Accounts payable is one of the most crucial business processes for any organization. That’s because inaccuracy in this business process can result in major losses for a company. When an accounts payable process involves manual labor, there are high possibilities that the results will include lots of errors. This leads to a waste of time and resources, which is no good news for any business.
Avoiding such mistakes is not possible even by hiring the most experienced and skilled professionals to look after your accounts payable process. The only solution to this problem is using accounts payable automation software. Read more to find things you must know about accounts payable automation and invoice scanning.
How to Automate Accounts Payable?
To put it simply, the process gets automated using a technology called accounts payable automation. The said technology involves the use of software, which eliminates human involvement in the process. Using accounts payable software will automate jobs such as invoice processing, document management, invoice imaging, approval routing, etc. Overall, the software will streamline the accounts payable process by completing all its steps promptly and flawlessly.
Top Benefits of Accounts Payable and Invoice Processing Automation
Saves Time: By automating the AP process, you’ll speed up invoice processing significantly. According to data obtained during recent surveys, full AP automation can allow businesses to process up to 100% more invoices than what they used to process with a less automated system.
Once you implement AP automation, your employees will have more time to concentrate on more high-value and complex work.
Reduces Data Redundancy and Errors: Manual AP process almost always involves data redundancy and errors. By automating the process, you can reduce the percentage of these flaws drastically. This is a timesaving change as you’ll need to invest much less time to check the invoices.
Makes Tracking Payments Easier: You can lose physical invoices and may even end up damaging them. What’s more, after a certain period it might become impossible to find them. No such problems will arise if you automate the AP process.
AP automation software usually requires businesses to go paperless and digitize all the invoices. This means all invoices and related data remain in a single place, which makes locating them a seamless job. Additionally, authorized individuals will get to access digital documents from anywhere.
Features of AP Automation Software
Here are a few qualities you must look for when choosing AP automation software:
Seamless Integrations: Once you go for automation, tasks like invoice processing will take place outside your ERP. This makes it mandatory for you to ensure that the tool you pick integrates into the ERP seamlessly.
User-friendly Interface: If you want the AP automation software to offer the above-mentioned benefits, you must ensure that its interface is easy to use. A complex user interface can do more harm to your business than good.
Customization: Every business is unique. So, the settings of the software you choose should include customization options. In other words, you should be able to make changes to it according to your business’s requirements.
Do your research well before choosing accounts payable automation software for your business. Don’t forget to read reviews before finalizing your selection.