Digital technologies such as intelligent data capture can transform invoice processing. Accounts payable departments benefit from automation in five ways: (1) significant labor savings, (2) increased staff productivity, (3) faster invoice approval, (4) fewer payment errors and (5) more early payment discount opportunities.
Automating accounts payable delivers significant tactical and strategic benefits by combining seven fundamental capabilities: (1) scan paper invoices, (2) capture electronic invoices, (3) aggregate invoices onto a single platform, (4) extract and validate invoice data, (5) route documents based on pre-established rules, (6) integrate with systems of record and (7) real-time reporting.
Automated invoice processing solutions facilitate the approval and posting of invoices using three vital processes: invoice capture, automatic two-way matching and automated approval routing.
Accounts payable processing software improves process efficiency and automates repetitive tasks.
Cloud technology enables businesses to automate their accounts payable processing without the hefty capital investments, IT involvement, or complicated software or hardware deployments required of traditional on-premise software solutions.
Automated accounts payable solutions can integrate with an organization’s ERP without a laborious synchronization process or complex data extraction algorithms.
Why deploy a cloud-based accounts payable automation solution?
Before cloud-based accounts payable automation solutions, organizations had to deploy pricey hardware, software, and infrastructure, pay hefty implementation fees and annual maintenance contracts, and store all their data on their own hard drives and servers.
Why use workflow software in accounts payable?
Approving invoices for payment is an important step in the accounts payable cycle. Workflow software accelerates invoice approvals and exceptions resolution by digitally routing invoices to purchasers and other decision-makers based on pre-configured business rules.
How does accounts payable automation improve cash flow?
There are many benefits of an automated accounts payable (AP) solution. Beyond streamlined invoice processing, one of the most tantalizing benefits of accounts payable automation is improved cash flow. Cloud-based accounts payable solutions provide real-time visibility into cash flow and overall corporate spending.