Streamline Operational Performance With Accounts Payable Automation Software
3 WAY MATCHING AP
Organizations are frequently under pressure to boost operational performance and maximize efficiency. One way to achieve this is with the use of automated accounts payable (AP) software. This innovative software offers variety of features to enable the three-way matching of invoice data, goods received, and goods issued, resulting in improved accuracy, transparency, and visibility throughout the entire accounts payable process.
Organizations can enjoy enhanced accuracy when they use AP software, as it eliminates the need for manual entry of invoice data. By automating the entry of invoices and related information, errors are significantly reduced as data is verified against each other in the three-way matching process. The automated matching of goods received, goods issued, and invoices, along with automatic calculation of line-item taxes, further reduces the potential for pricing discrepancies or errors in the payment process.
The transparency that comes with accounts payable automation software improves the visibility of performance progress and keeps the entire accounts payable cycle on track. By enabling real-time tracking of invoices, organizations can view the current status of an invoice or payment and identify any exceptions. Additionally, built-in dashboards and reporting allow executives to quickly access and assess data to direct immediate remediation to any issues that arise in AP operations.
Automated AP software also greatly simplifies the invoicing process. Whenever an invoice is processed through the system, AP staff receives an automated notification to review and approve. This eliminates the time-intensive and often tedious task of manually verifying information and inputting it into the system. Likewise, the system can generate scheduled payments that free-up personnel to handle other tasks.
The use of AP software permits the centralization of supplier information, aiding in the establishment and maintenance of supplier relationships. This includes the automation of coding invoices, consolidating vendor information, and generating payments to vendors. Automation helps both the vendor to feel more secure as well as the organization to more easily track data.
Organizations can enjoy improved operational performance and enhanced efficiency through the use of an automated accounts payable software solution. By removing manual errors, improving visibility, and streamlining processes, companies can achieve rapid, reliable performance and eliminate the burden of managing and overseeing an often-overlooked but essential aspect of their business processes.
