How Accounts Payable Automation Solves Paper-Based Challenges

Accounts payable automation is being embraced by companies of all sizes. Most businesses rely on their AP department for all financial transactions, invoices and bookkeeping. However, your AP department is drowning in paperwork. With too many paper-based challenges facing them daily, you can make their jobs a little easier with AP automation.

Here’s why:

Paper takes up space

As businesses move towards greener initiatives, they’re often left wondering what to do with the boxes upon boxes of paper they rely on. Paper takes up space and it can be challenging to have to dig through piles or boxes of paperwork just to find an invoice from three years ago. With accounts payable automation, you don’t have to dig and waste your time looking for a piece of paper because access to the invoice image is only a click away. In addition – data for each invoice, transaction, purchase order etc., will be stored in your AP system, allowing you quick and easy access.

Paper keeps your AP department busy – not in a good way

Your accounts payable department faces paper-based challenges everyday. “Where is this invoice?” “Did I give you the Johnson account’s paperwork?” “Is this invoice approved?” “Has this invoice been paid?” These questions will still be asked with accounts payable automation but they’ll be answered in seconds freeing up your AP department to focus on other tasks. Without AP workflow automation, your AP department spends most of its time searching and waiting. With AP workflow automation, everything is completely automated. There’s no searching or waiting. And the less time your AP department is wasting looking for paper documents, the less money your business will be losing.

Paper is hard to track

One of the main challenges with paper is that it’s hard to track and it can get lost. With an automated system, you can capture invoices easily. Simply scan them and the system will capture them and create digital files so you can keep track easily. Since invoices can come by email, fax or snail mail, accounts payable automation can simplify the process so you don’t have to worry about tracking a physical piece of paper anymore.

Paper can’t sort itself

With accounts payable automation, invoices can be tracked, sorted and reminders can be sent out. With paper you have to manually complete these tasks.

Companies face paper challenges every day but with an AP automation solution, those challenges disappear — allowing your accounts payable department to run smoothly.

To learn more about AP automation, give us a call today at 800-719-9621 or contact us here.

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