Accounts payable (AP) is the process of tracking and paying bills for goods and services received by a business. It is a critical function that can have a significant impact on a company’s bottom line. Traditionally, AP has been a manual process that is time-consuming and prone to errors. However, AP automation software can help businesses to reduce manual labour and errors, improve efficiency, and save money.
How AP Automation Software works
AP automation software uses a variety of technologies to automate the AP process, including:
- Optical character recognition (OCR) to extract data from invoices
- Workflow automation to streamline the approval process
- Payment processing to make payments electronically
What are the benefits of AP Automation Software?
Businesses are able to see clear AP automation benefits such as:
- Reduced manual labour: AP automation can free up AP staff to focus on more strategic tasks, such as vendor management and supplier relations.
- Improved accuracy: AP automation can help to reduce errors in invoice processing, which can save businesses money in the long run.
- Increased efficiency: AP automation can help to streamline the AP process, which can save businesses time and money.
- Betere inzichtelijkheid: AP automation can provide businesses with better visibility into their AP processes, which can help to identify areas for improvement.
- Reduced fraud: AP automation can help to reduce the risk of fraud by providing a more secure and transparent process for processing invoices.
How this equates to cost savings
So, how do these benefits help the greater business? One of the biggest changes a business is able to see by automating their AP processes is through cost savings. The cost savings that can be achieved through AP automation software vary depending on the size of the business and the current AP process. However, studies have shown that businesses can typically save between 20% and 40% by automating their AP processes.
Conclusie
AP automation is a powerful tool that can help businesses to reduce manual labour, improve accuracy, increase efficiency, and save money. If you are looking for ways to improve your AP processes, AP automation is a great option to consider.
So, if your business is ready to take the step towards an automated AP software here are some additional tips for driving cost savings through AP automation:
Choose the right AP automation solution
There are many different AP automation solutions on the market, so it is important to choose one that is right for your business. Consider your specific needs and requirements when making your decision.
Implement the solution effectively
Once you have chosen an AP automation solution, it is important to implement it effectively. This includes training your staff on how to use the solution and providing them with the support they need.
Monitor the results
Once the solution is in place, it is important to monitor the results and make adjustments as needed. This will help you to ensure that you are getting the most out of your investment.
By following these tips, you can achieve significant cost savings through AP automation. Learn more about automating the AP process by downloading our full white paper here.
Over B2BE
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