Automated Accounts Payable software has the potential to assist finance employees in several ways. Automated invoice processing and capture software programs allow the submission and approval of purchase orders and invoices anytime and anywhere. Thus, automated systems can free the workforce from heavy paperwork, time-consuming tasks, and 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, here are some rewards 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 workflow of your business’s Accounts Payable, so there will be minimal room for errors.
Accounting Compliances
In Europe, Continuous Transaction Controls are mandated to monitor transactions between organizations. Each company’s transactions are reported to the government to help decrease VAT gaps and regulate other government protocols.
One of our posts on Dynatos stressed that automated Accounts Payable software programs can be essential tools for government compliance. These systems can easily categorize transactions and prepare transaction reports for your government’s accounting regulations if needed.
Digitized Documents
Once you switch to an automated accounts payable system, you can say goodbye to paperwork. One of the main benefits of automating manual processes such as this is 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 many manual tasks.
Digitizing this process makes it easy to file invoices and keep records and search through them. Thus, retrieving important documents can be 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 benefit your employees. Once your Accounts Payable are automated, your employees can spend more time on critical business processes.
These software programs can handle processes independently, which means that your employees do not have to spend hours processing and collecting paperwork. Instead, you can direct your employees to work on more profit-generating and strategic tasks. Furthermore, digitized reports can also minimize friction in the workplace because they eliminate 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 processing each manual invoice can cost around €4 to €25.
In contrast, automated Accounts Payable programs can help you cut costs. All the benefits mentioned above above actually contribute to reducing costs. The computerized 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 suitable investments that can boost your business’s productivity, efficiency, and profit in the long run. They can be the first step towards a future where automation becomes integral to all your operations.
