Accounts Payable Automation: The Risks Of Going Without
Automated Account Software
For Finance Executives, automating accounts payable is great opportunity to drive savings, reduce errors, and control spend. Without some form of automation, managing the Accounts Payable process only becomes more time consuming and overwhelming as expenditures rise. Manual Accounts Payable processes are error prone and laborious, imposing greater financial and operational risks, not to mention taking up valuable staff time and resources.
The primary benefit of Accounts Payable Automation is the time it can save. By streamlining the approval process and allowing for digital imaging and tracking, Accounts Payable Automation allows for faster reconciliation and approval of invoices. Automation also provides better visibility into the financial status of the company. An automated Accounts Payable process can provide the necessary data to ensure that credit terms are being adhered to and that vendors are being paid on time.
In addition to visibility and security, Accounts Payable Automation can help to reduce errors by eliminating manual data entry and duplicated efforts. With an automated workflow, data is more accurately captured, processed, and stored. This helps to ensure data integrity and ensure accurate information is being used to make decisions.
Moreover, the ability to capture organizational documents and store them electronically helps to reduce the amount of paper associated with Accounts Payable processes, eliminating lost invoices and increasing efficiency. With an automated system, documents are more easily indexed for future reference and are readily available for auditing purposes.
Perhaps the greatest risk associated with not using Accounts Payable Automation is the risk of non-compliance. With stringent government regulations being imposed, companies must be cognizant of ensuring that their financial processes are in compliance with applicable laws and industry best practices. Automation can help to reduce the risk of non-compliance by automating auditing or verifying that similar invoices are not being paid multiple times.
While automated Accounts Payable Automation can help to reduce costs, save time and money, and increase accuracy, there are risks associated with not using solution. The amount of time needed to manually process invoices costs money and increases the risk of errors. Furthermore, the inability to effectively track payments, document history, or audit financial transactions increases the risk of non-compliance. For Finanace Executives looking to reduce their operational and financial risks while simultaneously driving efficiency and savings, Accounts Payable Automation is solution worth considering.
