Accounts payable (AP), as a process and a team, plays a crucial role in the smooth functioning of any business. Automating it makes the process easier, quicker, error-free, and therefore saves your time and costs.
As we all know, accounts payable is the amount that a company owes to its suppliers or vendors for the goods or services purchased from them. This owed amount is recorded by the AP team based on the invoices, to ensure it is paid on time and the business functions run seamlessly.
Any data discrepancies or errors can cost the company heavily not only in terms of money but also in supplier relationships, brand image, and time wasted in revising or correcting the mistakes. Therefore, accounts payable automation has become more of a necessity today than just another option.
Benefits of AP automation
Here are some of the benefits of accounts payable automation:
- Time-efficient process through on-time invoice payments without having to check
manually and process payments
- Complete visibility into the process and more transparency in all communications
- Cost reduction by avoiding all the additional costs associated with data errors
- Higher accuracy of data with less human intervention
- Motivated employees as the staff can focus on more business-critical tasks than spend time on manual,
lengthy AP process
With AP automation being such a vital process in your business, you might be interested in knowing more about it. We have put together an AP automation toolkit that includes all the necessary resources to help you gain in-depth knowledge on the process and also to help you with or prepare you for implementation
Here’s what the AP automation toolkit includes:
- A Comprehensive Buyer’s Guide: Accounts Payable Automation
- Accounts Payable Factsheet
- Videos on To-Increase MediusFlow
- Accounts Payable Automation Savings Calculator
- Tips to Choose the Right AP Automation Solution
- All-Pervasive Advantages of AP Automation Infographic
- AP Automation Purchase Checklist
This AP automation toolkit is a great resource if you are from the procurement, manufacturing quality, financial reporting, and audit, or even the AP department itself.