10 Big Reasons To Automate AP Right Now
You’ve probably been hearing quite a lot about AP automation recently. But perhaps you think all the hype is exaggerating its advantages or that AP automation can’t really be that critical for your company. Think again.
Streamlining your AP department has a positive impact across the board. Not only that but it’s now a well-established and trustworthy sort of financial service. There’s no reason not to automate AP and plenty of reasons to automate right now.
1) Reduced Costs
Automating the AP process lets you get every payment in on-time. That means no more late fees and maybe even some early payment discounts. But that’s not all. The big difference between companies that can process invoices for about $5 each and those spending more than twice that much money is the need for manual intervention. More automation equals lower cost per invoice.
2) Increased Control
Unlike a paper-based system, automated AP lets you search all your records at once and access up-to-date information on every invoice. Because of that, you can see exactly where an invoice is in the AP process at any given moment.
3) Simplified Vendor Communication
Many AP automation systems, including the one from NextProcess, offer vendors access to their own invoices. A vendor portal lets them check on the status of their invoices and submit missing information without contacting your AP department.
4) Access Anywhere, Any-Time
When your AP process is automated in a cloud-based system, you can access it from anywhere with the correct passwords and permissions. This makes it easy to check on invoices and issue approvals remotely, all without compromising security.
5) Easier Forecasting
Because automation software gives you a simple way of tracking past invoice trends, you also have information to make more accurate forecasts. Use this information to get a clearer image of cash-flow and support strategic decision-making.
6) Stronger Internal Controls
AP automation automatically enforces company policy. It also helps prevent fraud since automated AP systems keep track of vendor information and catch invoice irregularities.
7) The Green Choice
Automation drastically reduces the amount of paper used in invoice processing. That cuts costs and helps the environment at the same time.
8) Improved Cash Flow
AP automation makes for faster invoice processing. And faster invoice processing means early payment discounts, no more late fees, fewer errors, and up-to-date information about exactly where your money is.
9) Easier On Employees
Without automation, employees in the AP department spend time manually entering invoice information, filing paper, checking for errors, and making manual payments. Automation frees employees up from tedious tasks and gives them the chance to focus on more important projects
10) A System That Scales
AP automation fits with any size company and is well-equipped to keep up with growing businesses. Because NextProcess software scales to your business size, you only pay for how much you use and your AP department won’t fall behind as the business grows.
If you want AP software that’s reliable, simple, and secure take a look at NextProcess. Contact us to set up a demo, and you’ll see for yourself that our software is the best choice for improving your AP department.