Managing your Accounts Payable (AP) processes is overwhelming. With so many challenges, it is difficult to handle your AP procedures efficiently. However, most of the AP challenges can be overcome with the help of automation. Let’s take a look at some of the most common AP challenges across any organization:
Manually entering data is time consuming and error-prone. Even a simple mistake can result in costly errors.
There is an increased risk of losing invoices when you delay invoice processing. If you can’t keep track of every invoice, you will create room for invoice fraud.
Processing invoices in a timely fashion is a big challenge. Even if you have rules set, your employees might interpret them differently. In addition, different suppliers may submit invoices in various formats, so figuring out a way to process invoices the same way is another challenge.
Missing payments can result in late fees and ruins your relationship with vendors. Falling behind on payments might frustrate vendors and prevent them from doing business with you.
It is difficult to find records of invoices if you are filing the information manually. With AP system, you can do a quick keyword search to pull in the information with just a few clicks.
Although there is a standard way to process invoices, there would be some non-standard invoices with discrepancies. Automation can speed up the processing so that you will have time to handle exceptions. An AP solution makes the reconciling process easy by making the information easily accessible.
Continuous follow-up is very important in AP procedures, unfortunately relying on manual procedures to follow-up your vendors and suppliers would take significant amount of your time. Automated solutions can trigger notifications and reminders to the suppliers and vendors so that you can make sure things are getting done on time.
Get a product demonstration today and find out how SutiAP can help you.