In order to explain just how Accounts Payable Automation benefits AP managers, first we should ask the all-important question that may be on many people’s minds is, “What does an AP Manager do exactly?” Mainly, they manage an Accounts Payable department’s day-to-day operation by handling all the important details that 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.
There are several AP team tasks that can best be handled via AP Automation, thereby relieving workers from having to perform certain tedious and time-consuming tasks by hand. 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:
- Cost Cutting
It’s not uncommon for an AP department, to cut their Accounts Payable costs by up to 50 percent. Usually this can be accomplished simply with the implementation of AP Automation.
- Avoiding AP Team Time-Wasting
It’s a fact that all invoices are critical as far as paying them on-time. After all, a missing invoice or delayed payment can cost you possible fees as well as your reputation or your relationship with suppliers. In addition, you could be missing out on some dynamic discounting features. And, the biggest money-waster could just be all the time that your AP team members are spending from acquiring approvals to dealing with paper copies on every invoice. AP automation allows AP Managers in organizations to have their teams to work on important projects rather than pushing paper all day long.
- Connecting AP Team Members
All the members of your AP team will have the ability for moving around their department and handling any invoice matter that’s in their inbox with greater efficiency and connection. 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!
So, in view of the above benefits and the fact that your AP team is your best defense when it comes to a high level of accuracy in accounting for company expenses, protecting valuable vendor relationships, fighting against overspending and fraud. AP Automation could cement the positive future of your entire company.