If you’re looking to grow your business, an automation solution in your accounts payable department is a guaranteed strategy for solving your company’s scaling challenges.
Modern businesses are abandoning slow and environmentally toxic paper-based processes in their AP departments in favor of an automation solution. Manual data entry and invoice processing are error-prone practices that cost your company valuable profits, while AP automation software will set your business up for long-term growth.
In our digital age, the businesses that succeed are the ones that take full advantage of what technology and software solutions have to offer. AP automation software is one cost-effective way to modernize your business and smooth out your scaling hiccups so you can finally reach those business goals.
Cost Savings for Invoice Processing
Have you ever thought about how much profit your company has lost on invoice late fees or overpayments?
World-Class Accounts Payable Departments pay an average of only $2.42 per invoice processing while others pay as much as $17.61 or more for manual invoice processing. Accounts payable departments that utilize automation software take advantage of cashback deals and discounts while teams who use manual invoicing drown in a tsunami of expensive AP staff time, managerial overhead, facilities, supplies, and IT support.
Human error is an inescapable consequence of manual processing and late payments are more common when your payable team has a large number of invoices to manage. These entry errors cost your business working capital and slow the capital cycle.
AP automation software will not only save your payable department from burnout, but it also has automated workflows so you can capture early payment discounts. With no insult to your hard-working accounting team, AP automation software is simply smarter and faster than human workers.
The software uses artificial intelligence (AI) and intelligent data capture (IDC) to quickly and flawlessly process invoices with automated workflows. Manual processes are error-prone but automation software will never cost you an overpayment because it is built for accuracy.
Your Payable Department Will Be More Productive
AP automation software uses automated workflows so your payable department can ditch the paper invoices and slow manual processes. Your finance team will finally be free to be more productive in other areas of your business.
Your current team can use their talents to focus on scaling your business by transitioning to tracking AP metrics. AP automation software offers cash flow visibility and key metrics to track like the average number of invoices, average invoice processing time, and average cost per invoice.
When your finance team is free to measure AP performance, they can focus on using AP automation to scale the business. When you can track it, you can improve it and your business can only benefit from having a clearer financial picture of cash flow in your AP department.
Integrating a cloud-based AP automation solution will also relieve your company of paper that litters the office. Employees will eliminate time-consuming tasks like sifting through filing cabinets for that one missing document. With a payable automation system, past invoices and purchase orders can be easily located with a simple digital search because all important documents are stored in a secure and centralized location.
When it comes to solving your company’s scaling issues, every minute of an employee’s time is valuable and an accounts payable automation solution is the missing key to freeing up time for focusing on business growth.
Automated Workflows Improve Relationships With Vendors
Delayed payments can hurt your relationship with vendors and other businesses. No one likes to wait forever to get paid and a manual invoice approval process can take as long as two weeks or more.
AP automation uses automated workflows that fix the approval process and cut down payment times to two or three days. Imagine how much your vendor relationships can improve when business payments are made faster than ever before. That vendor will likely prioritize working with you because they know that your payment process is flawless and they will never have to badger you for their next payment.
Payment automation puts your current payment approval workflows to shame by automatically sending the invoice on to approval by a manager immediately after the software processes the documents data and matches it to the PO. No more slow emails asking for a stamp of approval or physical transfers of documents between desks that slow down your average invoice approval time.
These automated workflows make the payable process headache-free for your team while improving valuable relationships with the vendors who help your business run.
Automation Software Prepares Your Business for Long-Term Growth
If you want your business to be around for the long haul, you need to keep up with the technological advancements that speed up business activities and processes. The market demands faster processes and AP automation is a critical business function that will prepare your company for long-term growth.
AP automation will shorten your invoice processing times so your company can handle a larger number of invoices. As you stock up on those early payment discounts and cashback deals, your company will see more cash for business expansion. Vendors will also be pleased to do business with you when they know they can count on seamless payment experiences.
As your AP team has more free time to focus on studying metrics to improve efficiency, your company can create accurate budgets and reach those scaling goals faster than ever possible with manual processes. Automation software is a top business strategy for scaling because it will grow with your company instead of holding you back.
Digital transformation isn’t a business venture for the future, business owners need to prioritize automated solutions today. Your company may be facing scaling challenges because you need to catch up with the times. Today’s competitive market landscape requires automated workflows that free up your employees’ time to focus on growth and AP automation is that big step forward in your digital transformation journey.
If you’re interested in improving your company’s scaling issues, start by preparing your business for modernization. Read more about DocStar AP Automation Software From Mosaic and Contact Us today to improve scaling with AP Automation.