Making account payable (AP) manually can hold your company behind. All those hours spent looking through invoices, transferring emails and dealing with unhappy suppliers could be better spent on the actual job of running and growing your company. It’s the reason you should automate to make it easier and more efficient the AP process.
What are the reasons to automate accounts payable? This is a crucial concern that many business professionals have to ask. In this article we will look at the answer to be your first step in tapping to the benefits from AP automation.
Faster Payments, Happier Suppliers
Automated payments speed up payment times by streamlining the primary processes of processing invoices. For instance the system automatically captures and saves invoice details immediately upon receipt. It is not necessary to be patiently waiting for manual entry to occur prior to the process getting underway.
It also automatically routes invoices to the correct approvers. It eliminates any unnecessary steps such as forwarding emails or waiting on another person to look over an invoice physically. It’s also important to note that these systems operate even after hours. Invoicing is accessible 24/7.
By implementing this faster process, your company will be in a position to pay suppliers on time, preserving your good relationships that you’ve built so hard. Solutions such as Get Yooz help make it simpler for you to use this type of automation, without having to change the workflow of your entire business.
Fewer Mistakes
Another benefit you gain when you automatize your accounts payable process is less errors throughout the process. A AP system can record invoice information in a way that eliminates the requirement for manual entry which reduces the chance of errors due to typos or other mistakes. In addition, the details of the invoice are compared against purchase contracts and orders to make sure that everything is in line (from the quantity of items to the pricing along with totals).
The greatest benefit of automation is the fact that it employs the same logic each time. It is not necessary to worry about someone becoming exhausted and ignoring crucial information which can lead to costly mistakes.
Save Hours Every Week
The most significant issue with manually processing invoices is time of time spent trying to verify the information against purchase orders and contracts. Automated AP system can assist you in this regard.
It makes the reading of invoices and data capture automated. In addition the auto-routing features reduce the number of email chats that go back and forth. Each invoice is directly sent to the appropriate approver, which helps save the time that it would take to get it through a variety of desks.
A Clearer Picture of Your Spending
Another issue when it comes to hand-written invoice creation is the fact it does not give clear information about the status of invoices as well as the amount due or payment timeframes. This means it’s difficult to keep the track of your current cash flow status.
A computerized AP processing system is a centralised way to process all transactions. As an example, you no have to hunt for updates or visit the finance department to check whether a transaction has gone through. The system brings all the important elements of information together in the same place which makes it easy to access any time the need arises.
Being able to see the full picture of your expenses will help you better understand your financial situation and plan your future payment dates. This is particularly important when you must schedule these payments for the future.
Conclusion
Automating AP is a crucial step to improving the efficiency of invoice processing. It reduces stress on your finance department, reducing the chance of making mistakes which can lead to time-saving and help to make your business more efficient. If you’re looking to eliminate the burden of the process of paying your bills now is the time to look into the variety of options that will fit your company’s.
