Risk Implications Of Not Leveraging Bill APproval Software
BILL APPROVAL PROCESS
The accounts payable department of any business is tasked with complex and varied range of responsibilities. Chief among those roles is the management of bills, their delivery, payment and ultimate authorization. Failing to leverage the appropriate technology and software for accounts payable bill approvals exposes organizations to unnecessary risks, burdening staff and sapping resources.
At most basic level, manual, non-automated bill-approval process is labour intensive, requiring significant resource expenditure and invariably leads to staff burnout. This problem is compounded in organisations looking to embrace digital transformation and business process automation if all accounts payable processes are manually undertaken, the strain on resources becomes untenable.
In addition to labour pressures, employing manual, paper-based bill-approval process exposes the organization to significant financial risks. Firstly, the length of time required to process bills and reconcile associated documentation raises the potential for inaccurate payments which can dramatically increase administrative costs. Additionally, without automated checks and controls, theorganization is also exposed to elevated levels of fraud and non-compliance.
The implementation of automated accounts payable bill-approval software eliminates these risks and provides significant returns. As invoices are quickly imported, immediately approved by relevant staff and automatically synced with existing systems, resources can be redirected to more productive activities. Likewise, the process of reconciliation and fraud prevention is greatly improved and compliance risks reduced. Additionally, automation affords financial decision-makers with increased levels of control and transparency over the bills and invoices flowing through the accounts payable departments.
Ultimately, the decision to exhaustively employ automated accounts payable processes is strategic one. As is the case in any sector, not leveraging the latest technological advances has the risk of placing an organization at disadvantage versus competitors. For organizations looking to successfully execute their digital transformation, the importance of software-based bill-approval is fundamental.
