Automated Accounts Payable software has the potential to assist finance employees in several ways. Automated invoice processing and capture software programs allow to submit and approve purchase orders and invoices anytime and anywhere. Thus, automated systems can free up the workforce from heavy paperwork, time-consuming tasks, and the high costs.
In fact, Computer Weekly specified that senior automation strategy leaders in EU organizations have already invested in automation tools to save costs and improve productivity. So if you’re also interested in making the switch, then here are some of the rewards that you can look forward to.
Fewer Errors
Industry Week claims that automated invoicing can reduce errors by as much as 37%. Allowing automated systems to run your Accounts Payable will eliminate the potential for human error. These software systems are accurate and precise, so that you can be assured that your invoices and purchase orders can run smoothly.
Furthermore, the software program can also quickly adapt and change, according to your company’s rules and regulations. Each automated Accounts Payable system can be programmed to accommodate the requirements and the workflow of your business’ Accounts Payable so there will be minimal room for errors.
Accounting Compliances
In Europe, Continuous Transaction Controls are mandated to monitor transactions between organizations. The transactions of each company are reported to the government to help decrease VAT gaps and to regulate other government protocols.
One of our posts on Dynatos stressed that automated Accounts Payable software programs can be essential tools when it comes to government compliance. These systems can easily categorize and prepare transaction reports for your government’s accounting regulations if needed.
Digitized Documents
You can say goodbye to paperwork once you switch to an automated accounts payable system. One of the main benefits of automating manual processes such as this is that you’re creating an electronic paper trail. Your transactions are handled and collected on digital networks on premise or in the cloud, freeing up you and your employees from a lot of manual tasks.
Digitizing this process does not only make it easy to file invoices and keep records, but also to search through them. Thus, retrieving important documents can be easily done with just a few clicks. Furthermore, all the data is stored digitally so you won’t need to dedicate a physical storage area for all your reports.
Increased Productivity
Automated Accounts Payable software can also be beneficial to your employees. Once your Accounts Payable is automated, your employees can spend more time on critical business processes.
These software programs can handle processes on their own, which means that your employees do not have to spend hours on processing and collecting paperwork. Instead, you can direct your employees to work on more profit-generating and strategic tasks. Furthermore, the digitized reports can also minimize friction in the workplace, because it eliminates human error and any possible miscommunication.
Reduced Costs
A good, automated Accounts Payable system can reward you with great benefits, such as lowered costs. AccountingWEB documented that the processing of each manual invoice can cost around €4 to €25.
In contrast, automated Accounts Payable programs can help you cut costs. All the aforementioned benefits above actually contribute to reducing costs. The automated system will help save a lot of time and money because it can manage to complete a process that requires a lot of accuracy, effort, and time in just a few seconds.
Automated accounts payable systems can create a positive ripple effect in your business. The software programs are good investments that will boost your business’ productivity, efficiency, and profit in the long run. And can be the first step towards a future where automation becomes an integral part of all your operations.
