With all that has changed over the past year, many CFOs are finding themselves searching for ways they can modernize their finance operations. Most companies are moving towards digital transformation that not only accelerates their initiatives but also implements AI technology. This guide provides detailed information for companies wanting to adopt these digital trends as well as streamline their operations with Accounts Payable (AP) Automation.
Responsibilities of the Accounts Payable Department
There are a few key responsibilities of AP departments, which is where they receive, process, and payout invoices to suppliers. These responsibilities include:
- Keep digital records accessible via the cloud to maintain organizations
- Process invoices in a timely manner, meeting the standards of regulations and company policies
- Ensure accuracy of payments made to the correct accounts
These responsibilities can be very tedious when they are done manually, as employees need to ensure they’re keeping accurate records without errors.
AP Automation Value Checklist
This guidebook provides a checklist of qualities to consider, helping companies who are wanting to implement AP automation better understand what to look for:
- Minimize human error
- Streamline supplier relationships
- Create easier supplier onboarding
- Manage tax compliance
- Accurately predict cash flow
- Enable greater control for accountants, CFOs, and controllers
- Reduce time spent on manual tasks
- Plan and leverage early payment discounts
Along with this checklist, the guide also points out metrics for companies to consider during their search for an AP Automation solution.
High Level Automation – Combined with a predictive Robotic Automation process, automation boosts to a high-level, having better results. It measures effectiveness by no-touch processing rates.
Integration Abilities – It needs to be able to integrate with your existing ERP system, as it provides further enhancements. For instance, it can improve performance and visibility. This technology automates three-way matching, which can eliminate obstacles and reduce invoice approval times. Also, it provides more accuracy in developing budgets, managing cash flow, and gaining strategic insights.
User-Friendly Design – By having a system that’s easy to fix errors and automatically performs other duties, it’s overall more efficient for employees to use.
Use of Electronic Payments – This allows further ese of payment processing as well as better control over cash flow. Also, it can reduce fraud, boost productivity, and decrease operational costs.
Benefits of AP Automation
Companies can experience many benefits by implementing an AP Automation system. Automation with self-learning robotic predictive processes can pick up on information more efficiently than when it is manually done by employees. By streamlining these operations, companies benefit from automation by:
- Avoiding late payments and reducing cycle times.
- Increasing employee satisfaction and boost productivity rates, as employees can spend more time on important tasks rather than repetitive tasks.
- Having a reduced margin of error in processing.
- Having a reduced likelihood for fraud, as it can help detect fake invoices and other fraudulent activity.
The guide even shares how there are major areas that businesses can notice these benefits of AP automation, such as:
- Data Extraction
- Data Management
- Processing of Payments
- Automation Tools
- Vendor Records
- Vendor Contract Review
In addition to these benefits, automation can help mid-size companies overcome continuity challenges. By applying automation tools and cloud-based platforms, businesses can develop efficient continuity and action plans. In doing this, companies can also create a workflow process that allows them to operate smoothly during a crisis.
This Accounts Payable Automation Guidebook provides in-depth guidance on implementing an AP Automation software solution for your business. It shares the many benefits, such as being cost-effective, limiting manual errors, and having increased security. Finding an AP Automation solution that integrates with your existing ERP system is essential to achieving high results of efficiency. By implementing the AP Automation system that works best for your business, your company will ultimately save money and boost productivity.
This exclusive Accounts Payable Automation Guidebook addresses these best practices in more detail and advises how to stay aware of this growing market and associated benefits.
For a bonus on this topic and a collection of short, to-the-point discussions led by industry experts, Accounts Payable Automation Battleground is now available free and on-demand.