Automating your accounts payable processes is the first and most important step in tightening up your daily operations.
Automating your accounts payable processes is the first and most
important step in tightening up your daily operations.
AP teams spend more than 520 hours per year on managing tasks that can and SHOULD be automated (processing invoices, validating POs).
More than 28% of these teams spend more than 20 hours per week on tasks such as these (which is the equivalent of 1040 hours PER year!).
Manual processing is time-consuming and your employees' time can be better spent elsewhere.
To put it into perspective:
That’s significant! It should look like this:
With AP automation, you can set custom rules to automatically route invoices and supporting documents for payments/approvals. These documents will get sent to the specified team members (based on the rules that you set in the system).
Your team is capable of so much more! If only they had the time...
Automated data capture removes the human error component that is typically involved in this step. With this in place, data entry is faster and less error-prone.
When sending invoices and documents for approval, sending electronically not only makes the process more efficient and faster, but it also opens up the opportunity for better tracking.
With electronic audit trails in place, you can easily track an invoice from receipt to payment.
Via 3-way matching, the validation process between the purchase order and the delivery note is done automatically which significantly simplifies the process for everyone involved—saving you time AND money.
You are able to set rules that will automatically set the general ledger code for each invoice. This will remove any room for inconsistencies and errors that are often found in manual coding.
All documentation can be easily and quickly searched for immediate retrieval when necessary. This should give you peace of mind.