How to make the accounts payable process smoother

Keeping on top of a mountain of invoices and maintaining a smooth financial flow is no easy task. Your accounts payable team likely have their hands full with many spinning plates, which makes it hard for them to take on any further work. 

Photo by Towfiqu barbhuiya on Unsplash

Making that whole process as smooth as possible is in everyone’s best interests. It makes life easier for your team, it keeps all your suppliers happy and it reduces the risk of any problems that could harm your business. 

With the use of AP automation software your business can optimize the accounts payable process, without having to increase the workload of your team. Let’s take a look at just some of the ways this software can improve the process. 

Eliminate the risk of costly typos 

It doesn’t matter how experienced your team is, they aren’t immune to typos. If they’re having to manually enter data into spreadsheets or software this raises the risk of a possible mistake slipping in. After all, it can be difficult to spot a misplaced decimal or a missing zero. 

This is where AP automation software comes in, being able to take that task off the hands of your team. As invoices are processed digitally there’s no need to input them in by hand, eliminating the risk of a typo getting into the system and causing problems down the line. 

Lower processing times 

When your staff need to manually input invoices into the system, or even just need to code and approve them, this takes up a lot of time. Of course, they need to make sure that it’s all done correctly and avoid any potential errors slipping through. 

That said, having to wait longer for an invoice to make its way through your system isn’t going to make your suppliers particularly happy. Longer wait times increase the risk of a late payment, an outcome that can only really damage your business relationships and hurt your credit rating in the process. 

Utilizing automation software, however, allows you to get rid of a lot of that processing time. The software can take over the task of doing much of the menial, repetitive parts of the process, and handle multiple jobs simultaneously.  

This naturally cuts down on the time it takes for an invoice to make its way through the system, making the whole thing flow more smoothly. 

Easier to monitor paper trails 

Maintaining transparency is one of the most important aspects of managing your business relationships. Even if something goes wrong, as long as you’re upfront and proactive about it then your chances of smoothing it over go up significantly. 

Making sure that you have a complete paper trail for every single invoice can be hard when you’re dealing with paper forms and potentially multiple photocopies or printouts. However, for auditing purposes you can’t risk losing information from any step of the process. 

When all of your invoices are stored and managed digitally within AP automation software, though, this means that you’ll always know exactly where to find them. This also makes life easier if a supplier wants something checked, with all the relevant information always accessible with a few mouse clicks. 

 

If you want to find out even more of the ways that AP automation software can improve the smoothness of the accounts payable process, then speak to a specialist provider. 



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