Automated Accounts Payable Systems |
Posted: November 18, 2017 |
Accounts Payables clerks are responsible for filing, processing and approval of account payables. This process of filing, processing and approval is one that has always been plagued with communication breakdown. As it is known that unfettered communication is important to the success of any business, this single process could go a long way to strain the buyer-supplier relationship. Nowadays, accounts payables processing are now handled by automated accounts payable systems and unlike the traditional paper-centric processing, these are way faster and more efficient.
How does Automated Accounts Payable Systems Work? Traditional accounts payable systems would normally involve manual routing of paper files to process account payables invoices that may span over weeks. With the automated systems, this can be reduced to a matter of 3 to 5 five days, i.e five times faster in most cases. This is a digital, automated processing that works by creating each invoice as its own digital landing page in a manner that centers the conversations about the invoice on top of the invoice itself. These Automated Accounts Payable Systems are highly flexible and very easy to use. The use of these systems can make the otherwise problematic process fun and enjoyable for everyone involved. Automation of Accounts Payable Systems will help to speed up the filing, approval and search leading to as much as much as 80% reduction in the time that will be spent on waiting for approval.
Advantages of Automated Accounts Payable Systems Automation of the Accounts Payable Systems has several benefits from which we’ll mention and briefly explain a few in the parts below. Improvement of Cash flow This is by far the most glaring advantage as well as the first benefit that comes with AP automation. There will normally be an improvement in the flow of cash between the buying and supplying channels. The digitalization and automation of Accounts Payableas was said earlier will speed up the rate of approval by as much as 80%.
Reduction in Processing/Payments Cost Forget about manually routing paper-based files of Account Payables. The Automated Accounts Payable Systems will help cover a wide range of processing in simple concise steps. Along with faster results and outputs, this will help to reduce processing costs when compared to traditional invoice processing.
Increased Efficiency When invoice payments are automatically centralized and streamlined, this goes a long way to improve the overall productivity and efficiency of the company. There is a reduction in cost and there is the availability of ample time that can be spend on other productive tasks to further improve company’s efficiency and productivity.
Easy setup & Software Integration For most of these automated accounts payable systems, setup is very easy as well as being free. It could be done within minutes and the whole organization can be covered. There is also the option to integrate most of the leading Enterprise Resource Planning Systems so you could easily get the best of so many worlds seamlessly without compromise. Automated Accounts Payable Systems has some other peculiar benefits that will take us much more time to cover with these being the basic of those benefits. They are an important system that should be in use in any organization looking to improve its efficiency along with a better buyer-vendor communication.
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