Automation for Airline Accounts Payable
COVID-19 has had a devastating effect on America’s economy and social activity – and airlines took one of the hardest hits. This past year has seen a decline of more than 1 billion passengers, or 64.6% of global airline traffic. Luckily, we’ve started to bounce back and see more travel, but that doesn’t mean that airlines have stopped feeling the financial and other effects. One way to mitigate these effects is to look into how you can incorporate automation for airline accounts payable departments.
Many airlines are stuck dealing with a lot of paper, and in a world where airline travel is beginning to boom, being weighed down by paper processing will put your company at a disadvantage. Switching to a complete e-invoicing solution might seem daunting, but the benefits are boundless.
E-invoicing means fewer errors, easier tracking of data, and the virtual elimination of lost invoices and authorization lag. Plus, with the inclusion of a supplier portal, you’ll be able to achieve a higher level of automation for airline accounts payable.
Your suppliers will love it too. It saves them paper and mailing costs, and where once they would have been on the phone chasing the status of an invoice, now they have easy online access during any hour of the day. The program is easy to navigate, and customizable to each supplier’s needs.
When one of the world’s largest airlines was losing money due to inefficiencies in accounts payable, they turned to iPayables to help them improve their processes. iPayables helped work with the airline and their suppliers process invoices through InvoiceWorks®, a self-service supplier portal.
Soon after the switch, this airline had undeniable success – the carrier was able to reassign 80% of their accounts payable staff, freeing them up for other tasks such as discount capture and fraud prevention. Invoice errors dropped dramatically, and turnaround time decreased significantly.
And cost? Not only is the airline mentioned above reporting considerable savings, but its AP department is bringing in revenue by taking advantage of discounts they never could before.
Just like business is beginning to boom and grow again, your automation for airline accounts payable should grow to meet your needs. Check out our website for more information.