6 Considerations to Determine Your AP Automation Level
- 13 Jun 2022
- AP Automation
Automation is at the forefront of many Accounts Payable (AP) teams' minds. Wherever you are on your AP automation journey, the technology offers more potential to Accounts Payable teams than perhaps any other part of your business.
If you’re still overwhelmed by manual work and you’re processing many invoices and dealing with constant supplier and employee queries, then you aren’t getting the most from automation.
Let’s take a look at what automated AP should be doing for you and your business and you can decide if you are where you want to be.
- Automated accounts payable processes should mean you never have to manually process an invoice. The time saved should give you, and your team, the opportunity to focus on the key functions where you really show your value and help your business in measurable ways rather than doing repetitive manual work.
- When an invoice processing system depends on manual steps, errors are bound to happen. These mistakes can result in over or underpaying, neither of which is good for your business. AP automation software can extract data from invoices, and connect the invoices to the goods receipt and purchase orders automatically. As a result, the invoice will be processed without any manual intervention and eliminates the possibility of invoices going missing
- Paying invoices on time can result in discounts, but at the very least it builds trust with your suppliers. Using automated accounts payable systems can show opportunities to take advantage of earlier payment discounts.
- Visibility in cash flow isn't always easy. By the time you get to work on the analysis, the data is outdated. Automated Accounts Payable systems can provide or connect with BI tooling software to track cash flow in real-time so you can easily monitor spend and understand cash flow challenges before they occur.
- AP automation software can help you organize the process of incoming invoices and improve your auditing processes. Activities are logged in the document’s history. This audit trail assures compliance of your financial process.
- Fraud prevention is another key concern that can be mitigated by AP automation software. Machine Learning recognizes patterns and flags any anomalies or changes that represent potential fraud or risk. It’s actually more common than many think – and fraud prevention is always better than after the fact cure.
All things considered, there are many benefits to AP automation. But when selecting a partner, you need to be certain that they offer a variety of services to ensure complete peace of mind. That’s exactly what Medius does.
Medius lets you streamline and automate your whole accounts payable process, giving you back more time as well as more cost and compliance control. Just imagine fully touchless invoice processing, shorter lead times, more control, prevent fraud and increased financial visibility – it’s all possible with Medius.
While all of these benefits might seem obvious to more established finance teams, for those at the initial stages of their AP journey, it can be overwhelming. Ready to find out more? Get in touch!
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