Accounts Payable Process Automation

In a world where everyone and everything is moving closer and closer to technology and several advancements, it would seem odd and out of place that businesses still go about invoice approval with the same paper-centric traditional approach. The traditional method Accounts Payable Invoice processing is one with a lot of challenges. From the problems that come with managing multiple invoices along with the problems of managing paper files and much more. It is interesting to know that there is a solution to this problem. The answer lies in the automation of the Accounts Payable Invoice processing. What is Accounts Payable Process Automation and how can it help businesses with efficiency?

Brief Overview of Accounts Payable Process Automation

We’ve shed a little light on the traditional means of invoice processing which is no doubt considered obsolete in the Accounts Payable departments of businesses nowadays. How then can we automate the process for better efficiency? This is where several of the invoice management systems of today come into play. These systems are automated and rather than wait weeks or more for invoice approval, the wait time could be released to as little as 3 to 5 days. The system is digitized and unlike paper-based invoice processing, is less prone to errors and misplacement.  The Accounts Payable Process Automation makes invoice processing simple and efficient by helping with the filing, approval, and searching of account payable invoice leading to a faster, and shorter approval processing time. Let’s go ahead and examine some of the ways by which accounts payables process automation can help business with more productivity and efficiency.

AP Automation Saves Time

Time is money, so they say and this is the same way it applies in the business world. It takes a great deal of time to file paper invoices or send those through mails or any other means. This is still notwithstanding the long periods' invoices may wait till they are finally approved and payments are then processed. With the automation process, this time may be reduced by as much as 80%. It makes sense to have all of this handled by a simple system that will help to drastically cut back the time that Accounts Payable invoice processing normally takes. Those times could be well-spent on other activities leading to more productivity and efficiency.

Operational Efficiency

Think of all the benefits of Accounts Payable Automation and you can easily deduce how efficient it can help businesses become. Being able to handle invoice approval and processing within short times not only help to increase the company’s efficiency but also help to maintain a healthy buyer-vendor relationship with your customers, this helps to build trust and helps to keep your customers happy.

Eliminates the possibility of risks

The paperless approach applied in the automation of Automated Accounts Payable Systems helps to minimize risks that would normally be associated with the traditional paper-based invoice processing. This means the risks of human errors, the misplacement of paper files, the defacing of paper files are out of the picture. There is also a reduction in the total storage space as invoice s stored and processed in cloud-based systems.

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Created on Nov 18th 2017 12:01. Viewed 597 times.

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