More and more businesses are allowing employees to work from home, at least part of the time. This can be a great way to improve morale and keep talented employees happy. However, it can be difficult to do this effectively if you have a large accounts payable department. That’s where AP automation comes in. Automating your accounts payable process makes it possible for you to work from anywhere with an internet connection.
Remote Work Models Require Digital Transformation
To enable your employees to work remotely, you’ll need to implement digital transformation solutions in many of your everyday business processes so employees can easily access data, reports, and tasks from home. Thankfully, the AP processes are one of the easiest departments to transition to digital and remote workflows.
By implementing AP Automation Software, your business can transition employees to a remote or hybrid work model while setting your company up for long-term success.
Let’s take a look at five of the ways that AP automation can make working from home possible for your business!
Receive, Process, and File Electronic Invoices Anywhere
Receiving invoices electronically is the first way that AP automation can make working from home possible. This means that there’s no need for your employees to be in the office to receive paper invoices. Instead, AP workers can be anywhere with an internet connection and still have access to all of the invoices that come in.
Another way that AP automation makes working from home possible is by allowing employees to process and file invoices from anywhere. This means that your AP team can work from home, or even from the beach if they want! All they need is an internet connection and they can access all of the invoices that need to be processed.
Invoices can even be processed and approved from a smartphone with the touch of a button. Employees are no longer trapped in the confines of the paper-cluttered desks to complete invoice approvals. Electronic invoices with AP Automation software allow your workers to focus on tracking key metrics for increased efficiency rather than wasting hours of labor-intensive tasks like manually inputting data
One of the best features of AP automation is the ability to automate payments. This means that your AP team can set up automatic, electronic payments for all of your invoices, so they don’t have to worry about manually wiring payments or writing physical checks. This can be a great way to save time and money, as well as to improve the accuracy of your payments.
Your suppliers and vendors will also be pleased with receiving more accurate and on-time payments. Slow, manual invoice processing often hurts your business relationships with vendors and suppliers because payments are inconsistent, but with AP automation, payments are reliable and always on time. This will bring the major advantage of vendor discounts for more opportunities to cut costs.
Heighten Security Measures
When you automate your AP process, you can also take advantage of increased security measures. With AP automation, all data is stored electronically in a secure system with access controls. This means that there’s no risk of losing invoices or sensitive information if someone breaks into your office and steals paper files.
Additionally, AP automation systems often come with built-in fraud detection features. This can help you to avoid making payments on fraudulent invoices, which can save your business a lot of money. You can also backup documents in your cloud solution with control over access so your business never needs to worry about losing a valuable document with sensitive information.
Reduce Costs and Invoice Processing Times
Finally, AP automation can reduce the overall costs and processing times for your business. This is because automating your accounts payable process can eliminate many of the manual tasks that are required, such as data entry or check writing. In addition, AP automation can also help to improve the accuracy of your invoices, which can lead to fewer errors and faster processing times.
Avoid those pesky late fees, under-payments, and over-payments that cost your company time, money, and labor. AP automation boosts operational efficiency so you can focus on growing and scaling your business for longevity.
Instant Visibility into KPIs
When you automate your AP process, you’ll also have improved visibility into key performance indicators (KPIs) in high-level reports. This data can be extremely valuable for making decisions about your business. With AP automation, employees are relieved of their mundane invoice processing responsibilities so they can focus on the more important work of tracking metrics such as average payment time, the number of invoices processed per day, cost per invoice, and more.
This data can help you to identify areas of improvement for your AP process. For example, if you see that your average payment time is slow, you can take steps to speed up the process. Alternatively, if you notice that the cost per invoice is high, you can look for ways to reduce costs.
Overall, AP automation is a great way to make working from home possible for your business. By automating your accounts payable process, you can save time and money, as well as improve the accuracy of your payments.
Still not convinced? Read our blog Why You Should Transition Accounts Payable To Paperless for more tips on how your business can benefit from an AP automation solution.
Contact Us to get started with remote AP Automation today.