Posted By Ash Conversions International
Accounts payable departments do more than process invoices and pay the bills. A manager has a significant number of responsibilities, including but not limited to overseeing employees, ensuring there is efficient cash flow, all while watching and correcting any errors.
As a company grows, so too does their accounts payable department. The responsibility of managing the bank and paying all invoices within a timely manner can become difficult. Managers become overwhelmed with the added responsibility and pressure to meet deadlines, while employees within the department struggle to keep up.
Accounts payable automation works to enhance any accounts payable department by streamlining the process, preventing the work from bottlenecking, while allowing managers and employees to do their work without being overwhelmed.
Time is of The Essence
One of the most important factors in the accounts payable department is ensuring invoices are paid on time. Managers and employees must work together to sort through invoices in a timely manner. If invoices are paid late, companies may be subject to paying late fees. This is an unfortunate reality in accounts payable departments that are overwhelmed and do not have the support they need. Accounts payable automation makes the invoice process more efficient by matching invoices to purchase orders and tracking them along the way. An automated system also streamlines the approval process, which can take up to several days if done manually.
An automated system is designed to work with your department; program special deductions for the organizations that offer a discount on invoices paid on time, and more.
Reduce Human Error
When accounts payable departments are falling behind processing invoices and trying to meet deadlines, human error is inevitable. A minor error will completely throw off data when reconciling accounts and paying invoices. Minor errors prevent employees from meeting proper deadlines, which also slow down the process and can cause trouble with audits.
An accounts payable automation workflow solution actually gives accounts payable departments more control over the invoices. Instead of inputting data manually, paper invoices are scanned and processed like electronic ones. With ACI’s data capture process, you are ensured over 99% accuracy on every invoice.
Invoices don’t just come in the mail. Some accounts payable departments will receive invoices by email or fax. For a manager to keep track of these different channels can be difficult and overwhelming, thus causing a delay in the payment process.
Accounts payable automation will relieve the department by bringing the invoices into one place for processing at the same time. This makes keeping track of invoices much easier, and saves a manager time from checking three different channels to find invoices.
ACI’s AP Assistant™ Accounts Payable Workflow Automation will prevent your manager and employees from falling behind in the payment process. In order to see how the system works, our team would be more than happy to demo the workflow product and show you! It will give you a better understanding of how the system works, while identifying the ways it can save your organization time and money.
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(sent from ACI blog – “The Struggles an Accounts Payable Manager Faces”)