Automation seems to be the term for 2018 but what exactly does Accounts Payable Automation mean for your business?
Appropriate automation of your accounts payable workflow saves you time and effort that can be channelled into more important areas of running your business. If you depend on accounts payable staff to manage invoices by hand, this would involve collecting documents, printing them out, obtaining manual approvals, data entry and finally filing documents. This process is tedious and subject to human error. It’s true things were always done this way in the past, but we live in the age of smartphones and digital technology that can pave the way to a better, easier way to pay your bills!
When invoices are processed effectively, it has a direct positive impact on your business.
An automated invoice processing system such as Dataline’s APA+ allows accounts payable staff to get more done in less time, significantly reducing mistakes along the way. Software doesn’t tire, and it will keep working efficiently no matter how large of a workload you are managing.
Cost reduction is a key benefit with automation. Digitisation helps eliminate costs associated with excess amount of paperwork pile up and storage space, printing ink, file folders, filing cabinets, staplers, binders and all outdated stationery required to keep all this paperwork together and organised.
Another benefit that seems to be less discussed, is the increase in visibility, control and accountability of liabilities. Automation provides total control of the workflow, with monitoring of the progress, ensuring staff complete their task on time. Forecasting is made easier as you can see each morning on screen your total liabilities, long before they hit your accounting system. No more digging through piles of paperwork to find the one document you need and easy access to vendor data, payment details, tax data and audit trail.
So there you are, some amazing benefits to automate your Accounts Payable Workflow. Are you ready to automate in 2019? Dataline’s APA+ can help you!