Although accounts payable operations are the core, most businesses think it can be easily managed. There are numerous challenges that AP department face in the real-time. That’s why leveraging automation can help streamline processes and is considered to be very beneficial for the AP department.
The following are some key areas where automated accounts payable software can help:
Faster Data Entry
Automation makes it easy to get data into the system. You need not enter any data manually and all the errors go along with it. The solution uses optical character recognition (OCR) technology to capture all the information from the invoice. Paper copies can be easily scanned into the system.
Manual data entry will result in human errors. But with OCR technology that comes with SutiAP, you are guaranteed 99% accuracy on invoice data. The invoices get captured into the system in an editable form, making it easy to work with.
Improved Processing Times
With accounts payable software, invoice processing times will be decreased by five times. As every invoice gets automatically read, you don’t have to spend more time in reviewing the data, allowing for faster processing.
As every step of the process is automated, you can process the invoices most effectively. As all the invoices get processed automatically, it will be easy for you to handle. You have to just double-check the flagged invoice and the rest will be taken care by the system. With SutiAP, you can process more and more invoices, minimizing the number of exceptions that occur in the real-time.
Automation can help cut costs in various ways. As you are processing more invoices automatically, the processing cost-per-invoice goes down. The system ensures you make payments before the deadlines, meaning no late fees. As you can process invoices quickly, you can negotiate early payment discounts with suppliers.
Automation can help you catch accounts payable fraud before it costs you more. Built-in features allow you to easily trace out the duplicate, fake invoices, invoices that exceed the thresholds and other warning signs.
The information about every invoice is tracked and stored electronically. Since all the invoices are stored in a centralized location, employees can easily access whenever they need. So, there is no chance of missing the information about an invoice or filling errors about the invoice format.
The information stored in the system can be easily accessible. As the system updates the data in real-time, you can easily get to know the current state of any invoice in just a few clicks. This gives you greater insight into the accounts payable operations in your company. Accurate and easily accessed documentation makes audits much easier.
Most companies want to make payments with corporate credit cards. These cards would result in cash rebates and reduce the risk of fraud. Finding suppliers who accept card payments can be a challenge. Also, automatic notifications and reminders will be sent to the accounts payable department for payments, thus avoiding late penalties.
Most accounts payable solutions feature matching mechanisms to tally invoices with the purchase orders. Automated solutions such as SutiAP feature 2-way, 3-way, 4-way and n-way matching mechanisms to match invoices, purchase orders and goods received. Invoices that do not match with purchase orders will be flagged for review. This way you can ensure that payments are made only for the goods received, thereby, eliminating fraud.
The accounts payable department isn’t just where the payments are done. Infact, it plays a key role in managing cash flow, maintaining good vendor relationships and streamlining audits. Since automation streamlines the AP department processes, it adds more value to the entire organization.
Choosing accounts payable solution that is fully customizable and integrates with external applications can reap significant benefits down the road. Also, the extent of support the vendor gives in the implementation process is paramount. Going with a free trial can help you understand whether the solution meets your business requirements. Just get in touch with us to schedule a demo of our AP solution.
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