We’ve talked about AP automation before but here is a quick reminder. There are several tweaks that you can make to your accounts payable process that will greatly benefit your company. AP Automation can reduce financial and labor costs as well as improve the bottom line.
Benefits of AP automation
Save money by switching from paper checks to electronic invoices. With paper checks you are wasting money on postage, toner, and paper maintenance. The cost of postage and ink is continuously increasing, draining funds from your company.
Reduce employee labor with electronic copies of invoices rather than paper copies. This will save time opening and copying invoices and provide you with a clear document that you can use for processing.
Cut down on data entry. The biggest expense in the AP Process is data entry. Employees are spending too much time entering data into the system, resulting in a lack of time for important tasks. The new software will do the data entry with OCR and save a huge amount of labor generally associated with Invoice processing and data entry.
Software reduces error and replicates. It’s no secret that productivity decreases around 4pm on a Friday. When those employees are processing invoices, any mistake can be costly. Why not let software take over and help reduce any possibly errors or replications. With the software, employees can review and approve invoices as well take advantage of discounts and avoid penalties.
For more information on AP Automation Contact Biels!!