Well proven process automation has been available for over a decade now when it comes to something like accounts payable. Yet there are organizations that still don’t realize what they’re missing out on, and how manual processing is not only slow and obscure but also error-prone and requires a lot of manpower. If in 2018 you haven’t already made the move to automating accounts payable for your business or organization then here are 11 reasons that might change your mind.
No Late Payment Penalties
Automation of accounts payable helps you reduce the invoicing cycle by 50 to 80%. A faster-invoicing cycle means more time to work with payment terms which result in no late payment penalties.
Advanced technologies like Optical Character Recognition that are a part of accounts payable automation eliminate the need for manual keying of data. Thus, you reduce the total company headcount or free up valuable manpower to employ elsewhere.
When you eliminate human involvement and make the whole process automated it automatically reduces chances of fraud. Since every invoice gets checked against accounts payable data, it ensures that no unknown supplier slips by or that an invoice gets entered twice.
Better Cashflow Management
Automation of the process will bring you visibility and control as well as reports that are not only accurate but delivered well in time. This enables you to make healthy decisions when it comes to managing cash flow.
Better Customer Service
With your whole process now faster and more efficient you benefit from an increase in productivity. Reduced retrieval times result in reduced waiting times for your customers and clients, leaving them satisfied.
Quick and Easy Installation
Automation of your accounts payable won’t be a hassle at all as the installation is extremely short and simple. The vendor you choose will perform the installation process as well as provide the necessary training to your personnel so that they can use the new system.
Invoicing is Getting Complex
Businesses around the world admit that invoicing is more complex today than it was a few years ago. Manual processing of complex invoicing not only reduces productivity but also increases chances of errors.
Better Visibility into Financial Data
According to the Institute of Finance Management (IOFM), Fifty-nine percent of businesses say their demand for real-time visibility into accounts payable information is slightly higher or significantly higher than two years ago. Manual processing of accounts payable will never bring you that desired level of visibility and control about your financial data but AP automation will.
Improved Spend Management
This advanced level of visibility and control about your data gives a business a much-needed insight into its spendings. Businesses today realize the importance of such information as it enables them to make better and more informed decisions about managing spending as well as lower the cost of goods.
Instant Anytime, Anywhere Access
No need to sift through piles of paperwork to look for that one particular invoice you’re looking for. An automated accounts payable solution makes an invoice and related document searching almost instant and extremely easy too!