Revision of What to look for in Accounts Payable automation software from Wed, 09/13/2023 - 01:20

What to look for in Accounts Payable automation software

As businesses grow and expand, managing accounts payable (AP) processes can become daunting. Paying suppliers on time, tracking expenses, accurate record-keeping, and all the other tasks that come along with AP can be overwhelming, especially if the work is done manually.

Fortunately, advancements in technology now enable businesses to automate their AP processes and revolutionize their workflows. In fact, Goldman Sachs estimates Accounts Payable automation can provide roughly a 60-70% net savings in processing and labor costs thanks to workflow improvements such as:

Eliminating manual tasks, thereby reducing the chance of manual data entry errors.
Improving vendor portfolios and relationships thanks to timely payment processing.

Not only that, but AP automation is one of the 4 main trends driving AP processes in 2023! It’s time for your business to jump in.

Below, we’ll explore what AP automation is, the benefits it offers, and what to look for in a robust and reliable AP automation software solution.

What is AP automation?

AP automation is the use of technology to streamline the AP workflow. With automation software, businesses can digitize their invoicing, approval, and payment processes.

For example: AP automation software can extract data from invoices, send it for approval, and then initiate payment without manual intervention!

AP automation is not just more convenient — it’s a strategic game changer. And while it’s typically large companies who are the first to move to adopt automation, SMBs are starting to join in the advancements. In fact, 70% of SMBs have seen an increase in productivity with automation. If your competition uses these tools and you don’t, it’s time for you to level the playing field and invest in an AP automation solution.

Benefits of AP automation

There are so many benefits to automating AP processes, including:

Increased Efficiency: AP automation makes your entire workflow more efficient. For example, it can automatically route invoices to the right department for approval and easily initiate payment, freeing up employees to focus on more critical tasks.

Improved Accuracy: Automation software significantly reduces the chance of manual data-input errors, and can catch data discrepancies and flag them for review before they happen.

Better Cash Flow Management: Automated AP systems can help your business better manage its cash flow. You can take advantage of real-time insights, payment cycle forecasts, and other cash flow management improvements.

Enhanced Vendor Relationships: Automated AP processes can also help you process and pay invoices faster, improving your relationship with your suppliers.

Stronger Security: Automation AP software offers better security, which is crucial in today’s digital landscape. A robust, reliable software choice will make sure that only authorized users can access data and process payments, which will minimize your risk of fraud or data breaches.

What to look for in an AP automation software solution

Here are some key features to look for in your ideal AP automation software solution:

Invoice Capture: Capture invoices from various sources, including email and paper.
Workflow Management: Customize workflows to match your organization's specific needs, including routing, approvals, and payment processing.
Full automation: Automate the entire AP cycle, end to end, including purchase orders, invoice processing, payments, and expenses. Automating the entire cycle will ensure information continuity and connected processes.
Integration: Integrate seamlessly with your organization's existing systems, including accounting and ERP software.
Analytics and Reporting: Provide real-time data and analytics to enable better decision-making, cash flow management, and reporting.
Security: Reliable and robust security features, including access controls, audit trails, and data encryption.

Why choose Quadient AP?

With AP automation, you can empower your AP team with robust tools and cloud-based technology, enabling people to work together, anytime, anywhere.

Quadient Accounts Payable Automation by Beanworks is reshaping AP with leading automation tools. Learn more about how Quadient AP injects modern finance teams with the efficiency they need, and request a demo today.