Accounts payable is the department in charge of purchasing and payments. The faster your AP team pays the bills, the more credit your business is extended. Today, there is a more efficient way to handle accounting processes and workflows without paper. AP automation takes your processes digital, improving efficiency and reducing the time it takes to complete your accounting tasks.
By using document management software to automate processes, you’ll streamline workflows, be able to track invoices electronically, and have data centrally stored and accessible anytime.
Here are five more immediate benefits of accounts payable automation!
- Accurately Extract Information – Document management systems deliver the tools your AP team needs to achieve more precise and faster invoice processing. Automation systems capture critical accounting data and push that data to where it’s needed, eliminating manual data entry. With a DMS you can extract the data you need like customer name, PO numbers, date, costs, and more, indexing documents for effortless retrieval.
- Instantly Perform Three-way Matching – The key to getting an invoice approved quickly is validating that you received what was intended and that the terms and amounts match the original. This is called three-way matching. AP automation allows you to verify and take advantage of early-pay discounts.
- Automatically Route Documents for Faster Approval – Automation solutions for AP can automatically capture, file, and deliver documents to the right person for review, coding, and approval. With automated processing, critical data is sent directly to the appropriate person for digital approval, eliminating the risk of alterations to document data.
- Share Data with Legacy Systems – DMS integrates directly with your company’s existing accounting programs reducing duplicate work while keeping data accessible, searchable, and organized. Take advantage of integration with popular programs like QuickBooks or Microsoft Dynamics among others. Data is automatically synced between programs eliminating photocopying, and duplicate data entry.
- Maintain Compliance with All Federal and State Mandates – Digitizing financial data provides relief to your team. Revenue and expense data is easily managed and totally fluid. Find the documents you need when you need them to maintain compliance!
An accounts payable automation solution can improve communication within your organization. If your AP team is using a mobile solution you can access the data you need when you need it, and with cloud storage, from anywhere with an internet connection. Are you ready to get started? Call today and let us show you the benefits of a document management solution!
