AP can and should be more than just an invoice processing department for your business. With more and more enterprises adopting an automated approach to accounts payable, it’s time for your company to do the same.
Not only does AP automation help you monitor and review cash flow to identify any vulnerable areas in your financials, but it also can be a valuable way to improve your bottom line.
5 Ways AP Automation Can Help Your Business Improve Profitability
Digitizing business operations, such as finance reconciliation, can help turn your AP department into a revenue-creating vertical rather than a drain. Below are just a few of the beneficial ways AP automation can improve your bottom line:
- Reduce Manual Tasks: Hours upon hours of your employees’ time are spent on manual tasks such as data entry, invoice matching, vendor coordination, and following up with other employees. These repetitive activities are low-value, and automating your AP could free up their time for more meaningful activities.
- Earn Rebates: Moving to AP automation software allows you to also pay bills electronically. Some payment methods, including credit card payments, can earn your company cash back. This rebate often exceeds the fee for the AP automation software turning your AP department into a revenue center.
- Take Advantage of Discounts: It’s not uncommon for manual invoice processing to take anywhere from five to 15 days. Automation enables businesses like yours to significantly optimize the processing cycle and allows you to take advantage of lucrative discounts.
- Lower Costs: In a manual AP department, human errors often lead to late payments and fees. Eliminating these risks with automated AP can reduce fees paid while also saving on labor costs.
- Increase Cash Flow Visibility: Your business can only measure what you can see. Since managing cash flow is one of the most critical functions of your AP department, your team needs maximum visibility into all cash-related activities. Accounts payable automation from a tool like PaperTrl provides transparency and insight, leading to better and smarter decision-making.
PaperTrl AP automation software allows you and your business to create multi-level approval workflows, business rules, and best practices to help you scale your business, minimize errors, and maximize your employees’ time. These things can improve your bottom line and help your AP department generate valuable revenue.
With PaperTrl, you can enjoy a solution that is easy to set up, connects to your existing accounting system with ease, and is as simple to operate as a mobile phone. This allows you to focus on growing your business and your bottom line, instead of worrying about managing your AP software.
Explore AP Automation with PaperTrl
From procure to pay, PaperTrl automates the AP process, helping businesses of all sizes simplify and streamline review and approvals, reduce processing time and associated costs, and minimize the potential for human error.
PaperTrl is a fully integrated, cloud-based AP automation software solution that helps organizations simplify and streamline the AP process from purchasing to payments. Learn more about PaperTrl and contact us for a free demo.