5 Reasons to Deploy Accounts Payable Processing Software

Posted by Cathy Ferro on Feb 6, 2020 9:51:17 AM
Cathy Ferro

The potential of accounts payable (AP) processing software is not lost on AP leaders.  Automation is a top priority of AP departments of all sizes, the Institute of Finance and Management reports.

5 Reasons Accounts Payable Processing

Below are five reasons that AP practitioners are so high on accounts payable processing software:

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  2. 1.  Automation of repetitive tasks

  3. Front-line AP staff waste lots of time on manual tasks, leaving little time for valuable activities such as data analysis. AP processing software increases staff productivity.  The technology automates the routine, time-consuming tasks that can fill an AP professional’s day.  AP processing software eliminates the receipt of invoices from a portal or e-mail box, invoice manual data entry, the assignment of general ledger codes, the physical routing of invoices, and the input of information on approved invoices into a system-of-record.  Additionally, it can perform many of these tasks within seconds, freeing staff to focus on value-added activities.  What’s more, AP processing software can kick off business rules based on the data captured from documents.  And AP staff will never have to worry about misfiled documents as the technology automatically stores, indexes and retrieves images and related data.       
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  5. 2.  Incremental operational efficiency

  6. In addition to automating repetitive tasks, AP processing software with machine learning becomes more effective over time as it learns from its actions and the actions of human operators. The technology can “train” itself to recognize documents (e.g. invoices) and to perform the necessary tasks based on document type (such as extracting invoice amount, due date, etc.).  When the technology encounters a new or unknown object (say, a purchase order), it compares its characteristics with known objects to learn what should be done. 
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  8. 3.  Better visibility and reporting

  9. The graphical dashboards in AP processing software provide AP practitioners and other stakeholders with a real-time look at staff productivity, the status of invoices, the source of exceptions, accruals and liabilities, key performance indicators, enterprise spending, and other critical metrics from any PC, laptop, or mobile device. The insights generated by AP processing software can uncover bottlenecks and the root cause of exceptions. 
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  11. 4.  Enhanced forecasting

  12. AP processing software makes cash forecasting fast and accurate. The insights AP processing software gleans from invoices and other payables documents helps organizations determine when it is best to release cash or to take advantage of early-payment discounts.
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  14. 5.  Improved compliance and risk mitigation

  15. AP processing software makes it easier to proactively manage compliance and fraud risks. For instance, AP processing software can verify and cross-check data, potentially eliminating duplicate supplier payments that eat into profit margins.  And a built-in vendor master database enables AP departments to effortlessly validate supplier information.      

 

Each of these benefits is compelling. 

Together, they are the reason that more organizations are deploying accounts payable processing software to achieve best-in-class results!

If accounts payable processing software is on your agenda, email us at info@ipswrx.com for more information. 

 

FAQ

What are the benefits of accounts payable processing software?

 

Tags: Accounts Payable, Accounts Payable Processing, Invoice Processing, accountspayablesoftware