The benefits of AP automation are countless; including saving employee time, adding efficiencies, and gaining better insight into company spend. Vendor satisfaction is again another important aspect to consider. And yes, definitely automating invoice payment process is a big benefit for vendors and sets the stage for the entire process. AP automation keeps your vendors happy by paying them time and also helps your company streamline the entire procure-to-pay cycle.
Invoice automation will not only eliminate the manual routing and tracking process but also address the problems vendors are experiencing about payment status. AP automation allows vendors to access their portal quickly allowing them to easily check status and payment date. Transparency can be achieved by using the portal and organizations do not need to worry about due payments.
Paying on time will avoid late-payment penalties and interest charges. Some companies value getting paid early and offer early payment discounts on future purchases. Moreover, vendors would show interest in doing business with companies that pay them on time. Businesses should offer a hassle-free way to deal with invoice processes by embracing automation and making it possible for organizations to handle the procure-to-pay processes efficiently.
Automated accounts payable software features notifications and auto-reminders which help you keep track of pending invoices across various business units. Late payments and unpaid invoices will not only slow down your payment cycle but also badly impact vendor relationships. Unhappy vendors will ruin your reputation and when you need something around fast, they will not bend backward to make it happen.
Managing and keeping invoices in order alleviates the AP challenges and ensures every issue is addressed and payments are done in a timely fashion.