If your business is not using AP automation and invoice processing, you are missing out on the many benefits of this technology.
When people hear automation, they picture the robots taking over the workforce, but that is more fantasy than reality. Automation does not eliminate the workforce; it helps bolster it, making it more effective and efficient.
Improvements, Not Replacements
So, while AP automation will not eliminate your accounting staff, it can help them do their jobs better by improving workflows.
What it can eliminate is that the data entry process of receiving invoices; digital invoices can be processed automatically. Plus, hardcopy invoices can be scanned and input automatically with optical recognition software. Furthermore, AP software can help reduce errors and fraud attempts by plugging holes and eradicating human error.
The effectiveness of AP automation and invoice processing depends on your business and how much you want to integrate it into your current systems and processes.
As mentioned, AP automation can be used to scan and input physical documents, and that might be enough for your small business. You might, however, chose to go further and implement a more comprehensive AP system that can receive and process digital invoices automatically. This system can also notify managers when items need to be reviewed and approved. Plus, managers who travel frequently can access data online from their smartphone.
AP automation with invoice processing is a scalable, customizable solution. The power of this technology lies in your hands, allowing you to implement the specific components you need to elevate your accounts payable system.
Contact us to schedule a free consultation.