Want to dramatically reduce accounts payable costs? Accounts payable automation can save time, increase accuracy, and improve workflow.
What Is Account Payable Automation?
Accounts Payable Automation helps you streamline the AP process. Gone are the days of paper pushing, piles of vendor invoices on desks, and endless hours of data entry. AP automation ends tedious paper handling by optimizing every step of the process.
What Are The Goals Of AP Automation?
The Goals of AP automation are to increase speed, improve accuracy, reduce costs, optimize cash flow, and provide better control. Digitizing the process enhances efficiency while helping you achieve higher rates of data quality. Account Payable Automation allows your organization to take advantage of early payment discounts and avoid late payment fees saving you money. The process also includes greater transparency for management. Management can easily see what invoices are due, when they are due and you’ll never need to worry about incorrectly accrued invoices again.
7 Benefits Of Accounts Payable Automation
Save Money. The biggest benefit of AP automation is that it can save your company huge amounts of money. With the AP process being automated and streamlined, a lot fewer resources are required to get the job done. Since there is a lot less hands-on time required from your team, they can now focus on other priorities that grow your business.
Streamline your Invoicing Process. AP Automation allows you to get invoices into your system quickly and easily. With predefined workflow routes, invoices are easily routed to relevant individuals for quick and easy approval from any smart device.
Improve Accuracy of Your AP Operations. With piles of paper documents and manual data entry, there’s a lot of room for error. It’s incredibly easy to lose invoices when there’s a mountain of paper on your desk. It also eliminates opportunities for tampering with built-in security features protecting sensitive information.
Financial Reporting At-a-glance. Our financial reporting dashboard allows you to get a snapshot of your financial and operational information. You can keep an eye on your spend in real-time. This process allows you to understand the ebbs and flows of your business cash, track your budget and more. The more you know about the numbers in your business, the more informed you are when it comes to decision making time.
Provides Remote Management Access. Cloud access means that whether your staff are working on-site or remotely, the processing of AP invoices will be achieved regardless of work location. In a highly digital world and with more people working remotely, being able to handle invoicing from anywhere is a must for any business.
Accounts Payable Automation Drastically Reduces Labor Costs. The ROI of implementing an AP automation solution is huge. Electronic workflows make it fast and easy to process accounts payable invoices. That means that accounting staff can process invoices and payments in a fraction of the time that manual AP processes take.
Save Money with Early-Pay Discounts. Some suppliers offer a discount for invoices paid on time. Having a more efficient AP process means you can enter and pay invoices more quickly to take advantage of these discounts.
What Is The Best KPI For Accounts Payable?
The biggest key performance indicator (KPI) is the Cost Per Invoice Processed. Tracking the cost per invoice processed is your business’ way to measure overall AP departmental efficiency. According to CFO.com, businesses spend a median amount of $7.75 per manually processed invoice. The Cost Per Invoice Processed is not a metric most companies typically calculate, but once you do you’ll think of invoicing in an entirely new way. Understanding your Cost Per Invoice Processed is one of the key justifications for implementing AP Automation.
AP Automation helps you process significantly more invoices in less time. The result is savings, improving your bottom line. The benefits of AP Automation can be measured in a number of ways including invoice lead time, the number of invoices processed per employee, automatic distribution percentage, and touchless processing ratio.
Experience the Power of AP Automation for your Business Leave manual invoicing in the past and step into a new year with a new, faster and more efficient way of processing invoices.. Discover how to increase efficiency and streamline your Accounts Payable Process today by scheduling a consult. See why Ash Conversions is one of the most trusted AP Automation Solution Providers. Find out more about our accounts payable automation solution.
