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From the first step of data collection all the way to payment, a cloud-based AP automation solution eliminates manual tasks and reducing processing time, all while saving money and improving cash flow. Best of all, the new dynamic workflow tracks each step of the process in real time. The resulting information gives management a new level of strategic insight into your entire AP process.
5 ways Accounts Payable and Finance leaders can streamline their invoice processing and payment workflows include:
By automating your business’s entire Accounts Payable process with an all-in-one automation solution like Yooz you can implement all of these best practices to meet the goals of increasing efficiency, cutting cycle times and reducing costs.
When it comes to achieving your KPIs and creating the most efficient and effective Accounts Payable invoice and payment process and department for your business IOFM presents four main metrics you can use as a benchmark to judge the quality of your Accounts Payable team:
Let’s dive a little deeper into what each of these metrics means and how to measure Accounts Payable performance for Finance leaders.
Throughout your AP automation journey, you'll need to continue to monitor your accounts payable key performance metrics to make sure your business thrives. To do this you will need to be able to determine what those key performance metrics for your Accounts Payable workflow and department are by answering a few questions:
Getting things done sounds easier than it is when it comes to handling invoices. Forget about video calls, collaboration platforms and email. Many accounts payable teams are still stuck in the paper age. Staff has to deal with reams of paper trickling in from vendors and suppliers. They spend hours opening envelopes, manually entering data, scanning documents and sending invoices, purchase orders and even checks around to other departments to review and approve, before finally filing them.
Here are the top five challenges facing accounts payable teams in 2021, ranked in the order of importance:
Improving your accounts payable efficiency with an automated AP workflow can tackle all of those challenges and unlock almost immediate benefits. Cutting back on paper documents unburdens your team from manual entry and simultaneously cuts back on errors. Overall processing cost and cycle time go down by 80 percent. That’s an impressive accomplishment made possible by digital transformation
Companies that streamline their entire approach to how they handle the accounts payable process gain more than operational efficiency, though. Companies that embark on digital transformation, in short, go from searching for files to simply finding them in their browser. But those aren't the only processes made easier by AP automation.
"It is no wonder why accounts payable departments have made automation their top budget priority. But achieving the benefits of automation will remain out of reach for accounts payable departments that don’t take the right approach to selecting and implementing a solution."
- Mark Brousseau in the article "Seven Ways to Make the Most of Your Accounts Payable Budget"
Next time you process an invoice, try to see beyond the amount and due date. That invoice isn’t simply a paper or number, rather it is a small piece of information that fits perfectly into the bigger puzzle of how your organization manages its cash flow and makes strategic financial decisions. With intelligent accounts payable automation, that data becomes a valuable asset that helps you improve accounts payable efficiency.
Data is what fuels your financial decisions, starting with whom you paid for what products and services under what terms and when. Nice in theory, but if you suffer from missing or inaccurate data you are setting yourself up for a world of pain. That means delays, unnecessary expenses in the form of exceptions and late fees and - in the worst case - flagging productivity that eventually leads to failure to keep up with the competition that’s eager to embrace digital transformation.
Thanks to automated invoicing solutions, the time has come when we can say goodbye to the disparate tools commonly used throughout the purchasing process, such as specific accounting software, messaging tools and even scanners. One single application, modern and practical, makes it possible to replace them and create an automated Purchase-to-Pay (P2P) process that is integrated end-to-end.
Payment approval is a crucial business practice that requires careful attention to detail, safety, and compliance. However, the conventional method of approving payments is time-consuming, resource-intensive, and prone to human error. How to ensure everything flows smoothly? One of the best ways to improve your Accounts Payable efficiency is through the use of automation. Learn more about it here!
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