Why Bother With AP Automation? We give you three compelling reasons!
If you’re going to invest in AP automation, you want to know it’s worth the time, effort, and money. We’re talking big-picture things here. Not just the day-to-day benefits, but the effect AP automation will have on cash management, process improvement, and your next audit.
When you’re trying to improve business processes, you might have a vision for what’s needed without knowing all the technical details about how to get there. That’s where automation software comes in. AP automation helps your company …
Save Money Every Day
Automating AP cuts daily processing costs. Labor costs account for a high percentage of the amount of money spent on a per-invoice basis. The more manual intervention required the more money spent to process each invoice. AP automation frees up employees to focus on more value-added activities for the company.
AP automation also cuts costs by helping the AP department keep track of payment deadlines. Voila, no more late payment fees. And when you improve processing speed, your company can start taking advantage of early payment discounts as well.
Make Informed Decisions
It’s hard to make informed financial decisions and craft a realistic budget when you can’t get an accurate, real-time look at what’s going on in the AP department. There’s always a time lag before you can access information in a paper-based department where employees have to manually enter information,
AP automation software captures invoices quickly and accurately. If they arrive digitally, they’re instantly in the system. Paper invoices just need scanned and they get processed just like digital invoices. That makes for records that are easy to search and sort in real-time, providing immediate insight into your invoice spend.
Keep Accurate Records
To simplify audits, you need accurate records that are easily accessible. The same features that make it easy for you to find real-time financial information also make it easy to access information about past transactions. NextProcess AP automation software automatically stores all your information in a searchable, online document repository.
Not only are the records easy to get to, but they’re also more accurate. When employees have to manually enter data, mistakes due to human error are inevitable. Automation takes care of this by accurately capturing invoice data. It also catches mistakes like duplicate invoices.
Why bother with AP automation? Because it will improve your bottom line and transform invoice processing. From saving money, to enabling informed financial decisions, to making accurate records available, AP automation has your back. Get in touch with us to learn more.