Why automate your accounts payable processes?
Don’t forget your potential mistakes and hidden costs
Invoice processing in a company can often create short and long-term bottlenecks, which brings about more important financial costs. Combined with paper use, it also makes data exchanges fragile and mistakable.
Moreover, manual processes typically cause other hidden costs, which can become more and more significant in the long run if you are not taking proactive actions to improve it. Indeed, the lack of visibility and control on process’s progress makes your process slow and inefficient, ending by your suppliers’ dissatisfaction.
Invoice processing automation
Benefits of accounts payable automation
Most nowadays companies are running their digital transformation across their business processes, as it became a must-have those last years. Even more because of the sanitary crisis, your finance department also needs an easy-to-use solution that will automate every phase of their accounts payable processes.
With a multiple-featured document management software designed to enhance your digital transformation, you can enable your accounting co-workers to easily deal with invoice processing and so get rid of day-to-day repetitive tasks, unnecessary costs. Which allows them to better focus on major financial projects and more added value tasks for your company.
7 main benefits you should be aware of
Discover the numerous advantages of implementing accounts payable automation in your organization. By streamlining and automating the processing of vendor invoices, you can unlock significant time and cost savings. With automated systems, you’ll enjoy accurate and efficient invoice processing, easy access to data, real-time monitoring, and enhanced control over your financial operations.
Manual accounts payable processes present significant challenges, including lengthy processing times of 8.6 days per invoice and an average error rate of 3.6%. Relying on manual methods increases the risk of data entry mistakes, document losses, and payment delays. Additionally, manual filing and storage consume space, add ongoing costs, and impede the timely retrieval of invoices.
7 easy tips and tricks to get started with our DMS
Top Advantages of automating your AP invoices processing
Discover the top advantages of automating your AP invoices processing. By implementing automation, you can:
- Increase productivity by freeing up time for higher-value tasks, and gain better insight and transparency through real-time dashboard reporting.
- Reduce errors and financial risks by eliminating mistakes and double payments.
- Streamline approval processing for faster payments and qualify for early payment discounts.
- Access information instantly and easily manage financial documents in one place.
- Enhance data security by safeguarding against natural disasters and other unforeseen events.
- Embrace AP invoice automation to unlock productivity, accuracy, and efficiency in your Accounts Payable process.
Learn more about the challenges of manual invoice processing and the benefits of automation below.
