How Accounts Payable Automation Can Benefit Your Business?

Modernising accounts payable is a strategic advantage for any business, and more companies are automating their processes using software. One way to speed up this process is to eliminate paper invoices and eliminate emailed invoices, which are prone to fraud because of their unstructured format. To get the information you need from an emailed invoice, humans or smart software must extract it. This is a time-consuming and costly process.

Accounts Payable Automation - the Powerful Tool You Need

Accounts payable automation software has several benefits. For instance, it helps you manage and track vendors. It helps you create a digital database of your vendors and their payment histories. AP automation will also code and match documents and communication chains. This will help you reduce human error and fraud. It will also help you identify fraud and improve your supplier relations. Hence, accounts payable software is a powerful tool for managing your vendors. It will streamline and automate your business operations.

Automate Your Accounts Payable for a Quicker Procure-to-pay Cycle

AP automation helps businesses avoid these issues by streamlining the process of account payable. Once implemented, the software can eliminate manual data input. The only manual tasks left are the sign-offs and audits of invoices. This ensures a quicker procure-to-pay cycle, and improves relationships with suppliers. Here's how accounts payable automation can benefit your business. The goal of AP automation is to reduce errors and increase the efficiency of your accounting process.

Eliminate Invoice Coding and Matching

Accounts payable automation software eliminates paper-based steps such as invoice coding and matching. It can be integrated with existing finance and ERP systems. This way, it can deliver touchless invoice processing and support your existing workflows. Once the automated process is in place, the business can enjoy smoother cash flow management. It is time to give AP automation a try. 

Better Efficiency and Accuracy

AP automation can speed up the process of invoice processing and ensure a smoother cash flow. It also enables the business to streamline its suppliers' invoice approval and processing. It also helps reduce the amount of manual data entry, which results in increased efficiency. With this, AP software will reduce the cost of human error and fraud. Further, the software will streamline all of the payable processes of a business. It will also reduce the amount of data entry and paper check payments.

Ensure Quality Control and Compliance with AP Automation

AP automation will help you automate all the processes that involve the payment of suppliers. It will help you avoid costly errors, reduce costs, and ensure quality control. Further, it will help you identify and prevent fraud. It is also helpful for the internal controls of an organisation. It will ensure that no one person is responsible for any activity that affects the company's cash flow. By automating the entire process, you will make it easier to detect and prevent fraud.

How to Choose an Automated Accounts Payable Solution?

To choose an AP automation solution, the AP department will document current accounts payable processes and create a list of requirements for an AP automation solution. It will then send the request for proposal (RFP) to multiple vendors. The AP department will evaluate each vendor's proposal by comparing features, costs, and implementation methodology. Those vendors that seem promising will be further vetted and further evaluated. AP departments may also request a detailed discovery document or a demo of their product to see how it fits with the workflows they have in place.

Conclusion

Accounts payable automation can seem like a daunting task, but at TeamBlueSky we are experts in the field. We have years of experience helping businesses just like yours automate their accounts payable and procure-to-pay processes. Not only will automating your accounts payable make your life easier, it will also improve your bottom line. Contact us today for a free consultation to see how our team can help you get the most out of your accounts payable process.