The primary purpose of an accounts payable workflow automation system is to minimize errors and to increase speed, accuracy and overall visibility in the process.
What Is Workflow in Accounts Payable?
A workflow in accounts payable is a system of streamlining the accounts payable four-step process. This automation eliminates the need for human intervention which can lead to errors unintentionally. This process ensures the invoices for approval go to the right person the first time and then, once approved, make it to the correct person for a faster turnaround. The automated process serves to maintain strong vendor relationships and give organizational leaders a strong overview of their business.
What Does the Manual Accounts Payable Workflow Look Like?
In a manual accounts payable process, invoices are manually entered into an accounting system. This can lead to human error in the transferring of data. After the invoice is successfully transferred, the invoice goes to the person in charge of approving the invoice. Once approved, the invoice is sent back to the finance department, and a payment is then made. This process can be timely, offers little to no visibility of status, and can lead to delayed payments.
How Do You Automate the Accounts Payable Process?
ACI’s AP Assistant™ eliminates things like data entry, 3-way matching and more by making the process virtual. By utilizing our advanced AI, AP Assistant™ can recognize and store invoices in record time and ensure the invoice goes to the right person in a timely manner by creating a workflow.
Here Are 10 Accounts Payable Workflow Automation Benefits
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Increased ROI:
The average cost of manually processing an invoice is $6.86. When a business adds automation to their accounts payable, the Cost Per Invoice (CPI) is reduced to $2.67. That is a huge difference for your bottom line!
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Eliminate Human Error:
We are all humans and capable of making mistakes. The biggest benefit to an automated AP system is that no human intervention is required thus eliminating the common and unintentional mistakes people make to increase productivity and processing time.
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No More Duplicate Payments:
It is easy with a manual AP process to accidentally pay an invoice twice. Unintentionally, someone will forget an invoice has been paid due to the lack of visibility and transparency that a manual process creates, and an invoice can end up being paid twice. No business wants to overpay.
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Happier Employees:
By eliminating some of the tedious tasks associated with the AP process, your employees can put their brains to work in other areas of the company. Allow your employees to focus on more strategic efforts and less on manually handling payments.
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Increased Visibility:
Knowing where an invoice is in a process is crucial to any business. Knowing how long it takes for invoices to be processed from an end-to-end standpoint can be crucial information for any organization. It is easier to make business decisions when you understand how the finances are working.
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Time Reduction:
Using AP Assistant™ can reduce invoice processing time by 17 days. That is a massive difference in processing time and can have huge benefits for any company!
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Touchless Invoice Processing:
ACI’s AP Assistant™ can bring your AP process to an almost touchless status. The system can automate 3-way matching, data and image capture, data validation, invoice routing, and approvals. The process can virtually eliminate the need for a human to ever touch the invoice.
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Eliminate Financial Risk:
ACI’s AP Assistant™ is CSAE 3416 SOC certified, employing best practices including predefined approval workflows and complete audit trails. Never worry about an audit.
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Reduce Month End Closing Time:
Easily generate reports to see how money is being spent and by which department. Having a handle on the finances from each sector of your business can help you stay on track with your goals.
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Expansion:
Easily expand the accounts payable team without having to hire anyone else. Let AP Assistant™ handle all your accounts payable needs without needing to supply vacation time and sick days.
Get Help with Your AP Workflow Automation
Automating your AP Processes with an accounts payable automation software solution does not have to be an onerous or daunting task. As experienced Accounts Payable solution providers, our professionals take the pain out of the process and walk you through the implementation step-by-step to have you up and running in as little as 30 days. Call us today to set up your consultation to see if this is the right fit for your business. Click the button below to reach out to us today.
