Accounts Payable Automation for Airlines
When it comes to airline and aerospace industries, one universal fact is that their accounts payable departments are plagued with handling a large number of invoices. Most airline and aerospace companies will handle thousands—if not tens of thousands—of invoices a month. Enterprise-level accounts payable automation for airlines and aerospace is crucial—not only for handling the large scale of invoices, but also for easing relationships with their many suppliers.
Airlines constantly operate on a thin margin—that’s nature of the beast. Unfortunately, that margin can be profoundly affected by variables such as rising fuel prices and the flying habits of consumers and businesspeople, and it’s the same with the growing private aerospace business.
In response to the need for automation, many airline and aerospace industries’ AP departments are soaring due to leveling up their accounts payable processes. By switching, these carriers have been able to drastically reduce errors, cut overhead costs, and improve invoice processing turnaround time.
The benefits of leveling up accounts payable processes are also becoming more apparent to private aerospace companies. What used to be handled by giant agencies like NASA are now being taken over by private firms like Space X and Virgin Galactic. Stiff competition between these companies inevitably leads to a need to cut costs—and enterprise level accounts payable automation is a powerful cutting tool.
Implementing enterprise-level automation leads to several undeniable benefits within the AP departments of airline and aerospace industries. The weight of unnecessary paper processes is offloaded, and supplier relations become better than ever. Suppliers no longer have to worry about paper and mailing costs. Additionally, their invoice status and the ability to submit inquiries are all easily available through an online supplier portal. The portal is easy to navigate, accessible at all hours of the day, and customizable to each supplier’s needs.
Automation may seem like a big project for your accounts payable department, but the time and money you save in the long run is more than worth the investment now.