Most organizations today rely on a paper-intensive, manual receipt and approval accounts payable (AP) process. Most of the AP staff spends its time dedicated to opening mail, obtaining approvals, managing vendors, tracking spending and manual data entry. However, thanks to technology, that no longer has to be the case.
Accounts Payable Automation allows for all those tasks to be accomplished quickly, completely and best of all, automatically. Benefits that accompany AP Automation include:
Improved cash flow cycle management
Since automation removes many of the delays associated with getting data into your financial systems for approval, at the end of the month, you accrue fewer payables.
Increased invoice data accuracy
Inaccurate invoice data results in time spent investigating the error, correcting it and possibly reprocessing a payment. Automation delivers the most accurate data possible.
Capitalization on early pay discounts
An accounts payable process that moves faster allows for more early-pay discounts.
Reduced manual data entry costs
Automated data capture gets rid of 75% of data entry labor costs. When manual data entry is nearly eliminated, there are dramatic improvements in speed and effectiveness. This benefit also yields the biggest return on investment.
Automating your company’s Accounts Payable eliminates:
- Manually sorting documents
- Miskeying invoice data
- Making copies of invoices
- Filing and retrieving documents
- Locating lost or misplaced invoices
- Paying the same invoice more than once
Accounts Payable Automation allows for your staff to focus on higher value-added tasks like resolving invoice discrepancies. With data delivered accurately and automatically, your entire accounts payable department can accomplish more in less time.
Interested in learning more about Accounts Payable Automation? On Wednesday, March 28th at 11am Biel’s will be hosting a webinar about Accounts Payable Automation. Titled, “Grow Your Bottom Line” Accounts Payable and Invoice Automation, the webinar will review specific benefits of automating your accounts payable as well as feature demonstrations of AP Automation software. The webinar is free for anyone that would like to intend and anyone interested is encouraged to register at biels.com/apwebinar