Today, organizations have automated their AP methods like invoice scanning. But when we talk about how to track them, many companies still do it manually. For organizations which adhere to massively manual process in AP might perform activities like three-way matching of invoices, POs, reports on receipts, and payment approval requests by themselves.
The best news for organizations, which have not completely automated AP functions, is to choose the accounts payable solution.
Importance of Invoice Management
It’s critical for businesses to manage invoices efficiently. It has been observed that 85% of organizations can become overwhelmed by the formats and volume of invoices. Sloppy invoice management is not good. An organization will lose track of crucial invoices and missing early B2B payment discounts and daily deadlines that pave the way for delayed fees. It might take several weeks or months rather than some hours or days in order to process the invoices. Plus, it can drive up the expense to process invoices.
Invoice processing expeditiously begins with focusing on how to monitor invoices. As you are completely ready to nail it down on how to track them, from the start to end, cloud-based AP software is the best solution.
Automating accounts payable is the technology which allows organizations to take the accounting methods previously done by hand and have the bulk done by computer software. A robust accounts payable solution basically employs OCR technology, AI, and ML to make prompt decisions and manage routine activities which were once completed by humans.
Humans still play a pivotal role in AP teams and organizations. They are a part of the procedure and are in control over the AP with automation. Instead of manually keying the data, the effort can be invested to the areas like high-level fraud checking, supplier management, purchasing trends analysis, and more which has been put on hold due to lack of time. An AP automation system can aid the complete method of accounts payable move quickly, cost less, and be more effective.
Save Time and Money with Invoice Tracking
An inefficient invoice management method consumes unnecessary time for AP employees. The workers might need to work hard over keying in invoices to the accounting system by hand. It’s pointless to state that AP solution can significantly save time when it comes to handling invoices. It is built to key in invoices automatically, match them with other agreements, and collect approvals among other time-consuming advantages.
The average expense of processing paper invoices manually is 35 dollars. But why? There are several reasons, such as staff time spent on monitoring invoices, data entry, and doing the same work again and again, amount spent on delayed fees, legal fines, and more. But with AP platform which shows how to track these invoices across various teams every time, you can streamline methods to save money and time.
Advantages of AP Automation
While shopping from an end-to-end AP software solution, you will get a platform with some basic operations. It’s because of the wide range of advantages brought by automation that help to monitor the invoices and offers the below benefits too.
a. Quick invoice processing with coding and capture
b. Optimized PO and three-way matching procedure
c. Detecting fraudulent activities which identify duplicates
d. Excellent communication features which allow the AP staff to interact across the company over the course of P2P method
e. Robust features which allow the payments to be done inside the software complete with multiple payment options, such as business credit card, ACH payment, and much more
f. Easy integrations with the financial software that you are already using
Managing invoices can go to the next level if a business deploys an online accounts payable solution. So, how to get the software in place?
An intuitive accounts payable platform aids organizations process invoices along with end-to-end credit card transactions, giving them complete freedom to pay outside the system or within it for ACH/check payments for credit card purchases.
A robust accounts payable automation platform has the most powerful way to process and pay the invoices, in addition to controlling, issuing, and processing credit card transactions all within a single system. Also, the payments can be made outside the solution and the functionality of payments is there according to a company’s convenience.