Benefits of Accounts Payable Automation
Benefits of AP automation
The marketplace is competitive, and companies feel constant pressure to improve operations at minimal cost while maintaining a high level of growth. This means the more back-office work you can take off your team’s shoulders, the more they’ll be able to focus on driving strategy and advancing your organization.
To accomplish this, many businesses are moving from manual processes to automation, and this is especially true for accounts payable (AP) departments. Using cloud-based, automated AP software, companies large and small are significantly improving efficiency while saving valuable time and money.
Read on to learn more about the benefits of AP automation and how it can transform your company.
How accounts payable automation works
Using AP automation, companies can turn manual, time-consuming processes into a fully automated, hands-off experience, from end to end.
AP automation platforms digitally capture, code, and extract data from invoices, identify billing errors before they become problematic, automatically routes invoices for approval, and ensure payments get sent on-time allowing for early-pay discounts, all through a fully customizable workflow system.
Typically integrated with an organization’s enterprise resource planning (ERP) system, AP automation also provides tools such as payment processing, reporting, vendor portal access, auditing, and search views.
How accounts payable automation helps businesses
Companies that make a shift to AP automation don’t just improve their departmental processes, they also unlock the potential to turn their AP team into a strategic, data-driven powerhouse. AP departments are able to optimize their performance, better manage cash, control spend, mitigate risk, and bring advanced capabilities to your business.
Introducing AP automation to your company provides a way to address issues such as error-prone invoice processing, inaccurate reporting, and fraud while ensuring your staff is able to work efficiently and effectively. Here are some of the most common accounts payable automation benefits:
- Save time: AP automation software cuts invoice processing time by up to 50%; this helps refocus manpower time previously spent on manual data input, ensures on-time payment, improves working capital management, and optimizes performance.
- Reduce errors: Using advanced optical character recognition (OCR) combined with artificial intelligence (AI), AP automation software extracts digital and handwritten data and automatically captures it, accurately. This process increases productivity, improves invoice cycle time, and saves hours of time and money previously spent on correcting mistakes.
- Make timely payments: By automating payment execution, you can schedule approved payments to be sent out on or before their due date. This ensures vendors are paid on-time based and deadlines aren’t missed, which allows companies to take advantage of early payment discounts.
- Build stronger relationships: The automation process means vendors are alerted during the invoice-to-pay process so that they know when to expect payment. Because invoice data is captured and logged in a historical database, managers and their teams can quickly and accurately answer vendor questions regarding a payment, or settle a dispute within cost or timeframe.
Why choosing Goby makes sense
Goby offers accounts payable professionals a faster, smarter way forward with cloud-based AP automation. Our end-to-end solutions enable teams to streamline approval workflows, enhance monitoring, reporting, and collaboration, optimize cash flow, improve vendor relationships while driving rapid ROI.
Goby creates a frictionless environment for managing AP. With more reporting capabilities than any other AP platform and solutions for complex, recurring invoices such as utility bills, AP teams gain greater control and better insight into their performance. Serving mid-market companies across all industries, Goby remains committed to the mission of creating delightful results out of ordinary data.