Do you often wonder if there is a better way to process invoices? The manual process is tedious, time consuming, and overall exhausts all who are involved within the AP department.
Implementing automated invoice processing will eliminate these pain points and allow you and your team to contribute your efforts toward higher added-value tasks.
Innovative Accounting and Finance leaders are keeping their competitive edge with invoice workflow automation.
According to a payables insight report published by Levvel Research manual data entry, inefficient processes, and manual routing of invoices for approval still top the list for pain points mid-market companies are trying to overcome. They are able to eliminate these pain points, and many more, by automating the Accounts Payable process, creating a touchless invoice and payment processing environment.
As a result of implementing an Accounts Payable automation system businesses are experiencing a reduction in paper invoice volume and quicker approval of invoices.
The most notable trend from the payables report is the upswing in the use of cloud-based AP automation solutions. Adopting an invoice and payment processing automation solution based in the Cloud means companies have “the most versatile and scalable options available” because “they are increasingly flexible, dynamic, and affordable.”
Another notable trend from the report was on the smart technologies being harnessed in invoice and payment automation solutions. Finance leaders are more aware than ever of the intelligent technologies out there and are beginning to ask the right questions when it comes to what is driving the automation solutions they are utilizing. Some of the technologies highlighted include optical character recognition (OCR), smart data extraction, artificial intelligence (AI) and machines learning.
“One of the most effective ways to improve an organization’s bottom line is to decrease the cost of operations that do not directly contribute to profit, redirecting the freed resources towards strategic, profit-generating initiatives. Automating accounts payable (AP) processes is a perfect example of this opportunity, as it not only reduces the footprint of a high-cost administrative department, but it also creates an opportunity to generate revenue through increased efficiency.”
When it comes to invoices, recognizing and understanding the need for automatic invoice processing will create more efficiency with the right solution. To automate invoice processing and the Accounts Payable workflow you need a combination of the top technologies:
Smart technology can automate your process from purchase order to payment saving you significant time and money. Learning how to utilize OCR, machine learning, and smart data extraction with a state-of-art AP automation software, will help your organization accomplish this goal and stand out from the rest.
Learn about how to reduce manual invoice processing for workplace freedom with a real-time Accounts Payable automation solution. Your company can reduce manual invoice processing by implementing a solution that:
“Because we’ve saved so much time with Yooz, we’ve been able to redeploy our Accounts Payable staff into more strategic, value-added work. They are better organized, have eliminated stress, and feel like they are actually contributing to our company’s success,” - Shawn Delaney, Controller, Bridgevine
Your time to process an invoice matter more than you think. Manually processing invoices can take up to 45 days! This can diminish your profitability and raise the chances of error or delays. With Accounts Payable automation, you can benefit from a shorter cycle time and lower cost up to 80%.
The way to speed things up in the Accounts Payable department and quite literally make money by paying bills is invoice and payment automation. Accounts Payable automation solutions provide a way to create a paperless and touchless invoice and payment workflow. No more time-consuming manual data entry. No more chasing colleagues down to get invoices paid on time. No more late payment fees.
Why limit the reduced time for the Accounts Payable process to just the invoice processing steps? Instead of wasting time cutting checks epayments provide several benefits for businesses improving their automation. ePayments not only save time but enable agility of payments, improve compliance, mitigate fraud, and provide a superior about of visibility into a businesses cash flow.
If you are considering automating your Accounts Payable and invoice processing workflows, or in the process of choosing between solution providers, your success will be based on following accounts payable invoicing best practices and avoiding some common pitfalls.
There are a number of other best practices to keep in mind when looking for the best Accounts Payable automation solution to optimize your invoice and payment process, but these should be at the top of your list.
Reduce costs by 80%. Do more with less.
Cut cycle time to hours. Get discounts.
Gain instant visibility. Stop losing documents.
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