When it comes to leveling up your business it can be hard to know where you should start. However, one of the easiest starting points is to consider how automation can be used to support your existing processes.
A place where many businesses could stand to implement automation is within their finance departments, with the use of accounts payable software. Managing and processing invoices and payment data is a time-consuming process, full of repetitive tasks and busy work that is essential to keeping your business ticking over.
Consider these five top accounts payable (AP) automation solutions that can help to level up your finance team and give your business an extra edge.
1. Automated invoice capture
One of the biggest time losses involved in accounts payable is in manual data entry, especially when staff have to convert paper invoices into a digital format. AP automation software enables you to cut out that process entirely thanks to the use of optical character recognition (OCR). This allows the software to scan invoices and automatically extract the relevant data into the system.
By eliminating the need for manual data entry, AP automation can reduce errors or typos and save time over a human doing the same task. Automatically capturing invoices in this way enables faster overall processing times, reducing the time it takes for approval and eliminating the risk of incurring late payment penalties.
2. Electronic payments
By switching to a fully digital AP solution, it’s even simpler for your business to incorporate electronic payment options. Rather than relying on paper checks that need to travel and clear on the other end, these solutions give suppliers and businesses the chance to pay electronically instead.Â
Electronic payments benefit from faster processing times and reduced costs, in comparison to more traditional business payment methods.
Many AP automation platforms also include portals for suppliers that allow them to submit their invoices electronically and track payment status’ without having to reach out directly. This increased level of visibility and control over their payments gives businesses an even greater sense of confidence, helping to foster stronger working relationships.
3. Workflow automation
It’s in the title itself – automation is a big part of what makes this software so useful. Rather than burdening your staff with basic accounts payable tasks and processes, you can instead hand them over to the software.
Make use of customizable workflows and predefined rules so that the AI can automatically code and route invoices, ensuring that they move through the system smoothly and promptly. By automating repetitive tasks and standardizing workflows you can increase the efficiency of your accounts payable process, as well as freeing up talented staff to focus on more value-adding tasks.
4. Integration with existing systems
To optimize your financial systems and data, your business needs to have all of its key systems properly integrated. AP automation software should integrate seamlessly with your existing accounting systems and enterprise resource planning (ERP) software, allowing for the real-time synchronization of financial data.
Not only does this level of integration offer stakeholders improved visibility over financial transactions and payment processes, it offers your business a better platform for crucial decision-making.
5. Advanced analytics
Having all of your financial data in one centralized platform is just the first step. To level up your business, you need to take advantage of advanced analytics tools offered by AP automation solutions.
Generating customizable reports and dashboards to facilitate tracking key metrics such as invoice processing times, empowers your business to make truly data-driven decisions when moving forward. Building on the findings in these analytics, you can optimize processes further and address any particular pain points within the accounts payable process.
AP automation software offers businesses a range of solutions to help streamline their accounts payable processes, eliminate manual tasks, and deliver even better future results. Take advantage of the opportunities this digital solution offers and level up your business to improve your financial performance.
