3 Reasons Why We’re Grateful for Accounts Payable
Employees in the accounts payable department have a thankless job. Without the AP department, invoices would be left unpaid, supplier relations would be strained, and money would be lost. Oftentimes accounts payable professionals spend their days fielding supplier questions, being tasked with tedious manual assignments, and being thought of as money-spenders rather than money-savers or -makers for the company. While it can be a hard job to do, we want to highlight 3 reasons why we’re grateful for accounts payable professionals.
AP professionals keep relationships with suppliers healthy
Accounts payable works around the clock to ensure that invoices are processed and paid within the requested amount of time. Without automation, unfortunately, a lot of that time gets spent fielding supplier inquiries about invoices and sending invoices and comments back and forth should an issue or dispute arise. With automation, specifically supplier portals, suppliers are easily able to see their invoice move through the process and know when the payables department will finalize the process. This eliminates supplier frustrations and improves these vital business relationships.
AP professionals keeps the company’s business moving
Without the work that AP does, invoices wouldn’t be processed or paid and companies would struggle to keep up with the demands of suppliers. Payables departments, especially with the help of accounts payable automation, can efficiently receive, process, approve, and pay invoices at a high turnaround rate that allows business to flow smoothly without the interruption of lost, duplicate, or unpaid invoices.
AP professionals save the company money
Alone, accounts payable personnel can get invoices processed, approved, and paid on time. With the help of accounts payable invoice automation, they can take advantage of early pay, or dynamic, discounts that actually help save the company money. By negotiating terms with suppliers, invoices can be paid ahead of schedule at a discounted rate, allowing suppliers to get their money quicker, and AP to be recognized as money-savers for the company.
Of course, there are many other reasons why we, and every company, should be grateful, but these are just 3 reasons why we’re grateful for accounts payable.