Ah, the dreaded late payment. Whether you’re the one paying the bill or managing the receivables process, dealing with a payment that’s past due is never a fun situation to find yourself in. Fortunately, with the rising popularity of AP automation, businesses are now capable of managing the entire payment process quicker and more accurately.
With the ability to securely capture, process and route AP invoices, AP automation allows businesses the visibility they need to remain ahead of the game and ensure on-time payments. According to research from Ardent Partners, best-in-class AP groups are more likely to automate the entire AP process, which consists of the following phases:
While these three phases appear simple and straightforward, there’s actually a lot of detail behind each step. Integrating AP automation and document management services is a great way to streamline and simplify each phase to ensure efficiency and accuracy. As a result, businesses can follow the lifecycle of an invoice from the moment it’s received all the way through to payment ensuring timely and accurate processing.
Research conducted by International Accounts Payable Professionals (IAPP) claims that 1/3 of study respondents reported their accounts payable and accounts receivable organizations are already operating in a “tightly aligned” fashion. These businesses are taking advantage of automation to deliver on-time payments and earn early payment discounts. Considering that workflow and invoice approval were ranked as top priority in IAPP’s survey regarding AP automation, it’s no wonder that one of the best benefits to AP automation is the ability to approve invoices anywhere, anytime from any internet enabled device.