The Perils Of Not Automating Accounts Payable
AUTOMATION ACCOUNTS PAYABLE
For many organizations, the cost and complexity of accounts payable processing can be significant burden. As demands from stakeholders in managing cash flow and budgeting become more daunting, businesses are looking for ways to streamline the entire accounts payable process. However, many organizations are still not taking advantage of the tremendous advantages that automation software can bring to the table in terms of cost savings, process control, and data security.
The most obvious advantage of accounts payable automation is cost savings. Despite the fact that manual process costs can vary, it is generally acknowledged that manual processes can be up to four times more expensive than those that are fully automated. Accounts payable automation dramatically reduces costs associated with manual activities such as processing paper invoices and check printing, as well as the need to back-up and store data in physical form. Automation also eliminates any delays and errors associated with manual processes, saving time and money.
In addition to cost savings, automation helps organizations better manage their accounts payable process. Automation software provides end-to-end tracking and facilitates invoice acknowledgement, routing for approvals, and programmable payments. All expenses can be tracked in real-time in one, consolidated report, allowing organizations to gain visibility into their accounts payable process. This kind of control is critical to make sure all obligations are accounted for and paid in timely manner.
Finally, accounts payable automation software can provide tremendous amount of data security. Automated solutions typically include secure networks, automated workflows, access restrictions, and secure document storage. Automation also allows organizations to quickly and concisely sort through larger amount of data than manual processes could, ensuring the right documents are always filed and secure.
In short, organizations that are relying on manual accounts payable processes are missing out on tremendous opportunities to save on costs and enhance process control and data security. Automation software provides organizations with comprehensive, end-to-end solution that covers every aspect of their accounts payable process. Automation can substantially reduce manual costs, increase process control and visibility, and ensure data security. In competitive business environment, automation is an essential element of maximizing cost savings and minimizing risks.
