It is the end of the month and you are yet to pay the invoices of 30 vendors each begging your undivided attention. Don’t you think this is a cumbersome job, especially when you have to process all these in one day? Is it humanly possible to be absolutely accurate all the way? Maybe. Or maybe not. But, the question is, are you ready to take the chance? With AP automation, you don’t have to.
Here are five reasons why you should integrate this technology into your business.
Get Rid of Paper Invoices
Invoices are huge in number and these come in various forms via mail, fax or email attachment. Account payable automation helps you deal with all those invoices in a paperless manner. Regardless of the design of incoming invoices, the software scans, interprets and organizes all the data according to pre-defined set of rules. The software extracts the important information and even validates it.
Automation of account payable improves the internal processes and relationship with the suppliers. And why not? When you are in better control of your invoices, you can expect smoother workflow, efficient payment, and hence happier vendors. Automation brings all information at your fingertips, so that you don’t have to fall back on several sources to know about the tax, item details, status and so on.
Accurate Financial Reports
Since you have digital access to all the data on the invoice creating accounting reports will not be difficult. You can set the pattern in the software – graphs, chart or tables, and get the exact information with ease.
Reduced Manual Labor
Your AP department can breathe a little because the software takes care of manual processes like data entry and matching with a Purchase order. You don’t even have to calculate them. Automation rules the accounting system!
Reduced manual labor means fewer chances of error. An automated input minimizes the chances of mistakes and the software can even highlight errors of the suppliers. In case of any deviation from company regulations, you will be informed.
Integrate this software to your accounting process to eliminate the costly errors and your company’s precious time. For more information about automated AP, contact us, today!