ultimate goal of automation is to eliminate the frustrating paper chase that often comes with manual processing, while also enabling real-time collaboration from any location. This not only allows team members to focus on more strategic and innovative activities but also ensures that crucial financial data is readily available to those who need it, when they need it. This empowers faster and more informed decision-making at all levels of the business.
Ready to close your books faster? Schedule a demo today with Nimbello.