As AP managers your main role is to manage your Accounts Payable department’s day-to-day operation and make it work seamlessly. This includes the way that every AP clerk is managing his or her specific job and contributing to the overall success of the department.
AP Team Benefits
There are several AP team tasks that can best be handled via AP Automation. Automation relieves workers from performing certain tedious and time-consuming tasks by hand. Some of these include having to fix data entry errors and other repetitive tasks. In fact, the benefits for AP managers extend to their entire team as well as the entire financial future of the company. It can have a positive effect on the company’s ROI. So, here are some of the major benefits of AP Automation and E-invoicing for any AP department:
According to APCQ’s database the bottom 25% of companies have AP cost of $10 and higher per transaction. While on the other end of the spectrum the top 25% of companies have single processing cost at $2.07 or less. If a company processes hundreds of thousands of AP’s is can be costly if you are at the upper end of the AP processing cost structure. Many companies turn to AP Automation like that found at iPayables where cost is easily cut by $1-3 per invoice. Accounts payable automation is an automatic step if you want to cut cost.
Avoiding AP Time-Wasting
It’s obvious that processing invoices on time are critical for a company’s health. Think about it, missed invoices or delayed payments can have fees attached. Not only that but if it happens enough your reputation or your relationship with suppliers could be on the line.
Processing on time and earlier is what you need to focus on. Often suppliers are more than willing to offer you discounts for early payment. This is referred to as dynamic discounting. You are wasting your money when unnecessary time is spent by your team acquiring approvals or having to handle paper copies on every invoice. AP automation allows AP Managers to have their teams work on the more important projects rather than pushing paper all day long.
Connecting AP Team Members
Members of your AP team, with the help of automation, will have the ability to have more mobility in handling task from any team member. Electronic Invoicing can unify the team’s workflow while allowing members to bounce between projects and work with their fellow team members in pursuit of a common goal. It promotes teamwork at its best!
In review, your AP team is your best offense to promote a high level of accuracy in accounting for company expenses, protecting valuable vendor relationships, fighting against overspending. AP Automation will help cement a better financial future for your team and company.