Right Accounts Payable Automation for Your Business
Accounts Payable Automation. We all have to agree that most companies are adopting modern cloud-based automation tools. Some of the reasons for this are due to their affordability, flexibility, and dynamic nature.
Many businesses want to move from error-ridden, time-consuming manual invoice, and payment processes. Companies will help you to achieve a seamless process when it comes to accounts payable and cloud P2P automation.
Benefits of accounts payable automation
Accounts payable automation perks are many, especially for companies making B2B payments. Some of them include:
1. Save time using OCR scanning technology.
ORC, optical character recognition, coverts printed characters into digital text. It allows you to turn scanned documents into word processor files that can get edited. With ORC, you can upload and scan your documents. And there no need for retyping. It saves you the headache of losing digital copies of paperwork.
Orc technology can also help you scan documents and convert them into word processor files. You are also able to perform quick searches using phrases or keywords to effectively find a specific invoice.
When your business’ documents get typed using ORC technology, the AP software will automatically pre-populate and extract pertinent details.
2. Improved transparency and oversight
Your payments to suppliers and vendors are critical for the success of your business. Monitoring every of it that comes into the organization is essential. Some companies fall victim to believing they will lose B2B payment oversight once they consider accounts payable automation. Fact is, this improves transparency.
With this software, you can present data to the concerned parties in a customized way. Oversight is also significantly improved. With this is you obtain a full perspective of your business-to-business payment cycles using AP automation software.
You can effortlessly track delays in payment and monitor who is responsible for their approvals. With oversight and real-time reporting, invoices and payments get made at the required time. Furthermore, with this automation, you can notice any fraudulent activities before they bring your company down.
3. Stop fraudulent activities
With accounts payable automation software, you gain the ability to create a tailor-made AP control framework. Since the entire AP department is held accountable for their actions, fraudulent activities are less likely to happen.
Also, the software allows for double-checks to avoid inputting incorrect information or even missing some.
4. Integrate existing financial systems
With AP automation software from a reputable company, all your existing financial systems get integrated. Gone are the days when companies had to go back and forth by re-entering data. The software allows for integration in the AP department and ensures that all data remains accurate from one system to another.
5. Advanced PO matching
With AP automation from companies, you achieve advanced PO matching through supporting two- and three-way matching. The software can get customized to facilitate unmatched invoices only get paid when the right permission is issued. Customizing tolerance ranges makes it possible to align the AP software’s matching features to your business’s unique needs.