There are plenty of things that you can automate in your business, from your customer service to your human resource department. But if there is one thing you should automate in your business, it’s your accounting. The handling and processing of digital documents and payments is not easy.
As your business grows, so will the complexity of your account system, and for a fastest growing organization, accounts payable automation manages to work very well. It replaces those archaic invoicing processes and helps you to keep on top of any payments that are owed and that you owe anybody. You’ll be able to optimize the human resource department of the company as well. Accounts payable automation minimizes human dependencies and takes away those errors that could happen. You can work on decoding the AP automation cost, but you need to think about why you should have automated accounts processes in the first place and how it could all benefit you.
When you use the right accounts payable automation software, you’re going to gain so many different benefits. So let’s take a look at some of the reasons why you should be investing in accounts payable automation software in the first place.
- Save a lot of time. You can process invoices in less than a minute when you automate. Paper based invoicing does actually still dominate the automated processing systems, which is a surprise given how much of the world has moved online. You need your accounts payable professionals to be relying on email rather than fax. The whole process can be quite repetitive and it can be very simple to switch over to an automated process. With AP automation software you can optimize the entire process and reduce that physical paper trail, which not only saves you time, but it also saves you money.
- Reducing human error. Automated processes can help you with 99% plus data capture accuracy. This means that the top performing companies out there will experience only an error rate of around 2% with manual reporting, which can go up to 18% while processing an invoice. Especially for smaller companies over the year, all of those smaller errors are going to provide a significant financial blow to your business. But if you automate, you reduce that risk of error significantly.
- You lower your operation costs. Data extraction, manual invoice collection, and invoice processing may seem like boring and repetitive tasks, and that’s because they are. But you will also be able to lower your operation costs by up to 70% when you choose to automate these tasks. With the right software, you’ll reduce your overhead, you’ll improve employee productivity, and you’ll encourage sustainable growth within your business. When you reduce those errors and speed up those invoicing processes, you’re going to end up with a lot more than you think.
- You become more visible. Automating in your business funnels all of your invoices through one single dashboard, which increases your visibility overall. Accounts payable automation can compile all the paperwork you need from one place from multiple suppliers in different locations in a way that is much easier to use.
