Improving Operational Performance Through Accounts Payable Automation Software
3 Way Match Method
Today, managing accounts payable processes can be time consuming and labor intensive. To aid in streamlining accounts payable, many organizations are turning to automation software as way to increase efficiency and improve operational performance. This article will discuss the three-way match method and how it can be used to maximize the potential of Accounts Payable Automation Software (APAS).
The three-way match method is an essential part of accounts payable automation. It involves validating purchase order (PO) with both the receiving document and the invoice. That is, in order to proceed with payments, the purchase order, invoice and receiving document must all line up to ensure accuracy and proper payment. This process can be quite laborious and tedious if done manually, but thanks to accounts payable automation software, this process can be greatly improved.
APAS can greatly reduce the time required to execute the three-way match process. Through the use of digital signatures and document scanning, the system will be able to quickly and accurately match documents, streamlining the process and reducing paperwork. Additionally, APAS can automatically notify those responsible for overseeing accounts payable activities when the three-way process is complete, further increasing the efficiency of the process.
Another significant benefit of utilizing APAS is the ability to gain control, visibility, and accountability. Through the software, accounts payable managers, executives, and other stakeholders can easily access and view documents as needed. In addition to that, the software can be used to generate reports that provide detailed analysis of the accounts payable process. This can be used to establish goals and trends, as well as identify areas of improvement that can be used to prevent fraud and leakage.
Finally, the cost savings potential of APAS should not be underestimated. By automating the accounts payable process, organizations can significantly reduce their operational costs. By eliminating manual labor, companies can save on labor costs, as well as increase efficiency, resulting in more cost effective accounts payable process.
In summary, Accounts Payable Automation Software is valuable tool for improving operational performance. By integrating the three-way match method, companies can significantly reduce processing time, gain control and visibility, and reduce overhead costs. With the advancement of technology, accounts payable processes can be streamlined and simplified, allowing for improved performance and cost savings.
