Streamlining Operational Performance With Accounts Payable Automation Software
COST PER INVOICE PROCESSED
Corporations are constantly looking for ways to reduce the cost associated with the management and handling of accounts payable. Achieving balance between cost, efficiency, and accuracy is quintessential for any entity looking to stay competitive in todays world. Employee personnel and technology resources must be used in conjunction to optimize vendor management and timely payments to vendors.
The implementation of automated accounts payable software can greatly reduce the costs associated with each transaction, as well as create value in multitude of ways through increased accuracy and retrieval times of information. There are few main components to consider when looking to improve operational performance through software selection and implementation.
First and foremost, the software should be cloud-based. Hosting the financial application in the cloud will enable finance teams to access data in real time and make better investments through financial analytics and cycle time reduction. This can further be accentuated by utilizing algorithms to automate certain tasks such as spend analysis, discount identification, and supplier compliance.
The use of electronic invoices can increase visibility into accounts payable and provide more control over finances due to the enhanced accuracy of information passed from the supplier to the buyer. New features such as invoice validation and improved workflow technology can dramatically reduce manual input and the ambiguity of information.
Additionally, integrating payment solutions with accounts payable automation software is an important step for organizations looking to reduce costs. Automated payments utilizing ACH or credit cards for vendors is much more cost-effective approach as opposed to paper checks. Utilizing digital payment methods not only reduces the costs associated with paper and print, but also opens up the opportunity for suppliers to gain discounts from early payment.
The opportunity to use software solutions to reduce the cost per invoice processed is genuinely attainable. Thus, finance executives should consider the reach of accounts payable automation software to bring down costs while increasing accuracy and visibility. Companies should not wait any longer to implement better solution to revolutionize their vendor management.
