Accounts payable process
Accounts payable processes are in many cases still very manual, resulting in long AP cycles, frustrated accounting staff and bad business decisions.
By automating the accounts payable process, it is possible to substantially improve your payment times, get better control and shorten your AP cycle.
How to automate the accounts payable process
Automated accounts payable processing begins with capturing information from the incoming invoices.
Accounting staff easily scan paper invoices or import any E-invoices coming in. Thereafter, the invoice information is automatically matched against a purchase order in a business system, accounting system, AP system etc.
If the invoice information matches the purchase order, the invoice can be automatically posted for payment. Thus, you have a completely automated accounts payable process, where AP staff doesn't even have to see the invoice after scanning.
If there are any errors on the invoice, or if it is a general expense invoice, the invoice is passed on to an electronic workflow, where the invoices can be allocated by non-AP staff and approved by accounting. The accounts payable process is thus improved substantially.
An automated accounts payable process is ecological too
By automating the accounts payable process, you dramatically reduce your paper usage as well as your AP cycles, resulting in less paper waste and less CO2 emissions.
The benefits of fully automating the accounts payable process:
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An automated accounts payable process is faster.
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A shorter AP cycle will entitle you to early payment discounts (and you will avoid late payment fees).
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An automated accounts payable process is less expensive.
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Fewer staff is needed to process the invoices.
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An automated accounts payable process is more efficient.
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Your staff can concentrate on business instead of invoice keying.
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An automated accounts payable process give you better control over your business.
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Your AP cycle will be monitored and you will have a complete audit trail for better business decisions.
Read more about Accounts payable automation processes here >>