Most often accounts payable (AP) processes are not managed efficiently in organizations. This will not just result in inefficiencies but also lead to invoice fraud in organizations. Right from communication to collaboration to approvals to audits, your entire AP workflow can be simplified and streamlined with accounts payable software.
Firstly, AP software can help you get tasks done easier – whether it is invoice approval, validation, or sending the approved invoices to the finance team, you can do everything from the same solution. You do not need to rely on emails or spreadsheets – the software will streamline all the activities and perform any task from a single interface.
Time & Cost Savings
Organizations can gain a lot from using the software. Firstly, the organization will not incur the cost for paper as the complete process will be digitized. Second, there will be no need to rely on spreadsheets for storing the data – everything will be stored in a centralized location. The automated solution will make tasks quicker and more effective. Lastly, the software makes it very convenient for users to complete their tasks in a timely fashion.
Real-time Reports & Analytics
Analytics and artificial intelligence are slowly becoming more of a reality in every business. Since AP is all about numbers, analytics become all the more important to measure. Instead of you analysing data from spreadsheets, the software features comprehensive analytics feature that gives real-time reports with accurate data to measure. Just with a click of a button, you can get the data you need to measure the performance of the process and the stakeholders involved.
Preventing fraud is another important aspect for procurement specialists. This can be done by spotting duplicate invoices and ensuring that all invoices are properly verified before sending them out for approvals. Also, you can set up the approval process and create customized approval workflow to work for specific departments/business units. Periodic audits can be done so as to ensure that all the actions of the stakeholders are authentic and authorized.
Automate the entire AP process and gain end-to-end control over it. The solution will centralize the process and gives you complete visibility while giving all the stakeholders the freedom to do their jobs effectively. No matter whether it is approval, validation, or even applying general ledger (GL) codes to the incoming invoices, automation can do it for you, saving your time and effort.