Almost every company with an accounts payable division has faced some challenges in streamlining the accounts payable process at some point. A few problems involve maintaining an error-free accounts payable process, increasing invoice processing speed, and maintaining continuity among team members throughout each stage.
When considering improving the accounts payable process, one of the solutions that has proven to be most effective is automation. Introducing automation into the accounts payable workflow can greatly benefit an organization. These benefits include reducing the costs of processing invoices, better visibility, increased access to reporting and analytics, and optimizing working capital.
This article will cover the following topics:
The accounts payable process involves the management of debt and liabilities for the business. These include both fixed costs and variable costs that are outstanding. Every company will incur debt as a natural result of operating, and the management of this debt is central to the accounts payable process.
Accounts payable automation involves implementing effective technology that will be able to perform tedious data entry and time-consuming manual tasks. By automating the steps within the accounts payable process, companies can save time and divert energy toward more mission-critical projects.
Implementing an AP automation solution doesn’t have to be a gargantuan undertaking. However, it is necessary to take the proper steps when switching from manual to automated processes. By taking a measured and structured approach to rolling out automation, it is possible to ensure the success of the transition from manual to automated accounts payable management.
Transitioning to automation to handle accounts payable processes can be off-putting for many businesses accustomed to doing things in a traditional manner. Many questions may arise, including whether AP automation is suitable for a business, to begin with. By assessing the current practices involved in the AP process and examining the results, a company can see whether or not there is room for improvement.
Answers to these questions can help determine the appropriateness of AP automation:
Examining the answers to these questions will prove helpful when it comes to choosing an AP automation solution. It is also beneficial to be aware of the primary benefits that any company can realize when considering automation for their AP processes. These benefits include:
Once business leaders have determined that it is beneficial to use automation to facilitate the accounts payable process, the next step involves the development of an implementation plan. This starts with examining current weaknesses that are inherent within the existing processes. By taking stock of current operations, a business can better understand its landscape and know exactly where to make changes.
Choosing the best accounts payable software to help manage every facet of the accounts payable process can have a life-changing impact on an organization. Effective software can provide a smooth workflow that frees time for much more important activities.
To determine which accounts payable software is the right one, consider these factors:
Considering these factors will prove instrumental in deciding on the best automation for the company’s AP process management needs.
The right automation software can create huge benefits for an organization; however, it’s essential to be strategic about the implementation process. Transitioning from a manual to an automated system requires some forethought to ensure smooth and seamless integration of the new software. It is essential to assemble a streamlined and systematic plan to best roll out the new automated AP solution.
Depending on the software chosen, the implementation process can follow this basic plan:
For an organization to be more productive and, ultimately, more profitable, it must create streamlined systems and processes. One of the best ways to do this is by using automated accounts payable solutions. With an automated AP solution, a business can:
The right AP automation tools can revolutionize a company’s systems and provide many positive benefits for years into the future. One such solution is PayEm, a dynamic and robust platform that makes automating the accounts payable workflow a seamless process.
As a Solution, PayEm brings several functions to the AP Automation process. These include automatic verifications, streamlined customer experience flows, improved transparency that yields data & analytics, automated approvals, and multiple payment options. Contact PayEm’s experts for a commitment-free, no-cost demo of the platform.