![]() ![]() ![]() Traditionally, accounts payable workflows have been manual and prone to error and fraud. With finance automation, companies often gain better control over cash flow and the ability to take advantage of early-payment discounts.Tasks that may be automated include data entry, invoice/PO matching, assigning GL codes, routing invoices to approvers and initiating payments.AP automation saves time, reduces errors and fraud and frees finance teams to work on projects that drive the business forward.For one-off bills or those without a matching PO, the system might suggest a GL code, but an authorized user will have to confirm accuracy. If that amount suddenly jumps 20%, however, the AP system should flag the charge for investigation. Moreover, finance software that powers AP automation may also tap into a variety of data to populate dashboards and provide analytics capabilities that keep the business on top of its cash flow.įor example, if a bill for a company’s monthly office rent is in line with the expected amount, the proper general ledger (GL) code may be assigned automatically, and the bill routed to the COO or office manager for approval. What Is AP Automation?ĪP automation software removes manual steps from many of the steps involved in the accounts payable process, such as coding received invoices, matching them to POs, routing them for approval, initiating payments and reconciling bank data with the general ledger. No one mentioned “manually shuffling paperwork” as a contributor to success in a growing economy, which is why automation is a key area of investment across multiple finance functions, including AP. According to a Brainyard survey, 80% have positive or very positive outlooks for this year, with respondents pegging using data more effectively and identifying areas for both savings and strategic investment as the Top 3 priorities for their finance teams. That focus on business advancement is a key theme for CFOs and other business executives. By automating the AP process, your finance team can reduce errors, minimize the risk of fraud and - maybe most important - free up time to tackle bigger projects that will move the company forward. If your company still handles its accounts payable (AP) manually, you’re missing out on an opportunity to save time, money and aggravation. East, Nordics and Other Regions (opens in new tab) ![]()
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