Leveraging Software To Enhance Operational Performance In Accounts Payable
Internal Control For Accounts Payable Process
CFOs, treasurers and other finance executives looking to optimize their accounts payable performance can benefit greatly from the deployment of automated accounts payable software. Such software offers an array of tools which can enhance the existing accounts payable process, resulting in improved accuracy as well as increased efficiency and cost-savings.
One of the primary advantages of automated accounts payable software is its capacity to promote internal control and audit compliance. Each item of payment can be meticulously tracked, including accounts payable invoices and their corresponding documents, ensuring accurate, reliable and auditable financial records. By taking full advantage of accounts payable automation software, business have the ability to monitor, audit and report the processes related to payment processing.
Automated accounts payable software has the potential to speed up the entire accounts payable process as well. Invoices can be quickly and easily tracked electronically, eliminating the need for costly manual intervention. In addition, various approvals can be automated and requests for payment can be approved in record time. With advanced accounts payable automation software, invoice data can be instantly ordered, categorized and transmitted to the ERP system, greatly increasing the accuracy and speed with which payment requests are processed. Not only does this increase overall efficiency, it also prevents mistakes that often occur when payments are manually processed.
The integration of accounts payable automation software also enables business to take advantage of discounts available through early-payment of invoices. By utilizing advanced accounts payable automation software, business can manage the payment of invoices based on agreed-upon payment terms with vendors, taking advantage of discounts accordingly. Moreover, the software can be configured to prioritize the payment of invoices depending on the value of discounts offered, helping to optimize the payment of vendors and the cost savings achieved.
In order to maximize the benefits of accounts payable automation software, businesseshould ensure the software is properly configured to fit the organizations bespoke needs. For example, the implementation of three-way matching of invoices to purchase order and receiver documents can help prevent fraud, ensuring that only accurate, correct and complete payment requests are rejected. On that note, configuring the software to require certain fields in the invoice to be completed can prevent any fraudulent activities from occurring in the Payment gateway.
For organizations looking to capitalize on cost-savings and improved operational performance, the adoption of automated accounts payable software can be invaluable. Benefits include enhanced internal control, improved audit compliance and the ability to process invoices quickly, accurately and safely. When implemented correctly with the right configuration and workflow process, automated accounts payable software can help business monitor and manage their accounts payable processes in an efficient and cost-effective manner.
