How Automated Accounts Payable Software Benefits your Business

Automating invoice procedures will help you overcome two challenges that slow down the approval process. Paperwork and manual processing are the two obstacles that finance managers face today. Automating accounts payable procedures will provide more visibility into invoice status.

To know how automation streamlines the workflow and approval process, have to look at the following:

PO Requisition & Approval

Automated accounts payable solution eliminates silos and builds collaboration between procurement and accounts payable. Automated solutions route the Pos for approval and then sent to suppliers.

Receiving Invoices

No matter whether the invoices are created on a paper or email, accounts payable solution will make all invoices appear in the e-invoice format. This approach will automatically route the invoices to the approval workflow. In this way, there is no chance of document loss or missed invoices.

blog-b3

Processing Invoices

In order to process invoice, you have to match invoice against relevant POs and get required receipts. Exceptions in the matching process are re-routed to the appropriate person, the purchasing department and receiving department. In the case of non-PO based invoices, the invoice will be sent to people for approval and then goes to the payment.

ERP Integration

The Automated accounts payable software you choose should be able to connect your e-invoice process to the ERP system. Your solution should be able to integrate without any complex synchronization process or intense IT involvement.

Payment Management

This is the last step in the purchase-to-pay cycle; payments can be done through ACH or credit card. However, some suppliers may not accept e-payments, hence you need to go with traditional payment procedures.

Automating these stages will overcome the inefficiencies that are present in your accounts payable process, allowing your employees to do more strategic tasks and initiatives that can help company achieve goals.

Advertisements