Speeding Up Your AP Process
Today’s technology is developing and improving rapidly, so it only makes sense that businesses who are seeking to improve would be eager to utilize advancing technology. However, some AP departments are nervous about transitioning to a fully automated process. These departments typically like to do things by-the-book, and are worried that automation would mean giving up control. Fortunately, AP automation with rules-based technology can do things by-the-book, functioning exactly how you want them. A good automation system will be able to give you good visibility without loss of control. Holding on to fear of technology will only lead to a slower and less productive experience in the workplace. Fully automating your AP department is key to speeding up your AP process.
What New Technology Can Do
With enterprise-level AP automation software, previously manual and mundane tasks are now completed automatically with speed and accuracy. Invoice approvals are automatically routed, cutting out time and lost invoices. Artificial intelligence is able to recognize, extract, and input content from invoices, and machine learning ensures accurate invoices in the future. All of these features are available with higher-level automation, and are imperative to speeding up your AP process.
The Difference Automation Makes
One of the things that slows AP down is having to manually fix errors and exceptions. When speeding up your AP process, eliminating these errors and exceptions makes all the difference. With AP automation, fewer errors are made, and there are lower material costs. Additionally, because high-level automation is rule-based, your department gets to specifically set the rules and guidelines for the automation software. This means fewer exceptions, especially as the AI continues to learn how to handle invoice variations. Studies have shown that AP departments who are fully automated have seen a dramatic reduction in invoice errors and exceptions. Plus, because invoices are processed faster, you’re able to take greater advantage of early-pay discounts (also known as dynamic discounting).
Improved Resource Management
One of the most crucial parts of AP automation is the amount of time freed up for employees. AP employees no longer have to worry about the daily grind of mindless processing, and instead can focus on an abundance of tasks to improve the department, such as:
- Monitoring fraud,
- Managing discount capture,
- Spend analysis,
- Overseeing contract negotiation,
- Maintaining supplier relationships,
- And more!
A Peaceful Department
With AP automation, invoices are approved faster and AP employees have more time to do important tasks. Late fees and manual exceptions slowing down the department are things of the past. With automation speeding up your AP process, the department will now run fast and smooth, which means happy employees, happy suppliers, on-time invoices, and more money saved for the company.