Next to rocket science, accounting is one of the most tedious and complex fields someone can enter. Your accounting department can tell you just how many hours every month is spent making sure that invoices are processed, transactions are recorded correctly, and checks are signed on time. Despite companies adopting technological solutions in other areas, accounting is one department that often falls behind. Whether due to concerns about security, or old dogs not wanting to learn new tricks, many accounting departments still rely on paper invoices and manual entries into outdated systems. Here are the top 5 ways accounts payable (AP) automation could be saving you money.
This is probably the biggest one. Every month a whole department of people spends hours upon hours, often going into overtime, sorting through invoices, figuring out payment terms, and logging data manually. All of these items can be easily handled through AP Automation. Electronic invoices through AP automation software means that every invoice can be processed, logged, and paid faster, because you only need to review exceptions.
Have you ever been audited? Have you needed to spend hours pulling invoices and check stubs to compare? Imagine what would happen if a single piece of paper went missing?
An AP software solution means that your invoices and billing information are in one place, and you never need to worry about losing a single piece of the money trail. You can quickly and easily look up details on every order, making you bulletproof when it comes time for the dreaded audit.
There are many types of accounts payable fraud. From employees writing themselves checks, to duplicate invoices, to fake companies submitting invoices, thieves are everywhere. With good accounts payable software, you can eliminate most cases of fraud. Good AP automation software can catch duplicate payments, new and unexpected invoices, and even if an invoice contains valid information.
How many boxes and filing drawers of paper invoices do you have laying around your office? AP Automation software and electronic invoices can eliminate the need for you to store all that paper. Electronic copies stay in your database, and the paper can be destroyed or stored off site. Cutting down on future paper invoices is also great for the environment!
- Missed/Late Payments
Has a monthly invoice ever fallen through the cracks? Does a supplier offer an early payment discount that you have never been able to take advantage of? AP Automation can make sure this doesn’t happen. With electronic invoices, everything is processed and paid quickly, making sure you never miss a payment again.
These are just a few of the ways that AP automation can help your accounting department save time and money. For more information on how we can help get you set up and on your way to enjoying these benefits contact us today!