When a company increases accounts payable it generally means there is also an increase in products or services. Businesses should aim to increase efficiency while also increasing output. A common predicament is having to deal with the growing number of transactions without losing productivity.
A recent survey conducted by the Aberdeen Group reported the following:
AP automation is the answer to all of these challenges. The more accurate and timely data is, the better decision making becomes. AP automation transfers data in real time to integrated systems where the data can be analyzed.
As business increase their invoices it puts pressure on AP teams to keep up. AP automation can help alleviate the pressure through document imaging and extraction as well as archiving and cataloging invoices making them easy to locate and reference. Accounts payable operating on a centralized platform makes it easier to find the information that is needed. Automation reduces turnaround time while also increasing the accuracy of invoice processing. In addition, automation can maintain or even reduce staffing levels despite increases in invoice volumes.
Automation matches the invoices to purchase orders and acts as a check-and-balance to insure billing accuracy. Automation will confirm the invoice and PO are accurate and then send the payment out as scheduled, or if it is not accurate it will send an alert to the appropriate manager. This saves the AP department time as they don’t have to constantly error-correct.
Automated alerts also work to increase efficiency and decrease delays in processing. They enhance enterprise-wide collaboration and speed up the process as the time spent waiting on signatures is greatly shortened.
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