Maximizing Operational Costs With Accounts Payable Automation
Procure To Pay Technology
Factoring in cost, efficiency and accuracy, deploying automated accounts payable software is prudent step for Finance Executives seeking to enhance operational performance. Such technology streamlines the procure-to-pay process by automating tasks, from vendor-to-invoice-to-payment, reducing manual labor and errors.
Using accounts payable automation, CFOs can realize major gains in three key areas: savings, productivity and compliance. Cost savings can be realized with efficiencies in the tracking and processing of invoices by automating the paper-based sequences. With automated workflow and approval, invoices can move quickly and accurately, eliminating wasted time and money associated with manual intervention.
Productivity is also improved with accounts payable automation as it isimplifies and accelerates manual duties, from electronically receiving invoices to ensuring payments are made in time by setting automated rules and reminders. This enables expense and budget management in near real-time, creating dynamic oversight, improving all-around performance.
Lastly, compliance requirements, such as government regulations, PCI or SOX standards, are easily maintained and managed with automated accounts payable software. It integrates with existing systems, allowing relevant reporting to be produced swiftly, and automatically providing closure records, which further facilitates internal and external audits.
Software features available vary, and therefore require careful consideration when selecting system. Deep dive into assessing the desired features and configurability, as well as its integration with existing systems, to ensure optimal performance. Cloud-based systems are generally easier to maintain and offer better real-time reporting, but come with considerations such as security and privacy issues.
For the Finance Executive, accounts payable automation software has the potential to revolutionize their performance using combination of cost savings, increased productivity and improved compliance. With the proper assessment and selection of system, deploying automated accounts payable software is an effective way to maximize operational performance.
