For generations, accounts payable processes were completed manually. AP automation solutions can now perform the most tedious and time-consuming aspects of the work performed by the financial team. Discover ten ways AP automaton can help improve business operations, maximize human resources, and increase the bottom line.
- Accurate Processing
Data collection, mathematics, and keeping track of suppliers requires attention to detail. Manual processing leaves room for human error. AP automation provides the highest level of accuracy in processing crucial data to ensure vendors are paid correctly and on time.
- The Need for Speed
Paying invoices late costs the company money and may compromise vendor relations. Suppliers don’t want to wait for payment. AP automation solutions make it easy to determine background information about the vendors and their agreements, account history, and when payments are due. Workflows can be set up automatically, so it becomes a touchless process to approve and pay invoices.
- Improve Vendor Relations
Companies rely on their trusted suppliers to provide their goods and services in a timely way. AP automation systems provide the increased speed and accuracy to ensure vendors get paid on time. Vendors often offer preferred treatment and discounts to customers who regularly pay without delay.
- Support Remote Workers
Many companies are recognizing the value of AP automation solutions in the cloud. The C-suite and the financial team can access pertinent economic data in real-time, from any location, at any time of the day. Everyone can collaborate, get invoice approval, and more whether they are working in the office or are on the road to pick up the kids from school.
- Weather a Storm
Another advantage of working in the cloud is the ability to weather any storm. If the business location is closed due to a storm or other unexpected occurrence, everyone can still collaborate in the cloud to avoid late payments and related supply delays or interruptions.
- Bring the AP Team Out of the Back Office
Accounts payable was always a back-office function. Now the AP team is stepping out of the shadows of the back office into a more strategic role. With the time saved by using automation, the AP team can find ways to save money and boost the bottom line, such as discounts for paying invoices early.
- Career Satisfaction
Many members of the AP team fear the adoption of automation until they realize it will not replace workers, but improve their working conditions. The opportunity to step out of the back office and into a more strategic light gives these team members greater career satisfaction and a sense of doing something more meaningful for the company. And happy employees tend to be loyal and stay with the corporation for years.
- Streamline Year-End Closing
The AP team typically dreads year-end closing, especially since it comes at a time of year when people want to spend time with friends and family. AP automation solutions put the relevant data at the fingertips of the AP team, so year-end closing is completed in a fraction of the usual time.
- Bring in the C-Suite
The days of lengthy meetings and discussions about AP processes are over. The C-suite can access crucial data when they need it. Rather than waiting to find out from the financial team, the C-suite can take instant action to make necessary improvements.
- Remain Competitive
Beyond improving business operations, AP automation solutions help companies remain competitive. The most progressive corporations around the globe have already made the digital AP transformation, and are realizing the benefits. Using this data to save money and make operations better helps companies save money and stand up to its competitors.
From small companies to international corporation, AP automation solutions streamline operations, improve job satisfaction, reduce frustration, and boost the bottom line.