What is Accounts Payable Automation?
AP automation, or Accounts Payable automation, is the process by which accounts payable processes are handled digitally rather than manually. Accounts payable automation has revolutionized the way businesses process and pay their invoices.
How AP Automation Can Help
Transform invoices to a digital workflow and send payments directly to suppliers and vendors from your bank, eliminating paper and generating revenue.
Say goodbye to incoming paper invoices & outgoing paper payments. Transform your AP department by eliminating manual paper-based processes. What could your team do with an extra 10+ hours a week?
Benefits of AP Automation
AP automation offers a host of benefits for businesses, including cost savings and processing efficiencies, reduction in errors, and the ability to optimize working capital. The key benefits are:
- Time Savings
AP Automation software makes the invoice processing and approval process faster and more efficient. By eliminating many of the manual stages of invoice processing, automation significantly reduces the number of human touches per invoice and as a result, minimizes the amount of time staff spend on this aspect of their role.
- Improved Efficiency
Automation streamlines the invoicing and payment process, reducing approval times and increasing productivity.
- Increased Accuracy
Automation increases accuracy by eliminating the risk of human error and helps reduce payment errors, such as duplicate or fraudulent payments.
- Reduced Costs
AP automation can significantly cut the cost of processing invoices, saving the business money as well as time and resources. Automation helps reduce labor costs by reducing the amount of data entry involved in the process, as well as eliminating the costs involved in document storage, postage, invoice production, etc.
- Built-In Compliance
When AP processes are automated, compliance rules are built into the system. This makes the process fully transparent, so that common risks and instances of fraud can be tracked and prevented. For example, the system will flag duplicate invoices, additional charges, and suspicious activity.
The Financial ROI of AP Automation
The specific return of an investment will depend on factors such as the amount you invoice each month and how much you currently spend on the process. However, some factors to consider include:
- Reduced invoicing processing costs
- Reduced losses as a result of human error
- Time savings
- Reduced staffing costs
The Non-Financial ROI for AP Automation
As well as the financial returns, you should also consider the non-financial ROI, including:
- Increased control
- Streamlined processes
- Easy auditing
- Optimized business relationships
- Employee and customer satisfaction
Considering all the factors above and their financial implications will help you calculate the potential ROI AP automation could offer for your organization.
Are you interested in automating your AP? If so, you can get started in as little as 15 minutes. Simply, sign up for a free account at BlueTape.com. After completing your application, your account will be approved within an hour. There are no monthly fees, no installation costs, and no minimum commitments. Best of all, BlueTape is easy and risk-free!
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