Unlock key time savings with AP automation software

Man & Woman looking at a laptop screen - he is typing she is looking but with her glasses in her hand

Image: Stock Photo ID: 739242352

Are you searching for all the ways your business could save time with each of its processes?

This is an important task for every organisation that aims to be a leading force in its industry, yet it is also one of the most challenging tasks when you don’t have the right tools and strategies. This is especially true for finance departments when trying to streamline accounts payable (AP) processes.

Therefore, one of the best things to incorporate in your business is AP automation software, which offers a solution that reduces manual tasks, unlocking significant time savings for several areas within your business.

Read on to learn how this works.

The challenge of manual AP processes

Before we look at how AP automation can help you save time, let’s highlight some of the challenges present with manual AP processes.

Traditional AP processes are often time-consuming from start to finish.

Invoices arrive in various formats—paper, email, or electronic—and your department must manually sort them, match them with purchase orders, and enter them into accounting systems. Often prone to errors and a tedious task, this can lead to additional delays, duplicate payments, and frustrated vendors.

The approval processes can involve so many different departments and stakeholders that eventually bottlenecks and delays arise. Not to mention, tracking down approvals, resolving discrepancies, and chasing after late payments further add to the workload and consume valuable time.

Enter AP automation software

AP automation software has revolutionised the way businesses manage AP processes, resulting in much higher levels of efficiency and time-saving across the company. Here are some of the ways this is done:

Invoice capture and data extraction

One of the primary features of AP automation software is its ability to capture invoices from various sources automatically. This can be through scanned paper invoices or electronic invoices received via email.

The software extracts all the relevant data such as invoice number, amount, and due date, and ensures the key information is uploaded to the platform with high accuracy.

This eliminates the need for manual data entry, which can help your team save time that can be spent elsewhere. On top of that, software accuracy helps reduce errors which means even more time saved from chasing up incorrect data.

Automated approval workflows

AP automation software can also streamline the approval process and help different departments cut the time spent on invoice processing.

The software can automate workflows based on predefined rules and criteria that are set out. Once invoices are captured and validated, they are automatically routed to the appropriate stakeholders for approval, or even processed immediately if applicable.

This will eliminate the need for manual follow-ups and reduce the risk of lost or misplaced invoices, which will help you and your business remove delays and time spent approving invoices.

Seamless integration with accounting systems

By seamlessly integrating with other accounting systems, AP automation can help you speed up the payment cycle and save time.

You can synchronize the software with other systems to ensure key invoice data is shared across departments, helping you remove the need for manual data entry and reconciliation. For example, finance teams, stakeholders, and senior management can all use the data to address spending, supplier relationships, and overall business strategies.

Improved productivity

By eradicating the need for manual tasks such as data entry and follow-up emails, AP automation software allows finance teams to be more productive.

Rather than handling the repetitive tasks of invoice processing, your staff can devote their time to analyzing the data, optimizing processes, and providing valuable insights to support business growth. The AP automation software can provide some key insights for you, so you can put your time towards furthering the business and finding new opportunities for success.

AP automation software offers a comprehensive solution to the many challenges of manual AP processes, helping you save significant amounts of time across your business.

By automating tasks, streamlining workflows, and integrating seamlessly with existing systems, these solutions allow you to operate more efficiently and effectively in today’s competitive landscape – something any business wouldn’t want to pass up on!

Sponsored

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

Author badge placeholder
Written by

Guest Writer

Comments