4 Things About Accounts Payable Automation Solutions You May Not Have Known

Posted by Kristen Bowers on Feb 11, 2019 9:29:00 AM

Closeup portrait of attractive couple, handsome man, beautiful woman, looking distressed from financial problems, mounting bills, isolated on white background. Good, bad finance decision. Bank mistakeAn accounts payable department is essential for a business to run smoothly. But the AP process has never been fast, easy, or fun.

In recent years, technology has been finding ways to make accounts payable processes more efficient for businesses. An accounts payable automation solution may be just what you need, and there are a few key things you might not have known about what automation can do.

1. Help Your Clients & Customers

You may think that the benefit of an accounts payable automation solution is only for your business. However, you also transfer benefits to clients, partners, and customers you work with.

The benefit to your clients and partners comes in the form of better invoicing processes. By introducing your clients to automated systems, such as ACH or wire, you eliminate checks getting lost in the mail, you provide more transparency, and you make systems safer and more efficient.

2. Fight Fraud

The chief benefit of an accounts payable automation solution is processing payments and transactions faster. One of the big bonuses that come with this method is additional security.

An automation system is digital, which means that fraud, such as forging or altering paper checks, is no longer possible. It also means that an extra level of technical proficiency is required to even think about attempting digital fraud. The transparency of the system means any alterations made—whether expected for fraudulent—are tracked, so you always know who logged in and what they did while they were logged in. Anonymous exploitation from within is a thing of the past.

Don't forget to check out our Definitive Guide to Accounts Payable Automation!

3. Lower Your Costs

AP automation software speeds things up, but as a natural consequence, it also helps to lower your operational expenditures and save you money.

For example, creating an easy to read paper trail costs money due to the expenses on paper, ink, printer maintenance, and storage. AP automation works with digital document management, which cuts down on your purchase and consumption of paper and the associated costs of paper use. Your business will even cut the costs of processing paper checks and the time spent tracking and correcting errors, as all of these things are easier and faster to do now.

4. Free Up Employees

Skilled workers are a valuable resource, and you want to make the most of their time. Having employees who are ambitious and innovative going over routine invoice processing is not putting their talents to use. An accounts payable automation solution can take the burden of many routine financial operations, allowing your workforce to take on more suitable tasks and spend less time on rote, mechanical, data-processing activities.

Accounts payable automation can be an invaluable way to save time and even money. But it’s important to know exactly what it can and can’t do for you, to make the most of its capabilities. Be clear about your goals and needs in order to configure the best system for your business.

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