Technology has been transforming business processes, offering them incredible possibilities to increase cost-effectiveness and efficiency. As innovative options emerge, firms are increasingly able to identify precise needs where automation solutions are a advantageous strategic move.
For instance, there is a growing demand for accounts payable automation for mid-market companies due to the numerous benefits it offers. Here's a rundown of the benefits you can encounter by adopting an AP automation solution.
Expedites the accounts payable process
As you know, the traditional accounts payable process is labor intensive. With a cloud-based centralized system, record-keeping becomes a cinch. Your mid-market business can enjoy these advantages, saving you both time and money.
- Pay invoices from one centralized location.
- Eliminate the need to navigate multiple vendor websites.
- Do away with hours spent reading, entering and double-checking figures.
Once your staff enters accounts payable data, the automated system takes care of the rest. You'll never have to dig through a filing cabinet to find a document or track down a missing invoice that may have slipped behind a desk. Reduce the time your staff spends on the invoice-to-payment process by 50 percent. With a cloud-based AP system, everything you'll ever need is just a few clicks away.
Allows for time reallocation
Once you automate your accounts payable process, your busy staff can reallocate those extra hours they'll no longer be spending on the manual process. Instead, they can turn their attention to other important details, such as vendor management, analytics, finding ways to improve cash flow and identifying other process improvements. Additionally, by partnering with an AP solutions vendor, your IT staff will be able to focus on other technology needs.
People might write down the wrong number, make a typo or miss an entire segment of information. When it comes to invoices, anything processed manually increases the margin of error. With automated AP solutions, your firm won't have to sift through your records to try to identify mistakes and, once found, use valuable hours to correct them. If a mistake is made, automated systems are designed to point these out right from the start, eliminating the entire hassle associated with errors.
Eliminates fraudulent charges
A huge benefit associated with automation is the fact there is always a digital footprint for every transaction. Fraud becomes a non-issue. With an electronic audit trail, you'll have the capacity to quickly find any mistakes or signs of fraud. As an extra advantage, you'll have the precise audit trail you'll need if any compliance issues were ever to arise.
Simplifies the payment process
Automation enables you to streamline your entire accounts payable workflow process. Here are just a few of the many benefits that you'll enjoy through this simplification.
- Ability to immediately access all invoices on the web.
- Computerize the approval process and remove hours spent on spending authorizations being sent through the chain.
- Easy approach to ensuring billed amounts are correct.
- Eliminate fees incurred due to late payments since everything is programmed to be paid upon due dates.
Because mid-market finance teams are usually small, they aren't often equipped to support rapid growth. Automation can effectively fill those gaps while simultaneously increasing overall efficiency.
Position yourself competitively
Enhancing your business with AP automation solutions can give you a better competitive advantage. Being you don't have the same needs or work on the same scale as enterprise businesses, why should you pay for the complex and expensive solutions they require?
The good news is you no longer have to make an all-or-nothing decision when it comes to AP automation software. There are many agile AP solutions available to mid-market companies like yours. In summary, partnering with a cloud-based vendor affords you those extras you previously couldn't access.
- View purchasing documents in real time.
- Fast response to invoice payment status calls.
- Multiple electronic payment options.
- Advanced scheduling.
- Fixed cost advantages.
- Better spending management.
- Time saved processing vendor invoices.
- Access to early payment discounts or rebates.
- Scalable systems that can be quickly adjusted to meet your growing and/or changing needs.