The Accounts Payable process is one process that nearly every company has. AP is immensely important since it involves nearly all of a company’s payments outside of payroll. The process might be carried out by an accounts payable department in a large corporation, by a small staff in a medium-sized company, or by a bookkeeper or perhaps the owner in a small business.
Regardless of the company’s size, the mission of accounts payable is to pay bills and invoices that are legitimate and accurate.
Since Accounts Payable is a common function for nearly all organizations, c-suite executives often regard AP strictly as a cost center and not a high-value contributor to the bottom line.
By automating the process, companies find they can reduce the costs of doing business, enable a more modern and accurate system, and improve their relationships with their key suppliers and clients.
Best of all, with smart workflows, AP staff are free to concentrate on higher value-added activities that boost departmental and organizational performance.
That’s where accounts payable automation comes in. With automated AP processing, it’s easier than ever before to capture, process and route your Accounts Payable invoices, reduce your procure-to-pay processing time and increase the productivity of your staff.
An efficient AP process minimizes the clerical work associated with invoice capture and entry so your staff isn’t burdened with chasing paper but contributing to the success of the entire organization.
The benefits don’t stop with efficiency. Accounts Payable service levels and costs are also impacted. Vendors are able to:
All of these features free up your AP teams’ time and allows vendors to access their account information at their convenience, significantly reducing the time your AP staff spends responding to vendor inquiries.
The heightened efficiency saves time, staffing and expense.
A vendor portal provides immediate insight into the AP process and is a great benefit for your suppliers and partners since most prefer to go online for routine inquiries regarding invoice approval and status rather than having to call your staff on the phone.
The ability to have your suppliers and partners interact directly with your organization through a vendor portal greatly enhance everyone’s productivity by eliminating back and forth phone calls to resolve questions and exceptions.
Are you ready to take the next step? Download our executive brief, How CFOs Build World-Class AP Departments with AP Automation to understand the top challenges CFOs face, and how AP automation allows AP departments to work more efficiently, provide better cash flow visibility and cut costs.