8 Compelling Reasons to Automate Accounts Payable

Manual processing has its drawbacks: It’s slow. It’s obscure...and you lack control. You don’t really know where invoices are in the process or what outstanding liabilities are involved. It takes a lot of manpower and there is always a risk for clerical errors. Still, an overwhelming number of companies suffer through traditional accounts payable processing—despite research that shows automation has proven its worth and that time and cost-saving options for process automation have been available for more than a decade.

A greater percentage of companies report “lower average costs using electronic invoices, rather than paper ones” and that “greater adoption of automation also appears to be playing a key role in reducing error rates in invoice entry and payments.”¹ If you’re clinging to manual processing in your accounts payable, it might be time to take another look at automation. Here are 8 excellent good reasons to change. 

Visibility and Control

You have all the invoice information at your fingertips: supplier data, amount to be paid, taxes, line item details, workflow status, audit trail and invoice images.

Improved Bottom Line

You have all the invoice information at your fingertips: supplier data, amount to be paid, taxes, line item details, workflow status, audit trail and invoice images.

Timely and Correct Financial Reports

You have immediate access to every kind of statistic you require, in charts, graphs and tables, such as discount reports, production volume reports and lead-time reports.
Advanced OCR eliminates the need for manual keying. Manual input is only required for verification of the few invoices that have discrepancies.

Early Payment Discounts

With the automated approval of most purchase order invoices and a smooth workflow for the rest, you often can negotiate a number of favorable payment terms and price lists.

Improved Cash Flow Management

Visibility and control, along with timely and accurate reports, enable healthy cash flow decisions. You avoid late payment penalties while taking advantage of payment discounts.

Fewer Errors

Automated input eliminates errors. Automated determination of invoice amounts will highlight any clerical error on the part of the supplier. A check against the purchase order in your database will pinpoint any deviation.

Complilance and Anti-Fraud

Because every invoice is checked against AP data, no unknown supplier will have a chance to slip by. Invoice number control stops any invoice from being entered twice.

Get Complete Solutions with Xcellerate IT

For over 20 years, Xcellerate IT has provided automated services to businesses across Australia to streamline workflows and increase efficiency. In addition to accounts payable, their document delivery and capture systems can help to automate other processes including the mailroom, SharePoint data, and more. They have experience working in a variety of industries, including finance, manufacturing, education and healthcare. Their experience has provided them with a reputation as one of the leading companies providing business process automation solutions. Xcellerate IT will help you develop the right solution to link your systems of Records with your Systems of Engagement to reduce your overhead costs and increase productivity.

17 Nov 2017
Author: Xcellerate IT
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Xcellerate IT

Xcellerate IT is a leading provider of business process automation solutions. Our document capture and workflow solution compliments and seamlessly integrates with major business applications, empowering organisations to increase productivity and organisational effectiveness by decreasing manual processes.

Get in touch with one of our Business Process Specialists who will work with you to clearly understand your requirements and identify a solution tailored to your business needs.