Superior Accounts Payable processing is essential for profitable and effective business operations.
Every organisation is familiar with the often time-consuming task of accounts payable, no matter what kind of industry it’s in. Paying suppliers for services or goods is all part of the mechanics of good business operations. Regardless of size, every organisation needs to ensure this process is well managed to maintain smooth and seamless operations. Failure to pay on time for things such as goods, utilities and services can have a dramatically negative effect on business operations. A small, local restaurant will have the same problems as a large, multi-national company if both fail to pay their overhead expenses. Sooner or later, they will suddenly find their operations at a standstill.
Accounts payable processing is sometimes perceived as complicated but also so essential to the core operations of an organisation. Any major errors are bound to have a huge, consequential impact and minor errors are time-consuming and frustrating to chase up. From small oversights (late payment fees) to critical errors (loss of internet or phone services), your organisation is potentially subject to accounts payable hiccups on a daily basis. This is particularly true if your accounts payable processing is still handled in a traditional way – that is, paper-based and non-automated processes.
Automated Accounts Payable processing takes your organisation to the next level.
Accounts payable (AP) automation, using Rapid AP, addresses many of the problems often experienced with manual accounts payable processing.
In a paper-based environment, especially in a large organisation dealing with many invoices, the possibility of errors is increased, due mostly to the human factor. Manual data entry also absorbs a significant amount of employees’ time, meaning they aren’t as free to focus on more valuable tasks. It also becomes inevitably repetitive, resulting in potential errors and delays.
All these disadvantages are eliminated with accounts payable automation. This automated approach ensures a more streamlined accounting process, as well as dramatically reducing errors. Automated accounts payable processing ensures that the necessary information is made available and accessible to the right people, at the right time, for the required action. Tasks are processed in less time, freeing up employees to undertake more valuable tasks. Finally, it’s more secure than a paper-based process.
The benefits of Accounts Payable automation are numerous.
There are several ways that an organisation can take advantage of accounts payable automation to streamline and improve their business processes. The following are just some of the benefits that are gained:
- Total paper elimination: Through document capture and scanning services that utilise award-winning Rapid AP, an organisation can easily process large volumes of invoices. This technology can also check if an invoice has already been received, ensuring that there’s no duplication in processing.
- Time-saving: An invoice has to be approved after it is received. Automating the accounts payable processing means that the approval time of invoices is dramatically shortened. The authorised person/s can approve or sign invoices, even when they are away, as long as they have access to the software. Decision making becomes easier because all the information required is ready to hand.
- On-time payments and easy audits: Automating accounts payable processing ensures that regular invoices are automatically paid, without the need for manual processing or checks.
- Maximised productivity: With an automated system in place, employees can focus their energy and efforts on tasks that truly matter, instead of going on a seemingly endless paper chase.
Automated accounts payable processing, using Rapid AP, does more than just provide an easier way to operate your business. It eliminates errors, reduces the time taken to process tasks, increases productivity and ensures on-time payments of invoices.