AP Automation Explained

With advancements in technology rapidly changing the way accounting teams operate, more and more organisations are turning to AP automation to improve efficiency and accuracy. But what is AP automation?

AP automation is the process of automating accounts payable tasks and workflows. This can include automating invoicing, payments, approvals, and reporting. By automating these manual processes, accounting teams can free up time to focus on higher-level tasks, such as strategic planning and decision-making.

What are the benefits of AP Automation?

There are many benefits of AP automation, including:

Increased efficiency

Automating accounts payable can help accounting teams work more efficiently by reducing the time spent on manual tasks. This can lead to faster processing times and improved accuracy.

Reduced errors

Manual data entry is one of the leading causes of errors in accounts payable. Automating invoicing and payments can help to reduce errors and improve accuracy.

Improved cash flow

AP automation can help to improve an organisation’s cash flow by accelerating the payment process. This can help to reduce days sales outstanding (DSO) and improve working capital.

Greater visibility into spend

AP automation can provide greater visibility into an organisation’s spend by providing real-time insights into the data. This can help to identify areas of waste and improve financial decision-making.

What are the challenges of AP Automation?

Despite the many benefits of AP automation, there are also some challenges to consider, including:

Upfront costs

AP automation can require some upfront investment, which may not be feasible for all organisations.

Change management

AP automation can require a significant change in the way accounting teams operate. This can be a challenge to manage and may require training and support.

Data security

AP automation can also increase the risk of data breaches and security threats, however AP Automation Solution developers such as Webexpenses have invested significant time and money in ensuring that their solutions are secure.

How do you get started with AP Automation?

If you’re interested in getting started with AP automation, there are a few things to keep in mind. First, it’s important to understand your organisation’s needs and goals. This will help you to identify the right solution for your business. Second, it’s important to consider the upfront costs and change management challenges associated with AP automation. Finally, make sure to select a solution that is secure and compliant with regulations.

What is Webexpenses?

Webexpenses is a leading provider of AP automation solutions. They offer a range of features to help businesses automate their accounts payable processes. Key features of this application include:

Automated invoicing scanning

Webexpenses allows businesses to automate their invoicing process by importing and processing invoices electronically. This can help to reduce errors and improve accuracy.

OCR and ICR Data retrieval

This application uses optical character recognition (OCR) and intelligent character recognition (ICR) to automatically read and extract data from invoices. This can help to reduce the time spent on manual data entry.

Payment automation

Webexpenses also offers payment automation, which can help businesses to streamline their payment processes. This feature includes the ability to create and manage payment schedules, as well as make payments electronically.

Approval workflow management

This application also offers approval workflow management, which can help businesses to automate their approvals process. This feature includes the ability to route invoices for approval, as well as track and manage approvals.

Reporting and analytics

Webexpenses provides reporting and analytics to help businesses track and manage their AP data. This includes the ability to generate reports on spend, invoices, and payments.

Interested in learning more about Webexpenses?

TeamBlueSky has been working with Webexpenses (an Elmo Company) since 2019 and can attest to their dedication to customer success. If you’re interested in learning more about this AP automation solution, contact us today.

In the meantime, check out our blog for more information on AP automation.