Want To Improve Your Month-End Close? Automate Accounts Payable And Speed Things Up Right Away
The month-end closing process is something many accounts payable departments dread. If you can do it quickly and accurately, then you’ll save your company money and your department a lot of time. But that’s a challenge, especially if you’re relying on a manual AP process to get things done.
If you want to improve your month-end close, then you’re going to need to look beyond manual processing for a solution. Accounts payable automation software will help you speed up this process in a variety of ways, while also improving AP performance across the board.
The difference between month-end closing in manual versus automated departments is significant. Ventana research shows that 54% of companies characterized as “substantial spreadsheet users” take at least a week longer to close each month than companies that rely more on automated processes.
In fact, some businesses find they can close in just one day after they automate. That might sound too good to be true. But your company really can cut your closing time dramatically simply by automating the AP process.
All-Around AP Improvement
The secret to a faster month-end close is that AP automation improves the entire accounts payable process. When you automate you’ll process invoices more quickly, reduce or eliminate errors, and generate easy-to-access records. All those advantages come together to make closing at the end of the month simple.
With automation software, you can auto-process up to 90% of your invoices. That moves invoices through the system quickly, ensuring there are no late fees or missed deadlines to worry about. This also frees-up AP employees to quickly deal with exceptions invoices so they’re not a problem later.
Manual data entry inevitably results in human error. With electronic data capture technology, you get over 99% accuracy on every invoice. Plus, the automation system flags any suspicious invoices for manual review. That lets you catch potential problems and take care of them early on.
AP software automatically records all the information it processes. It then stores this information in an easy-to-access electronic database. If there are any questions about how an invoice was processed, you can pull up the answers with just a few keystrokes. That makes month-end close, year-end close, and audits much more simple.
See Improvement Right Away
Another great thing about accounts payable automation is that you can start seeing ROI right away. NextProcess will get your new AP automation software set up quickly. We’ll also be there for you throughout the initial transition process. We’ll customize the software to fit your company and make sure it’s working perfectly before we consider implementation complete. Plus, you can give all the employees in your AP department access to the software with no charge for additional user licenses.
If you’re ready to improve your month-end close and take advantage of all the benefits automation can offer, click here to get in touch. We’ll schedule a free demo so you can see exactly how much our software can help your business.