Your AP department handles massive amounts of data, such as purchase orders, financial reports, supplier and client contracts, and customer invoices. The department’s effectiveness, as well as its efficiency, directly impacts your cash flow position, credit score, and, perhaps most importantly, your vendor and supplier relationships.
Accounts Payable automation takes the hassle out of repetitive tasks. The traditional AP workflow—including manual processes, such as paper invoices—can be time-consuming, creating a wide-open space for errors and a long and winding audit trail that can devastate even the most-seasoned accounting professionals.
Automation eliminates manual data entry and can cut down invoice processing expenses by as much as 80 percent. Plus, a software solution will capture all pertinent data and store it in an organized way, allowing the AP department to streamline the entire invoice approval process. But that’s not all—AP automation solutions also have these added benefits:
- Online tracking
- Supplier network categorization
- Payment submission capabilities
- Reporting capabilities
- Built-in OCR scanning
- Payable workflow monitoring
- Spending analytics
- Intuitive invoice user interface
- Multiple payment methods, including ACH & credit card
Why Should You Automate Your Accounts Payable Processes?
The traditional AP workflow—including manual processes, such as paper invoices—can be time-consuming, creating a wide-open space for errors and a long and winding audit trail that can devastate even the most-seasoned accounting professionals. While Accounts Payable automation has been a fascination for some time, not many companies have embraced the tool well enough to improve their overall payable process. But make no mistake about it, AP automation is no passing trend. Over half of today’s AP teams predict that, by 2021, their companies will eliminate paper invoices.
Your Accounts Payable department is an essential part of your company’s success. If you’re unsure what you owe and when, you could miss out on growth opportunities with your vendors, such as early payment discounts. They also provide an accurate representation of the company’s financial status. You might have $50,000 coming in every month, but what if you owe $60,000 per month to your vendors and suppliers? With AP automation center you can run reports that give you invaluable insights that can be used to strategically refine not only your AP processes but your overall operation.
In short, AP automation helps businesses streamline the Accounts Payable department’s most tedious tasks, saving the company hours of labor, and freeing your AP team to focus on more strategic work
Tipalti provides a complete end-to-end workflow that ensures efficient, accurate processes and finance-protecting controls. Learn more about how Tipalti works to elevate your finance team.