Switching to automated Accounts Payable (AP) solution alone will not take the burden off of your AP department. In fact, everyone who is involved in AP procedures has to understand what goes with making the switching. Understanding the benefits of AP automation will make sure that users can quickly adapt to the new technology and processes. Also, they would be ready to leverage new capabilities and data that AP software can provide:
Many suppliers are disappointed with missing deals and late payments. Communicating the benefits of the AP software to suppliers is necessary to help them get real-time insight on the payment status. Also, they can track the status of invoices and submit invoices online without logging in every time. Timely payments will help businesses strengthen relationships.
With the automated accounts payable solution, the AP department can stop doing data entry and start analyzing the processes. The team will have a greater insight into what’s happening within the internal processes, analyzing the root cause, and resolving the issues while improving supplier relationships.
Approvers should have the ability to easily view and approve invoices on the go on their mobile devices. They should not have to wait until they get back to the office.
Visibility and control are the two important aspects finance departments need when it comes to accounts payable processes. The finance department has to understand and be able to see every phase in order to analyze the process and to benefit from early-payment discounts. Getting hands-on control over the processes will give you the visibility you need to make informed decisions.
Users in the company have to know where to direct suppliers to submit invoices and view the payment status so that they don’t have to follow up with the AP department for their suppliers anymore.
Understanding the benefits of automating accounts payable processes helps everyone to be on the same page and makes AP a strategic business unit in the organization.
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