Article
The accounts payable process involves managing invoices, payments, and other financial transactions that need to be paid by a business. An automated system can streamline this process, enhance security, and save money.
Steamline Your Accounts Payables Process
One of the biggest challenges business owners face is managing their accounts payable process. This is especially true for those who use manual processes. In the modern AP world, automation means moving away from manual workflows and paper payment processes. Instead of paying your vendors through the mail with paper checks, automation enables you to process and approve payments electronically from wherever you are. Make payments quicker on vCards, ACH and even wire. Using an automated system will allow your company to make faster payments, making your company more efficient, competitive and will even improve vendor/supplier relationships.
Saves time and money
An automated accounts payable system will save you time and money by automating the entire process. Electronic payments reduce costs for your AP department. For example, 25% of businesses reported spending $10 or more to process an invoice, and Bank of America estimates that business checks cost anywhere from $4 to $20. Those numbers are only taking into account the physical monetary loss your business suffers and does not cover the extensive loss of time that paper invoicing entails, and everyone knows time is money.
Eliminate human error by automating manual processes
If you find yourself having to manually enter data into the Accounts Payable module, it might be time to automate the process. With the help of an automated system, you can reduce errors, improve accuracy, and increase efficiency. You can use an automated solution to make sure that all transactions are entered correctly. This means that you won’t need to spend time correcting any mistakes that were made during the manual data entry process, allowing you to focus on other tasks while leaving the AP function to the software.
More Secure Payments
Payment fraud is something every CFO should be considering when choosing a payment method. Implementing ePayments allows for more control, greater security, and can even reduce invoice fraud attacks by 85%! Automation is key to enhancing payment security for your business.
Invoicing & Payment Management
Accounts payable automation software automates the entire invoice lifecycle. It enables suppliers to submit invoices electronically, and with this digital information easily manage all aspects of accounts payables with visibility to the entire process. Automate recurring tasks/activities to free up resources for higher value tasks. This type of software also integrates with other systems such as ERP (enterprise resource planning) and CRM (customer relationship management) for broader business intelligence and reporting.