What are the Benefits of Accounts Payable Automation?
Collecting and making payments to vendors is time-consuming and costly for any size business. But especially for larger businesses that are processing purchase orders, tracking PO receipts, and processing bills for the entire company. That’s why many businesses are opting to automate their AP processes with automated payment systems.
Accounts payable automation software is designed to simplify and streamline the entire AP process from purchasing to payments, which can minimize human error, cut costs, and speed up bill processing.
Benefits of Automated Payment Systems
Payment automation removes some of the manual activities from your AP department and creates better cohesion for your procure-to-pay system. PaperTrl automates time-consuming tasks like approvals, PO/bill matching, reconciliation, and integration into your accounting system, allowing you more time to focus on the bigger picture.
By increasing your automation levels with an automated payment system your business can enjoy:
- Discounts and less expensive transactions – Manually routing bill payments can often slow down payments and approvals. Payment automation can streamline the process and make it easier for companies like yours to take advantage of early-payment discounts. Plus, electronic payments are more affordable than paper checks.
- Reduced errors and duplicate payments – Mistakes in the AP process can take up valuable time, damage relationships with vendors, and result in duplicate payment errors. Big businesses like yours that invest in payment automation software can reduce the percentage of duplicate or overpayments and minimize the potential for human error.
- Faster cycle times – For your AP team, time is money. The more automated and efficient you can make your payment processes, the faster vendors will get paid, and the sooner your company will see a return on investment. Early payment discounts and rebates on electronic payments can help turn your AP department into a revenue-generating department.
- Fraud prevention – Checks continue to be one of the primary targets for fraud. Automated payments offer a higher level of security for your team and keep financial data private. By switching your AP department to an automated payment system, you can more easily detect and prevent fraudulent activity.
Ultimately, investing in automated payment systems benefits your AP department and the suppliers with which you have relationships. By automating the AP process, you can provide suppliers, vendors, and internal stakeholders with real-time 24/7 transparency regarding payments via a digital portal. You can also use this visibility to create cohesion among your departments and improve overall communication.
Learn More About PaperTrl Automated Payment Systems
PaperTrl is a fully integrated, cloud-based AP automation software solution that helps organizations simplify and streamline the AP process from purchasing to payments. Our software is simple enough for growing organizations yet powerful enough for complex enterprises. Learn more about PaperTrl, get pricing information, and contact us for a free demo.