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“A report by mineraltree.com states that AP Automation can enhance the processing time for invoices by 10%, saving 1 hour a day. Another analyzing report by mckinsey.com declares that CEOs could save up to 20% of their time by automating their financial tasks”
Having intelligent software that takes care of time-consuming, slow processes for you is what you call automation. And what about accounts payable automation? It is a process that automates the accounts payable with the help of software, removing the manual aspect. smart
You can submit or approve your invoice with the help of AP automation without putting in each purchase order manually. Advanced automation software will decode invoices and automate information extraction on auto-pilot, hence, no hassle for data entry.
AP automation does not only eliminate manual tasks, but also provides better control and enhanced visibility over financial data. Speed up your accounts payable process, minimize errors, grow your business with AP automation.
Significant Benefits of AP Automation
Automation is a profitable investment – the one that can pay for itself and makes life easier for everyone. Let’s dive deep into the benefits of AP automation:
- Time-Saving – From checking orders invoices to entering purchase data, the slow and repetitive work is now done within no time with the help of automated accounts payable
- Low on error radar – Human error is inevitable, so there will be more errors in a traditional or manual accounts payable setting. AP automation has the power to repeat the processes endlessly with fewer errors.
- Automatic Digitization of Documents – Gone are the days when you had to keep those giant storage rooms for heaps of papers and files. No more manually filling out purchase orders, scanning copies, and emailing them to the finance department. Everything is handled smartly with AP automation.
- Increases productivity – The obvious advantage of automating manual, time-consuming tasks if you have more time to focus on what you should be doing.
- Omnipresent Accessibility – AP automation process is a cloud-based, digital process, so the system is accessible from everywhere.
- Workforce Autonomy – An intuitive AP automation software makes automation accessible to the entire workforce in the organization. Apart from the finance department, other teams can easily file purchase orders with a detailed step-by-step guide.
How to automate accounts payable?
Accounts payable automation is done by implementing an AP automation tool that is integrated with the ERP system of the organization. You can also look for cloud-based automation software that best suits your business needs.
The type of supplier invoices can influence the processing of accounts payable automation software. Let’s say the software needs to handle indirect spending or expense. The AP automation tool will support intuitive data capture, coding, and placement of the invoice within the organization. When it comes to direct spending, the automation software will send the invoice for payment (only after it matches the purchase data.)
How to find the best accounts payable automation software for your organization?
Depending on your business requirements, one of the best accounts payable software
is most likely to help you with automation. It’s crucial to find the best AP automation for your business. The first thing you need to ensure is the new automation tool integrates well with the existing ERP. Besides, make sure the software you select should manage every invoice processing scenario for better results.
Automation makes the organization productive and efficient by automating boring, repetitive, and time-consuming tasks. Accounts payable automation is fast, seamless, and a great investment in the long run. It’s time to get over with the paper purchase orders, approvals, and manual filing systems.
Are you ready to go paperless with Accounts Payable Automation?