Painless Reporting with Accounts Payable Automation
In an accounts payable department that relies mostly on paper, pulling information and creating reports can be nothing short of a nightmare. Endless amounts of paper documents to be thumbed through and reviewed, eating up hours of AP’s time. Even with a partially automated department, the reality of reporting is still grim. Without high-level automation, having to search for invoices and put information together is incredibly frustrating and time-consuming. When it comes to reporting with accounts payable automation, organizations are able to stop the recurring nightmares associated with reports, as the process becomes simple, fast, and painless.
Why Is Reporting Important?
In accounts payable, there are various reasons why reports might need to be put together. It could be for audits or month-end reporting—your CFO might even be looking for stats on AP staff to see how well accounts payable is performing. Another important form of reporting is on supplier information. With high-level automation, statistics on suppliers (such as amount of discounts captured, invoice submission times, etc.) are automatically accumulated in the system and are available to be made into a report. Reporting with accounts payable automation makes it so that these reports are not only easy to put together, but are able to be compiled in just minutes.
With high-level accounts payable automation, it’s simple to put together any kind of report you want. In manual departments, you have to search through endless files and potentially search for invoices that have been misplaced. Lower-level automation may include reporting abilities, but are limited to the types of reports you can put together. An exceptional automation solution will offer you comprehensive search abilities and filters in order to make custom reports—this can include things like invoice date, supplier names, etc. This makes it so that any criteria that is requested in a report from AP is easy to compile at the touch of a button.
Proof of Progress
Improved invoice processing is one of the huge and obvious perks that comes with high-level automation. With stats improving within the department thanks to quicker and more efficient processing, it’s important to be able to show the success of AP. With high-level reporting with accounts payable automation, user and department stats are tracked and easy for AP managers to put in a report to give to the CFO. Additionally, high-level solutions allow unlimited users across departments, so if the CFO wants to check in to see how accounts payable is performing, they can easily be set up in the system to view statistics across the AP department.
Reporting is typically dreaded and regarded as a headache, but with the right automation solution, reporting becomes simple and quick. With high-level accounts payable automation, AP can say goodbye to the headaches of month-end reporting, and hello to easy and flexible reports that can be put together in just minutes.