AP automation assists businesses in several ways. It would help reduce the manual tasks while freeing up cash flow. It would also help manage approvals, submit invoices, and process payments. You would receive quick approvals, enhanced visibility along adequate control on important financial data and processes on a single platform.
Find below some of the major benefits offered by AP automation.
1. Saves time
AP automation could avoid delays and reorganize the approval process. It helps in the application of specific rules to streamline the workflow. As a result, the right person would receive the invoice automatically at the right time. You could view invoice processing thereby reducing the time taken to check the status of the invoice.
2. Cost-effective invoicing
Accounts payable automation would help you save time and labor costs. It would also enable you to reduce the hard costs involved in office supplies. You would be able to save a significant amount in processing the number of invoices in your office.
3. Enhanced accuracy
When you opt for AP automation, rest assured you would be able to reduce the number of errors committed manually. The software has been specifically designed to protect you from committing common errors. It eliminates the manual placing of invoice headers. Moreover, it enables you to catch duplicate payments by validating against enterprise resource planning information.
4. Insight on the payment cycle
The software would provide you a clear insight into the payment cycle. You could view where the invoice is sitting along with the right person to get in touch with to reduce delays. With real-time access benefits, you could import and export the data. It would make the process perfect for analysis and reporting at the end of a business cycle.
5. Protection from fraud
The software would assist in safeguarding your business against fraud by controlling the employees handling invoice approvals along with accessing the release of payments. It could help you build workflows for approvals with several people thereby increasing the chances of catching fraudulent invoices before the processing of payment. This process management system would ensure no single person is handling the approval of payments. It would assist in reducing the chances of fraud incurred along with checking for incorrect or missing data.
6. Transparency of data
Tracking the productivity of employees has been made easy with enhanced dashboards. It would also come in handy for employee reviews. Tracking the performance and productivity of an individual or the team has been made easy with the software. Managers could simply tap the tool to gain the desired results.
Choosing accounts payable automation solution
Before you start shopping for the accounts payable automation software, it would be in your best interest to consider the present accounts payable processes. It would begin with surveying your team. The responses would be used for developing a list of essential features for accounts payable automation software.
Automation delivers the tools for accounts payable department in achieving quick and accurate invoice processing. The software captures, analyzes, organizes, and delivers the invoice to a suitable individual for coding, review, and approval.