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Are you aware of the benefits of the accounts payable automations process? There are many advantages of automating your accounts payable system.
Instead of spending endless hours on monotonous and time-consuming AP tasks, consider a hand over and outsourcing. Through outsourcing, you can get value and the most updated automation processes available.
From purchase orders to vendor invoices, approvals and payment runs, there are so many touchpoints that are still done manually. This culminates in excessive time spent on processing invoices and resulting in poor relationships with vendors.
Read on to find out how we can assist.
As the name suggests, accounts payable automations refers to practises that minimise the manual features of the accounts payable function and automates them.
This usually involves a dedicated software and there are quite a few on the market today.
Accounts payable automation allows the submission and approval of purchase orders and invoices electronically. With this process you can say goodbye to hard copy invoices.
Sophisticated software will read and extract information from invoices, which means very little data entry.
We have found this feature to be a great cost saver for the client. Plus, it allows the accounts payable team to spend more time on tasks that add value to your business.
Capturing, storing, and processing documents digitally doesn’t just save serious time and money through efficiency improvements.
Eliminating the need for physical storage, as well as the extra days and material costs that come with paper invoices and purchase orders, it reduces your overall environmental impact too.
Better still, not having to wait for ‘snail mail’ can help you capture early payment discounts and avoid late fees.
Even the most meticulous accounts payable clerk might overlook minor details or enter incorrect data. The error could be as simple as forgetting a decimal point or entering an invoice twice.
Data accuracy is key for accounts payable and keeping a good client/vendor reputation. Accounts payable automation minimises the possibility of errors and improves accuracy.
There is no doubt that automation is more efficient. This opens opportunities for business owners to spend more time on the strategic focuses of the business.
Previously slow and repetitive work – checking purchase order forms and entering data – is done in a blink of an eye. Documents are digitised by default.
The time saved by reducing mundane, manual work means time for more important tasks that add value to your business.
Cloud-based systems means the accounts payable process can be done from anywhere, anytime if there is a Wi-Fi connection or even on a smart phone!
Transitioning to an accounts payable remote process is possible when using a cloud-based accounts payable automation solution.
It will enable your AP department to work in with your operations team, even if your staff work remotely or are on-the-go
To get the best outcome, our highly trained team will partner with you to set up your new automated AP system correctly, right from the start.
We will prepare your accounts, set up procedures and liaise with your vendors and clients during the transition process to ensure a seamless changeover.
Like any new technology, some processes are still required to be completed manually to minimise the chance of errors, such as reconciling vendor statements.
Our experienced team will advise you on the best overall solution for your business and take the lead on implementation, setting you up for success!
Ready to modernise your accounts payable process? Contact us today to learn more.
Book a meeting with us today to discuss accounts payable automation further. It might just be the best fit for you!
