For many finance professionals, month-end can make them wince. Reports are time-consuming and monotonous especially if the process is still manual.
But it doesn’t have to be that way, pushed by the pandemic, AP automation software has helped many organizations digitize their procedures and become more efficient, as well as enhance collaboration and see data in real-time.
If you’re still not convinced here are three reasons why you should consider AP Automation.
1. Saves time and resource
Manual processes are not only time-consuming but prone to human error as well, especially if reports are due quickly. The processes involved, from invoice matching to data verification, can all be automated, saving valuable time while simultaneously eliminating costly errors.
AP automation really comes into its own by replacing manual processes. Not only does it increase the efficiency and accuracy of month-end reporting but it can also help to standardize manually reporting processes too, allowing everyone to be on the same financial page.
2. Data and people management is simplified
One thing that can cause a bit of a headache is the data itself, with manual processes it can get buried and often hard to separate the wood from the trees, this is where automation comes in.
Not only does a digital invoice solution give you a greater visibility but provides real-time results and customised reporting, meaning you’ll be able to get necessary data and reports to those key stakeholders much quicker.
Another thing that can improve with an accounts payable automation is team collaboration, allowing for greater transparency between teams and less confusion over responsibilities, allowing for invoice queries to be resolved in seconds rather than weeks.
3. Improving the business' operational efficiency
Operational efficiency is the cornerstone of any thriving business especially in today’s continuously evolving climate.
Automated accounts payable systems are able to undertake tasks in minutes that can take hours manually. With real-time data at your finger tips, you’ll be able to make better and more informed decisions.
Not only that but it frees up employees to be more productive and innovative, making the business more agile and adaptable to change.
Are outdated processes holding you back?
Accounts payable staff are on the front line of business change and often are tasked to implement cash flow policy changes in near real time. In many ways, AP has become the control tower for managing spend within the organization. However, many of them are stuck with legacy tools and outdated processes, creating massive inefficiencies. The real promise of AI and machine learning within accounts payable is not just streamlining processes but eliminating them. This report from IDC explores how AP automation of today is evolving to become autonomous AP of tomorrow.