Most accounts payable departments usually worry about the month-end closing process. If done accurately and quickly, then you can save your company significant time and money, but it becomes a challenging task when you have to rely on the manual accounts payable process to make things right.
So, if you want to make your month-end closing better, then you need to look for an automated AP solution, instead of manual AP processing. Automated accounts payable software solution will help you speed up the entire process in various ways and enhance your overall accounts payable performance.
There is a significant difference between the month-end closing in manual versus automated AP process. According to Ventana research, 55% of organizations are characterized as spreadsheet users and take an additional week to close every month compared to organizations that rely on an automated AP process. Many businesses find it easy to close out in just one day with automation. Your company too can cut closing time significantly by adopting an automated accounts payable solution.
Improves AP Process
Automating AP helps you process invoices faster, eliminate or minimize errors, and create easy-to-access records. All these benefits together make the month-end closing easier.
Quick Invoice Processing
An online accounts payable system helps you auto-process almost 95% of your invoices. It moves invoices through the software faster and ensures that there are no missed deadline or late fees. Also, this helps the accounts payable department deal with other invoices quickly, so they don’t become a problem in the future.
Eliminate or Minimize Errors
Entering data manually can sometimes result in human error. The electronic data capture technology provides you 99% accuracy on every invoice. Along with it, the automated AP system flags suspicious invoices for review and allows you to catch and prevent problems.
An AP system records all information it processes automatically and stores the important information in an easy to access the electronic database. So, if you have any queries on how an invoice got processed, you can simply pull up answers with some keystrokes which make the month-end closing and audits quick and easy.
To Sum Up
Implementing online accounts payable solution allows businesses to simplify and speed up their accounts payable processes, making month end closing more efficient. Detailed reports of every transaction make auditing a breeze, and optical character recognition (OCR) drastically reduces the time and amount of errors on every invoice and bill. Utilizing an AP solution helps organizations become more efficient and profitable and makes everyone’s job easier.