Our finances are becoming increasingly automated. Our paychecks are automatically deposited. Our bills are automatically paid. Interest is automatically calculated and we are automatically notified with financial alerts. We embrace the technology in our personal finances so why should we hesitate to implement automation in our AP department?
Having an automated Accounts Payable system can mean the difference between capturing early payment discounts vs. incurring late payment penalties.
Real-time data is powerful. Adding automation and real-time data to your accounts payable process makes for reduced time, improved efficiency and satisfied vendors. Case in point: when late payments are made, accounts payable departments are hit with penalties and leave vendors with a feeling of discontent. By simply implementing a streamlined process, companies can focus on high-value goals, while still maintaining the trust and loyalty of vendors through accurate and timely services.
The process is easy. Invoices, expense reports, and other documents are submitted through fax, email, or scanner. Upon submittal, the documents are routed to a document recognition platform, then forwarded on to the appropriate corresponding PO, Non-PO, or Expense Report Workflows. These workflows may also include two or three way matching to internal ERP & accounting solutions, and routing to appropriate individuals for approvals. This system undoubtedly improves vendor relations as the needed documents are easily accessible at any time and the savings are passed on to the vendor due to the decreased costs associated with storing and printing documents. Say “goodbye” to busy work and late penalties, and “hello” to early payment discounts and improved organizational efficiency!
Another benefit of automation is transparency of process security and access. By taking the extra – and often unnecessary steps out of the traditional accounts payable process, both time spent and errors incurred are reduced. Not only are documents maintained to meet compliance regulations, but all items are securely stored in case of a natural disaster. Companies can rest assured knowing that critical documents can be securely and easily attained at any time, for whatever reason.
Whether your company is large or small, real-time data access benefits all parties who are affected. Due to the transparency involved, organizations and vendors can work more effectively together to achieve results faster and more accurately since automation takes over once documents are submitted. Automation in accounts payable cuts down on processing time, helps maintain long-lasting relationships, and most importantly; saves your company money.