Automation in Manufacturing Accounts Payable
COVID-19 threw a wrench into the world of manufacturing. According to one study, “about 1.4 million U.S. manufacturing jobs were lost during the early days of the pandemic.” While this has greatly set back the industry as a whole, many jobs have been recovered and more positions continue to be opened. One major way to help continue getting back on track is to increase automation in manufacturing accounts payable departments.
Think of a well-oiled assembly line, where every function is done correctly and as quickly as possible. In today’s world that assembly line involves humans and machines working in tandem to get the job done. Now imagine a fully electronic system of invoice processing – every step is viewable, accessible, and managed electronically. From the delivery of the invoice to the payment by the AP department, all data is assigned to an electronic file where it is stored and can later be compiled to create reports or meet requirements of an audit. The majority of the work is done through an automated system, working in perfect tandem with your accounts payable department. Like the finest of assembly plants, that’s an efficient system.
Enterprise-level AP automation in manufacturing accounts payable from iPayables is such a system – one that will reduce labor, errors, and turnaround time dramatically. Suppliers love it because it includes them in the process, and at no additional cost. Accounts payable loves it because stress levels go down, and other important tasks can be tended to. Other departments love it because it reduces workload and distraction. And your CEO will love it because you’ll save the company money.
The best way to keep getting back on track is to make sure you’re taking full advantage of automation in manufacturing accounts payable departments.