ACCOUNTS PAYABLE AUTOMATION COST: Maximizing Operational Performance with Accounts Payable Automation Software

Accounts Payable Automation Cost

In the financial world, efficiency and cost-savings are always top of mind. Automating accounts payable processes is a great way to reduce time and financial burden while increasing accuracy, all while creating greater control over entire processes. The right automation software can open up a wealth of opportunities to amplify operational performance in terms of cost and time, allowing financial executives to focus on more strategic goals.

For accounts payable teams, implementing an automation solution typically requires zero to minimal effort and creates tremendous value, making it a worthwhile investment. Automating accounts payable business processes offers a myriad of benefits, from reducing manual data-entry errors to easing compliance burdens. Accounts payable automation technology not only simplifies and speeds up data capture but also increases visibility and control. Organizations of all sizes benefit from automating accounts payable-related tasks and can reap particularly sizeable rewards in this endeavor.

The current trend in accounts payable automation technology is to move away from traditional batch processing in favor of an integrated, unified solution. A unified solution typically combines the key elements of accounts payable departments like invoice processing, contract management and vendor payments into a single cloud-based solution. It eliminates double entry of data, streamlines processes and provides real-time visibility into records. Furthermore, a unified automation solution typically includes features such as automated invoice capture, a data extraction processes utilizing artificial intelligence (AI), electronic vendor invoice management and digital approvals. All of these elements create greater efficiency and cost-savings by reducing manual labour and paper-based processing.

Perhaps the most compelling aspect of accounts payable automation software is the tangible cost savings it yields. Automating every step of the accounts payable lifecycle, from invoice capture to payments, has been shown to reduce labor costs by as much as 50 to 75 percent. This can result in major cost savings for an organization, as manual accounts payable processing, with its multiple steps, is an intensive and slow process.

Besides the financial rewards, accounts payable automation software also helps to ensure that all components of the process are managed properly. Clear visibility into accounts payable documents is established through a unified automation solution and electronic approvals, accelerated payment cycles and streamlined reconciliation processes reduce manual burden. Furthermore, a unified automation solution works to eliminate data-entry errors, prevents invoice duplication and enhances data accuracy.

Accounts payable automation is not only beneficial to an organizations financial performance, but it also works to streamline and reduce the manual effort required to balance the books. With a unified solution, organizations can save time and increase accuracy, allowing their financial executives to grow the business and focus on larger, more strategic goals. Leveraging accounts payable automation software creates operational performance gains that are hard to ignore.