Accounts Payable, when processed manually, has a few negative aspects. Not only are there costs involved, but with manual processing, there are other inefficiencies. For example, slow approvals and late payments can hinder the process. If businesses aren’t careful, they will even have to face fraud risks. So, Bottomline Technologies has developed an AP Automation system to defeat these downfalls.
Paymode-X by Bottomline is a full-service integrated payables solution. It optimizes the use of card and ACH payments to maximize automation and rebates. With their system, they propose that it will increase efficiency. In addition to this, it will ensure security and profitability. This will help with invoice processing, so it will no longer have to be a manual process.
Benefits of the AP Automation System
With Invoice Automation, companies can save time and money while having a more accurate outcome with their payment processing. Invoice Automation digitizes invoice receipts, workflow, and approval processes. It automatically keeps general ledgers up-to-date. Along with this, it integrates with pre-existing ERP systems.
Payment Automation drives further efficiency. It monetizes AP spend. It improves vendor relationships as well as AP staff morale. This is all due to the speedy timing of payments and processing along with its potential to streamline reconciliation. By maximizing automation potential and with timely payments, a business can optimize working capital.
AP departments have visibility to a dashboard. It allow them to see when clients make payments. This dashboard will also show updates of payments that are in-process. This allows them to fully meet the reporting and compliance requirements.
Ultimately, it reduces costs, errors, and delays of paper manual processing. Because it’s automated, the system picks up on details faster than manual handling. Since it’s programmed to pick up those details, AP automation has a smaller margin of error compared to manual.
By switching from manual processing to an automated system, employees that typically handle these processes can now focus on other tasks. They will also have invoices processed faster. So, the company will save time and money with this increased efficiency, and profit from an AP automation system.