Accounts Payable processes pose problems for most businesses. Research suggests that processing an invoice can cost as much as €27 and even higher if an invoice has been misplaced. By automating the AP process, efficiencies are significantly improved and costs reduced
Here are 8 reasons why your business should be using an automated Account Payable solution:
- Reduce time, labour and costs.
By automating data entry and validation of supplier invoices, AP automation can offer businesses a faster, less labour intensive and more cost-effective accounts payable process. Businesses can see a quantifiable increase in productivity and a clear decrease in costs associated with AP processes.
- Increase the speed of invoice approval.
An automated AP solution reduces the lead time taken to approve invoices, further increasing productivity and business performance.
- Need to reduce storage costs and space?
Invoice capture integrated with an AP solution offers businesses the opportunity to reduce paper storage and retrieval costs. Streamlining the process can help the office environment rid itself of overflowing paper stacks, filing cabinets and error prone manual document management systems.
- Like being in control? Control the AP process.
Gain enhanced control of the AP process by implementing structured approval cycles. Ensuring conformity and common practice across your AP process will give your business processes stability and footing that will resonate with your colleagues and filter to other areas of your business.
- Benefit from AP audits and reports.
Automated and efficient AP solutions provide detailed audit trails and reporting of all AP life cycle actions. By reducing errors and increasing accountability, your AP process will become more cost effective and more efficient
- Have instant access to supplier invoices.
Your team can have instant access to indexed supplier invoices via a user-friendly client interface. Gone are the days of spent searching through file cabinets for supplier invoices!
- Resolve overdue approvals or unaddressed invoices
Intelligent AP solutions can provide escalation of overdue approvals or routing of un-addressed invoices to secondary approvers.
- View Outstanding Invoices
View outstanding invoices’ status to address supplier queries on screen, anywhere, anytime.
Inpute are leaders in intelligent capture technologies with experience spanning over 25 years. Talk to us today about how your businesses can leverage an intelligent Accounts Payable solution to harness the productivity and reduce costs in vital departments.
Visit us at Inpute.com