1. Efficiency Gains
Reducing manual tasks increases efficiency across the AP team, which in turn increases profitability.
2. Payment Discounts
Faster more timely processing of invoices enables a business to benefit from early payment discounts.
3. Visibility of Data
Increased visibility of data enables a business to make better decisions around paying of invoices. Giving them greater management of
4. Protection from Fraud
Supplier invoice details such as bank account information are cross referenced against your accounting/ERP system to mitigate risk of payment fraud.
5. Increased Compliance
From the moment an invoice enters a business it is captured and every action taken on that invoice is tracked with a complete audit trail.
6. Visibility of Workload
With an approval workflow in place you will have visibility of your teams performance against their peers, and be able to address bottlenecks in your process in real time.
7. Redeploy Staff
By automating your AP process a business can process 4.11x as many invoices enabling a business to redeploy key skilled staff to more revenue generating functions in your business.
AP automation software is the next ‘must have’ accounting solution for savvy CFO’s and finance leaders. In addition to saving time, improving insights and preventing losses, automating AP will allow your accounting processes to scale as your business grows.
If you would like to understand how AP Automation could benefit your business please feel free to contact Bryan Murphy.