Every business owner knows how AP automation can help streamline business processes and save time & money. But, did you know automation can also help with the procedures associated with invoice processing?
Invoice automation can help generate traceable purchase orders that AP automation will match with incoming invoices. Payment automation helps streamline outgoing payment processes while ensuring greater credibility.
Tracking Purchase Orders
Automating purchase orders give you greater control over purchase processes. There will be no more unauthorized purchases, inadequate documents or inconsistent policies. Invoice management software automatically enforces company policies and generates purchase orders as per your company’s custom settings. The solution stores all the records so that it can be easy to search and use when you have to match invoices with purchase orders.
When an invoice arrives, GL codes get automatically mapped with invoices and get routed for electronic approval. Then, invoices get matched with the purchase orders and all the duplicates & suspicious invoices get flagged as per your company policies. You can easily track every change, view records quickly, set up rules for invoice processing and ensure every invoice gets paid on-time.
Accelerating Payment Processes
The average cost to process an invoice is $10. Automated invoice management software can cut down costs associated with paper processes and resources. That’s why more companies are automating their payment processes. The faster you switch to electronic processes, the more you’ll save. Having a flexible system that can manage procure-to-pay processes and various types of electronic payments can be beneficial.
In this digital age, we can see the AP is more than just about processing invoices. Organizations are looking for an integrated AP and payment automation solution, which can add up to the entire cycle of ordering products, processing invoices, and making payments.
On a final note, the automated AP software you choose should power and simplify your procurement processes, accounts payable, payment disbursements, travel and expenses and capital project management.