Digitizing Accounts Payable Processes for Better Tracking

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Over the last few years, cloud-based solutions are changing the industry and offering better visibility into spending, cost control, and operational efficiency. Manual AP processes are painful and intensive, requiring you to match invoices with purchase orders and receipts. As a result, tracking spend becomes harder and if you don’t get real-time data, it becomes harder to track payments. Again staying on top of compliance is a challenge if you don’t see invoices paid on time.

Handling accounts payable processes manually would result in duplicate invoices, lost invoices, and insufficient control. Reimbursements would take longer than expected and vendors would wonder when their invoices will be paid. In worst cases, you may lose the vendor due to late or missed payments. When you switch to the automated accounts payable system, you can offset your costs with time and resource savings. Processing invoices digitally drive cost down and take more days to complete.

Digitizing AP processes gives you visibility into spending quicker, and allows you to take advantage of discounts quickly and integrate payment tracking. Using cloud-based accounts payable software, you can:

Automatically log invoices using optical character recognition (OCR) to read text from invoices
Automatically match invoices with purchase orders and send it for approval
Enable self-service to employees and give complete visibility for suppliers in the process
Set alerts on specific spend categories and notify employees when something violates the defined rules
Give employees the mobile advantage to create and submit expense reports while on the go – reducing error rates while filling expense reports
Submit invoices to the ERP system and reduce the manual input
Create reports quicker and get a better handle on company’s cash flow
Archive invoices, receipts, and other proofs electronically without saving it on paper
Automating AP will give you the ability to control spending, reduce risk, improve compliance, manage tax easily and cut bad spend before it happens