Accounts payable automation software (or AP automation software) promises to streamline the invoicing and payments process. These 5 benefits of AP automation services can help you determine whether the rewards of adopting AP automation software outweigh the painful process of onboarding a new tool in the workplace.
Top 5 Benefits of AP Automation Software
• Clients appreciate the switch: Clients now want the flexibility and freedom to pay invoices in whatever manner they like. It’s too easy to lose track of paper invoicing. Still, it signals to clients that your business is “behind the times.” By taking advantage of online invoicing offered by AP automation software, you can reduce your carbon footprint and make payments easier for your clients.
• AP automation offers “early discounts” that save staff time: Within the accounts payable automated system, staff can incentivize clients to pay invoices early by offering a discount for doing so. This can lead to improved cash flow and reduce the time that staff must spend tracking down late payments.
• Integrated reporting leads to improved decision-making: AP automation includes bundled reporting tools that allow stakeholders at-a-glance access to information needed for decision-making. Now, stakeholders can make more informed, faster decisions about everything from cash flow to financial management.
• Automation saves money over time: A legacy system is not only slow, it costs more over time. AP automation services will pay for themselves and save the business money while giving staff access to the latest digital tools.
• Automation reduces the chance for error: While staff will need to take extra time to learn how to use the AP automation software, they will be able to perform routine tasks faster and with less error after the initial learning curve. Without automation, the human error factor can lead to delays or discrepancies in invoicing, payments processing, and accounts reconciling. Streamline operations by switching to AP automation software that allows staff to set up payments in the system to minimize inefficiencies.
These are just five of the benefits that your business can realize from AP automation software. If these have piqued your interest, you can learn more about different AP automation service providers and test drive software by scheduling a free trial.