Manually processing accounts payables can take a lot of time and allow fraudulent or error-filled invoices to go through. AP automation software reduces the processing time and ensures that only valid invoices are processed. Here are the benefits of this software:
Centralized processing: An organization can have multiple AP professionals working on the task. AP software gives them a centralized platform to work on so that they can all coordinate their efforts.
Accurate: If we don’t have the resources to check every last detail in every last invoice properly, we are at risk of processing fraudulent invoices. Sometimes, mistakes happen in the numbers and sometimes duplicate invoices are processed, even if only by mistake. The AP software’s fine eye ensures that no detail is left unchecked. It also validates and checks each invoice for duplicates. In the end, the result is accurate and error-free invoice processing.
Visibility: AP professionals directly deal with money and as such, senior management would like to keep an eye on the process to ensure that no improprieties occur. With disjointed processes and disparate systems as is the case with manual processing, this high level of visibility cannot be achieved. As mentioned in the first point, AP software is a centralized platform that gives the level of visibility that is required.
Optimal workflows: The entire AP process from receiving invoices to paying them is done in a step-by-step manner. If not paid enough attention, the inherent inefficiencies in the workflow will cause the process to be slow and unsustainable.
With AP automation software, the inherent inefficiencies can be cleaned up and the workflow can be made optimal.