Approx. Read Time 08 minutes
Most people in the business world know about automation and have seen and experienced the benefits of automation in the business process. Especially during these past two years we have all seen and experienced the benefits of automation in one way or the other.
Due to the pandemic, we have been reminded of the necessity and the value of automation, particularly in the business world. Automation has enabled businesses to stay active and competitive despite the pandemic.
Accounts Payable automation or AP automation has become a topic of interest in recent years. But when we talk about AP automation, what exactly do we mean? What are the benefits you acquire by implementing an automated process within the business?
Let’s start with the very basics and see what AP automation entails to your business.
AP automation?
AP automation or Accounts Payable automation is the digitisation and automation of manual operations in the Accounts Payable process.
Automation frees up time for additional revenue-generating tasks by reducing repetitive and time-consuming manual effort. Fully automating both manual and semi-manual AP procedures saves time and improves control. Making the conversion from paper and PDF invoices to e-invoices is a key component of AP Automation, and it opens the door to many of the benefits listed below.
AP Automation, in general, makes your work life easier and more efficient. Below are a few of the benefits that automation offers:
Benefits of automation
- Reduce the amount of time spent manually processing invoices.
- By reducing errors, you can gain more control and lower your risk.
- Costs of invoice processing are reduced.
- Accelerate invoice processing and take advantage of early payment savings.
- With real-time access to high-quality invoice data, you can obtain visibility into your spending.
- Improve your supplier ties.
- Reduce your carbon footprint by integrating sustainability into all aspects of your business.
- Gain a competitive advantage and steer your company into the future.
- You may expand your company without hiring extra people.
- Increase business efficiency and keep your business running from anywhere.
Tips before automating
Now that you know what exactly we mean by AP Automation and what benefits it offers, the next step before digging in is to assess your specific business requirements. As you look at automation options, keep the following points in mind:
- Today, what are the most typical causes of errors or manual intervention? Examine the entire purchase-to-pay process, as it has an impact on invoice processing.
- Today, where do you lack or not have control? Do your present procedures have any flaws?
- Location of your business? Are you subject to local e-invoice rules?
- Where do you see your company in five years? Look for a solution that will allow you to expand.
- Look at your existing supplier base: what are their current capabilities, and how can you add value to them?
- How are you going to get all of your suppliers on board with your new process? Is it something you can do on your own or will you need help?
Now that you have a basic insight on Accounts Payable automation and the benefits that it offers to a business, you can assess your requirement to your company before automating.
ELIPO is the best vendor invoice processing solution to automate all your vendor invoices to reduce cost, save time and increase efficiency. Email us at [email protected] to find out more.
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