There are substantial advantages to automating your company's accounts payable processes. By relying heavily on paper documents (and 75% of companies still do for their AP and invoice processing), your company could be missing out on:
- Prompt payment discounts
- Avoiding late payment charges
- Improved relationships with suppliers
- Faster internal AP processes that save time, money, and frustration
Process and workflow automation may be trendy buzzwords at conferences and trade shades, but they're not going away anytime soon. AP automation and invoice processing is an idea whose time has come as business leaders recognize the time and money-saving potentials. Here's a look at how AP automation improves invoice processing, including those expense invoices that are so difficult to track.
Automating Expense Invoices
Expense invoices can be your accounts payable department's biggest frustration, and they can cause problems with budget forecasting, too, as purchases fly under the radar. With a less-than-obvious paper trail, the routing and approval process for expense invoices is more difficult than it should be. AP automation and invoice processing solution that provides coding templates, automatic distribution, match-to-payment plans, and mobile solutions for faster approvals can be the solution to your problem.
Automating Purchase Order Invoices
Your AP automation solution can offer touchless processing for most of your PO-generated invoices. Match purchase orders to databases, with automatic approvals for line items that match previously-defined business rules. When the automation software detects a deviation, it automatically alerts the department or person authorized to override or deny payment.
Are your AP processes truly automated, or does your current system rely too heavily on paper or manual processes? AP automation and invoice processing from HGi Technologies can help your organization avoid late payments, missed discounts and lost invoices. You'll save time, save money, and avoid the frustration that comes with manual invoice processing. Contact us to find out more today!