The automation and paperless accounts payable systems aids to make the AP funnel cost less money, take less time, use fewer resources, and cause fewer headaches. CFOs and other accounting executives can update as many as the AP related methods streamlining their entire department, decreasing labor while increasing productivity.
FREMONT, CA: While AP automation isn't entirely new, the incorporation of AI into the automation process is. Implementing AI automation is capable of recognizing and learning patterning ability than humans. But the advancement in AP Automation innovation is the streamlining of communications. By building contacts into the AP technology platform and having an easy interface for your approvers, chasing down approvals becomes a thing of the past.
Built-In Communications.
With the mobile-friendly built-in communications, invoice approvals are no longer bottlenecked by a single approver. It automates reminders if an invoice is outstanding and allows anyone vital to the approval process to be included in the conversation. If the users get the information, they need to make the right decision on the invoice.
Better visibility across the board
When the users can instantly see their entire paperless accounts payable data on a single dashboard, or filtered by the vendor, department, or date, they can identify patterns in departmental efficiency and vendor dependability.
[vendor_logo_first]Improved vendor relationships
When the accounts payable department offers prompt responses along with the timely and accurate payments, the vendors will often provide preferential treatment. It can be of a vital benefit during times of logistics or supply problems as it will help them o stay in the priority list.
Enhanced speed and accuracy
Eliminating the human element from the AP process reduces human error, helps eliminate lost invoices and leads to faster approvals and payments.
Improved data security
Digitization allows closing loopholes in the company's privacy and data security, eliminating paperwork and encrypting all vendor data.
Decreased labor and materials costs
Eliminating the multiple faces of a paper-based system can result in significant annual savings like the printers and printer maintenance, and checks no longer need printing. The automated invoicing no longer requires postage for snail mail payments.
Increased profitability
With fewer demands on the AP staff, they are now able to focus more time identifying which vendors charge late fees, and which ones offer discounts for early payments or specific payment methods. The AP team can then prioritize those payments for savings and prevent penalties.
