Does saving time and increasing accuracy sound good? Check out these 5 efficient benefits that AP automation software can offer your business!
Experts say that automation could currently replace around 45 percent of all tasks currently performed by humans.
Accounts payable processing is one such task. If your business is still processing and paying invoices by hand, it may be time for a change.
Keep reading to learn 5 benefits of AP automation software for businesses.
1. Major Time Savings
Receiving, processing, organizing, and finally, actually paying invoices is a time-consuming process. So time-consuming that even smaller businesses may need a dedicated employee working on them.
Implementing an accounts payable software can help save your business some major time.
If you are a small business owner processing your own invoices, you’ll get more free time to oversee other areas of business. If you have a larger business that requires an employee or several to work on processing invoices, you’ll be able to put those employees to other tasks instead.
2. No Risk of Costly Mistakes
Taking humans out of the invoice processing has one major benefit; fewer mistakes.
Even the most detail-oriented individuals make mistakes from time to time. After hours of processing similar invoices, it’s inevitable that you or your employees will make the occasional mistake.
Factors such as stress can increase the frequency of these mistakes. Emerging work trends, like digital disruption, may increase the risk of mistakes as well.
Accounts payable automation software streamlines the entire process of filling and paying invoices. This means that very little human interaction is required.
Fewer mistakes mean more money in your company’s pocket.
3. Lower Costs
Paying an invoice twice, paying employees to handle invoices, or missing a payment all cost your business to some degree.
By replacing an employee and increasing efficiency with an AP workflow, you’ll actually be saving your business money. This is true even after factoring in the cost of your automation software.
4. Better Records
Your chosen accounts payable automation software comes with one other big benefit; excellent record keeping.
The AP software tracks every payment and record that is run for you, storing it. When you need to look back on these records at tax time or even several years later, you’ll be able to do so quickly and easily.
5. A Personalized Program
If you’re inputting and processing invoices by hand, you’re likely using an outdated, standard system of bookkeeping.
But AP softwares offer a personalized program that better matches your business’ needs. It can be personalized to include information specific to your business and better fit your company’s needs.
If you use a software like Tipalti.com, you can even integrate your AP software into existing financial systems.
Implementing AP Automation Software
Implementing AP automation software can be a great way to cut costs, reduce the risk of errors, improve your business’ record keeping, and more.
Even the best AP software won’t replace the need for some human bookkeeping. If your business is in need of a new bookkeeper, check out these things you need to think about to hire the right one.
