With the onset of the hybrid workforce becoming the new normal within many organizations, finance and accounting departments that had yet to automate their AP process faced significant disruptions. Meanwhile, teams that had previously set up these automations had a smooth transition to remote work models with little to no disruption in their daily activities. According to a Levvel Research study, 86% of small to medium organizations were still relying on manual processes for accounts payable. Everyday tasks that were typically done in the office like receiving, processing, and approving invoices couldn’t be done remotely. Therefore, for most companies, at least one team member had to make the trip to the office in order to collect the necessary paperwork. Now, in an effort to prepare for the future of work, companies are looking for ways to cut the paper handling as we continue to navigate these uncertain times. By implementing an AP automation solution, like AvidXchange, your business can seamlessly automate your payment process to save time and money. Additionally, this solution also allows full time work from home measures with no one needing to pick up office mail.
“When clients reach a tipping point with a cumbersome volume of AP invoices, they turn to AP automation to streamline the process and reduce the need to add headcount to the finance team.” –John Hayes, Intacct Account Executive CompuData
AP automation tools work with your vendors to encourage them to email pdf invoices to a secure email address. Then, the invoices are pulled into the software via OCR for coding and approvals. Approved invoices are pushed into your accounting software, like Sage Intacct, for payment. If you are using AvidXChange, payments can also be made with AvidXChange’s Pay Network with relevant data pushed into Sage Intacct in real time for reporting and visibility. This process not only alleviates paper handling; it also eliminates duplicate data entry and manual invoice routing.
With Sage Intacct, open APIs allow for automated data transmission between other best-in-class solutions, with Intacct serving as the heart of the organization and system of truth in reporting and visibility. AR invoices can be emailed to customers for quicker turnaround and enhanced cash flow. Each transaction updates the general ledger in real time, giving users visibility into financial performance and KPIs at any time and from anywhere you have an Internet connection.
“The benefits of moving to AP automation include a reduction in the human error inherent in manual data entry, reduction in paper mail handling, and spend control through the approval processes built into most AP automation tools.” –Sandra Gromball, Intacct Consulting Manager CompuData
Eliminating siloed data systems and gaining one system of truth provides immeasurable benefits to any organization. With both GL accounts and statistical accounts available within your accounting software, the finance team can provide valuable insights into the financial performance of any organization, all the while staying safe, knowing that work from home can be accomplished.
The current crisis has accelerated the need to cut the paper by leveraging technology advances in accounting and financial processes. Integrating AP automation tools with advanced accounting software offer a great advantage for companies looking to cut the paper. They enable you to manage your entire AP workflow remotely, reduce invoice processing costs, mitigate AP risk, and also eliminate check payments which in turn will automate your payment process.
CompuData is a proud Sage Intacct Partner and has helped our clients implement Sage products across the nation for over 30 years. To learn more about our Sage Intacct expertise and how we can help your professional service organization increase business performance, visit here.
If you are interested in learning how Sage Intacct AP automation can help your organization grow, email us!