3 Ways AP Automation Helps Your Clients
If you’re an accountant working with small businesses, chances are you’ve noticed ways they could improve their accounts payable processes. Maybe AP is eating up huge amounts of their time or they’re having trouble keeping up with payment deadlines. Or perhaps you’re finding errors they could have avoided.
Many small business owners wish they could save time on paperwork and focus on running and growing their business. But AP plays a vital role in managing cash flow and maintaining good relationships with suppliers, and cutting corners won’t pay-off in the long run. Automation can, however, make the process much more efficient.
1) Process Invoices Faster
Automation speeds up processing for all types of invoices. Once an invoice arrives, the software will follow your clients’ custom guidelines to speed invoices through the system. Fact checking, matching with purchase orders, and routing for approval all happens quickly and efficiently.
The system flags invoices that don’t fit requirements for automatic approval so the client can see if there’s a problem. It also makes it possible to check processing status and issue approvals on-the-go. And if any issues arise, it’s easy to go back and check records.
2) Keep Accurate Records
Manual data entry inevitably generates errors and double-checking all the information takes huge amounts of time. But if the errors are left uncorrected, they can throw-off records and result in over or underpayments to suppliers. Automation takes care of these problems.
As an automatic AP system works, it also stores records of each transaction in an online document repository. Having accurate, searchable records goes a long way toward simplifying audits and accounting processes. Not only that, but this type of document storage makes searching for and downloading records easy. And it doesn’t take up space in the office.
3) Save Money and Time
The less time someone has to spend on each invoice, the lower the cost-per-invoice will be in terms of time and money. And automation also saves businesses money by avoiding late fees and letting them take advantage of discounts. If they can guarantee on-time or early payment, some suppliers will negotiate lower prices.
Automation isn’t just for large corporations looking to cut labor costs or streamline their process. It’s also a fantastic tool for small businesses trying to get a handle on their AP department. Since our software scales to a business’ size, NextProcess’ AP Automation is the ideal choice for businesses of all sizes. If you’re looking to help your small business clients simplify their AP, point them in our direction.