How AP Automation Saves Money
Justifying new investments is a valid concern. You don’t want to purchase a new software program only to find it’s less cost-effective than your current solution. For accounts payable software, though, the advantages far outweigh the cost and automation is typically the same price or significantly less expensive than a paper system. Not only will NextProcess AP software simplify the accounts payable process, but you’ll start to see return on investment and increased control over the process immediately.
If you have the cash-flow to support it, your company can often take advantage of early-pay discounts more easily with AP software. Automation helps you get invoices processed quickly enough to take advantage of payment discounts before the due date. You might be surprised how much money this saves your company.
With an automatic system keeping track of deadlines and sending automatic approval reminders, it’s almost impossible to miss payment deadlines. The software will sort your invoices automatically so the ones that are due first get processed first. No more late fees.
Reduce Labor Costs
Manually paying invoices requires hours of sorting, filing, and processing. Employees have to check each invoice, get payment approval, write checks, and file the paperwork. Most of this work can be done more quickly by an automatic system, freeing up AP employees for tasks that require a human touch and reducing the labor cost-per-invoice.
Mistakes in the AP process can cost your company money in overpayments, fees for underpayment, and in labor costs for the time required to correct the mistakes. AP automation software works to capture accurate data and then process invoices according to your company’s custom tolerances. If any invoices don’t comply with the automated standards, they’re brought to employee attention for manual fact-checking and approval.
A strong audit trail is one side-effect of all the other advantages AP software provides. Automatic AP software stores all your information in an easily-searched, space-saving electronic format that can be accessed anytime. The ease of information retrieval simplifies audits, speeds them up, and cuts associated costs.
Scale Your Software
With NextProcess Accounts Payable Software, you only pay for the features you use. Our software-as-a-service (SAAS) system adapts to your company’s needs so you’re not charged for a feature unless you use it, and you can scale up or down as your company’s needs change. We also don’t charge any additional licensing fees for multiple users – you pay the same price no matter how many employees have access to the software. To schedule a demonstration and see how well our AP software will fit your business, contact us today.