Why automate AP?
Why automate accounts payable?
In today’s business world, organizations are driving company growth through effectual operations and data-based strategy. Manual accounts payable workflows, paired with long approval cycles, errors, inaccuracies, and complex invoices, create burdensome and inefficient processes that can weigh your company down.
AP automation provides an end-to-end solution that cuts invoice processing time by 50%, refocuses manpower time previously spent on manual data input, eliminates mistakes, ensures on-time payments, improves working capital management, and optimizes performance.
A cloud-based platform also allows for greater collaboration and accountability as well as improved security and reporting, stronger supplier relationships, and enhanced alignment with procurement and other departments, all of which results in improved efficiency and time savings, in addition to rapid, tangible ROI.
Mid-sized companies across all industries, including commercial real estate, restaurants, manufacturing, retail chains, and nonprofits, that are looking to boost their operational performance will see the real benefits of time and money saved almost immediately through AP automation.
So how does AP automation work? Read on to learn more.
How does AP automation software work?
Simply put, AP automation allows accounts payable departments to automate their entire process with sophisticated technology. Every line item from every invoice is automatically captured, sorted, categorized, and validated upon arrival. Data is captured error-free with optical character recognition software paired with a layer of artificial intelligence technology. Then the invoice is automatically routed to the appropriate approver, along with notifications that ensure the invoice doesn’t get missed.
An AP automation platform stores all necessary and supporting documents in the cloud, while capturing and digitizing GL codes, line item information, terms, and any other invoice data. Invoices are automatically compared to their corresponding POs and mismatches are flagged. AP automation also makes electronic payments simple; you can choose your payment method of choice, then schedule approved payments to be sent out on or before their deadline.
Additionally, advanced reporting and analytics can improve analysis and future planning, identify bottlenecks or trends in your AP processes, and streamline your department’s reconciliation process. CFOs and their teams can deliver accurate reports more frequently, complete a financial close quickly, and dive deeper into company data to deliver strategic insights to other leaders within the organization.
The best part? Everyone can access accurate, real-time invoice and vendor information from around the world, anytime, allowing them to work together seamlessly from any location.
Why choose Goby for AP automation?
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.