Why should you invest in AP automation? Every organization, regardless of size, industry, or service, should be looking to streamline their internal processes – and your Accounts Payable department is no exception. Companies are taxed with the constant need to reduce costs, maintain regulatory compliance, increase process visibility, and improve efficiency. Automating your Accounts Payable department with advanced invoice processing and management will help any company achieve these benchmarks while receiving a wealth of additional benefits.
Automating your Accounts Payable department may seem like a daunting task – but its implementation is quite simple, and the results can be astronomical. After all, who would oppose reducing costs and improving productivity?
If you are still unsure about AP automation and its place within your organization, we have compiled 7 reasons why you should consider automating your AP processes in 2014.
7 Reasons to Automate your AP Department:
1. Save Time & Increase Productivity
AP automation will dramatically reduce the time it takes your staff to:
- Locate lost or misfiled documents
- Fax, file, retrieve, copy, or mail documents
- Key information from invoices into a financial system
- Decrease the time it takes to receive, forward, and approve invoices
Automating your AP department will not only make your processes more efficient, but it will increase the productivity of your staff – allowing them to focus on other more important functions.
2. Reduce Costs
Accounts Payable automation does wonders when it comes to saving time – and saving time equates to saving money. By implementing an automated AP process, your staff will no longer spend countless hours finding and handling documents, which will result in a more productive department. Time spent performing mundane tasks add up quickly – and can have a detrimental effect on your bottom line.
3. Enhance Visibility & Accessibility
When it comes to managing any business, process transparency is paramount. Automation will enable you to better monitor invoices and payments with detailed audit trails and live information. Whether you are tracking purchases, checking approvals, or matching invoices/payments to purchase orders, you will gain real-time access to the current status of your AP processes.
Implementing an AP automation system will not only allow your department to be more transparent, it will also become more accessible. With the proper AP automation software in place, your AP department will be able to access vital documentation anywhere at any time.
4. Prevent Fraud
Every business is susceptible to fraud – particularly employee fraud. From falsified mileage claims to expensive business “dinners” – an automated AP process will allow you to reduce the administrative burdens surrounding these claims, and create an easier system in which to track and monitor your employee expenses/reimbursements. With the proper AP automation system in place, all of your AP documentation can be easily stored and monitored.
5. Information Security & Disaster Recovery
Ensuring the safety and confidentiality of your business-critical documents is of the utmost concern for any organization. A proper document management system will help keep your documents safe and support any document retention requirements your company may have. Additionally, you will be able to safeguard company information with strict control over your staff’s access to files.
6. Eliminate Clutter – Increase Space
Imagine if you could take all of those filing cabinets and bulky storage systems and make them disappear. What would you do with all of that space? By eliminating your paper burden, you will be able to free up valuable space for more productive purposes.
7. Improve Quality
The quality of your AP department is more important than you may realize. AP errors are costly. From lost productivity to lost revenues, AP errors can have a large impact on your business. Furthermore, providing fast and accurate services to your customers and vendors is essential in fostering strong relationships and a positive company image. With an automated AP department, you will be able to better understand where and why errors happen. With this information, you will be able to improve the quality of your processes. Additionally, you will be armed with the proper technology to provide superior customer and vendor services through a fast moving, well organized, and easily accessible system.