What is Accounts Payable Automation & How Can It Help You?
Accounts Payable automation is part of every organization’s digital transformation strategy and involves converting manual, tedious AP processes (such as invoice approvals, invoice capture, check requests, and payment processing) into streamlined electronic workflows that improve efficiency and accuracy within the department, enhance vendor management, and decrease overhead costs.
60% of professionals define AP automation as the streamlining of the full end-to-end accounting process, while 40% define it as streamlining only a portion of the process. Before we get into the specifics, it’s important to acknowledge that every Accounting department operates differently and requires various solutions. Some AP departments may only need point solutions to automate portions of their workflow, such as invoice processing. Other departments may need a more robust solution that addresses their entire process from start to finish.
Accounts payable automation provides more transparency and centralized document control over departmental processes while reducing the risk of manual error and improving cash flow. You can capture documents, approve invoices, authorize payments, and pay/receive payments faster with less room for error.