5 Key AP Automation Benefits for Your Business
Even in 2022, many companies still tackle their financial data manually. A manual process takes time, requires cross-team communication, and introduces room for costly errors – and that’s only the beginning.
So, why are so many businesses reluctant to automate accounts payable? It’s more than likely that they just haven’t taken the time to fully understand the benefits and simplicity an automation software can provide. AP automation software is intentionally designed to reduce manual tasks, free up cash flow, and provide better visibility and control over important financial processes and data.
Still wondering why you should automate your accounts payable?
Here are just some amazing benefits of AP automation software that can improve your day-to-day operations:
- Time Savings: Traditionally, in an office setting, invoices wait around for days on desks or in email inboxes. Automated routing eliminates those delays and automates the approval process. With a quality AP automation software such as PaperTrl, business automation rules and workflows can be easily created to simplify the accounts payable process for everyone involved.
- Improved Accuracy: Moving to AP automation software can quickly translate to reduced errors. The software is designed to protect your business from some of the most common mistakes, your team can rest assured that accounts will reconcile each month properly. Not only does this speed up month-end book closing, but it also provides easier invoice approvals for your entire team, especially for hybrid work environments.
- Data Transparency: In a large company, it’s not uncommon for many people to need visibility into invoices, bills, and contracts. AP software dashboards make it easy for everyone on your team to track financial data and maintain processes.
- Scale More Easily: Tracking down specific individuals for approvals and questions can become time-consuming and costly as your business grows. AP automation software makes it possible for your accounts payable department to scale sustainably.
- Environmentally-Friendly: The APP2P Network compared a manual AP operation with a highly automated one and found the average monthly cost to process 5,000 invoices costs 85% less with automation. This environmentally-friendly solution also saves labor costs and cuts down on office supplies and postage for interoffice mailing.
When you automate your accounts payable, it allows you and your business to create multi-level approval workflows, business rules, and best practices through its automation software that can help you scale your business, minimize errors, and maximize your employees’ time.
By delivering real-time, 24/7 access, visibility and control, you can create standardized workflows that work for your traditional or hybrid work environment and support your AP department.
Automate Accounts Payable 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.