Everyone knows AP automation can change the back office of your organization. But do you know that it can also help secure your business from various types of threats? Most business owners believe that AP automation will help their company overcome major cyber security threats. The Accounts Payable department is one of the most sensitive […]
4 Ways AP Automation Helps Protect Your Business Read More »
As businesses look for new opportunities to control labor costs and streamline operations, AP departments face incompatible pressure to improve the level of service they provide while also reducing the time and overall cost. To easily address the costly burden of manual entry, filing, storage, and data retrieval, AP teams implemented traditional ERP systems, electronic
How Advanced Data Capturing Solutions Improve AP Automation Read More »
Fraud can wreak massive havoc for your company in terms of your reputation and finances. AP fraud is often attempted in the form of duplicate invoices being submitted for payment. As per the Association of Certified Fraud Examiner’s report of 2020, a typical fraud case lasts for fourteen months before it is identified and causes
How to Combat Fraud in Accounts Payable Read More »
Managing accounts payable process requires you to understand the end-to-end process clearly. Every AP process includes four steps – invoice capture, invoice approval, payment authorization, and execution. Manually managing these steps would result in errors, limits visibility into invoice payments, and gives you no visibility into cash-flow. How manual processes limits visibility? The main drawback
Mastering the End-to-End AP Process with Automation Read More »
Historically, AP automation initiatives have not given enough consideration to the type of payment method chosen for disbursements. Today, the majority of organizations are continuing to use checks to pay their major business suppliers. There are differences in the costs and risks associated with a given payment method, whether a payment is made by a
Optimizing Corporate Payments with AP Software Read More »
Multi-entity accounting practices are primarily related to complex businesses which operate as a parent company, conglomerate, or a holding company with multiple subsidiaries. But businesses that work as a single entity may comprise of segmented teams and regional offices, treated as separate units by the accounts department. Businesses can also move quickly from one to
Why You Must Start Managing Multiple Entities in Your Accounts Payable Solution Read More »
Today, businesses are tired of following the traditional accounts payable processes and need to do something to update it. The Institute of Survey conducted a survey where nearly 88 percent of businesses are planning to minimize the number of paper invoices that they receive from vendors by 25 percent. Most enterprises are expecting to eradicate
Automating Accounts Payable: Top 4 Things You Must Consider Read More »
Invoice fraud continues to cost millions of dollars for businesses every year. Accounts Payable (AP) automation can help prevent fraud, no matter the source. Businesses without anti fraud controls will tend to lose more of those with proper measures in place. Regular Audits to Find AP Discrepancies Automating AP procedures can help prevent fraud in
AP Automation to Eliminate Fraud Read More »
Have you ever checked how much your company is spending on accounts payable processes? You must take several factors into consideration such as time spent on invoice reconciliation and management, and any late fees or interest charged due to delayed payments. With all those factors, the costs will add up. However, many of these costs
The Business Value of Automating your AP Procedures Read More »
Today, most organizations are automating Accounts Payable (AP) processes to streamline their financial operations. I wonder what actually is AP automation – and is it really important for every company. Automating AP processes means approving and paying invoices to reduce paper costs and streamline invoice processes. When companies automate regular processes, they gain efficiencies, reduce
AP Automation to Keep Your Business Spending Under Control Read More »
