Right from invoice capture to approvals, accounts payable department has become a strategic partner in any organization. While accounts payable department has undergone a series of transformation through automation, it should find another level of simplicity through integration.
Here, we explain to you how automation can amplify the results while giving you a clear picture of what’s happening with spend when your organization moves to accounts payable solution:
Effect of AP Automation on Productivity, and Cost Control
Accounts payable solutions will simplify the processes, improve user experience, enhance compliance, increases productivity and strengthen supplier relationships. The following are the key benefits of accounts payable automation:
Faster Payments to Vendors
Delayed of payments is one of the main hurdles of accounting processes. With automation, the average time to pay vendors will be reduced by 50%. Therefore, the number of delayed payments can be decreased, thus improving vendor relationships.
Getting a Bigger Picture
Automation reduces around 40% of time spent on tasks related to invoice management so that you can focus on increasing productivity, cost reductions and invoicing related benefits.
Good Vendor Relationships
Besides faster payments, organizations spend less time with vendors resolving the invoice billing issues. By adapting accounts payable software, companies can benefit from streamlined processes and can improve process efficiencies while reducing conflicts with vendors.
By expediting every process, the entire workflow gets streamlined, and you will not need to be bothered about the pending approvals, delayed payments, and duplicate invoices. As the process gets completely automated, a lot of time and money can be saved, thus resulting in a greater ROI.
Switching to modern AP solutions can drive revenue, improve cash flow, enhance supplier management, gain better visibility, control, and compliance.
Many organizations have turned to the automated accounts payable solution to improve their workflow and procure-to-pay process.
SutiAP is designed to fit into your business processes and ensures seamless integration with other enterprise resource applications.