More and more people have been working from home. But even with the pandemic, for most businesses at least one accounting team member still has to go into the office to receive, process, approve, and pay invoices. According to a Levvel Research study, 86% of small to medium organizations still relying on manual work for their accounts payable process. But there is a better way.
As companies look for ways to cut paper handling, they are increasingly leveraging AP automation software.
Why AP automation?
AP automation software works with vendors to encourage them to electronically email invoices to a secure email address as a pdf file. The invoices are then automatically pulled into the software via OCR for coding and approvals. Approved invoices are pushed into your accounting software for payment. The AP automation process can even enable you to make payments through a secure network. This process not only alleviates paper handling; it also eliminates duplicate data entry and manual invoice routing.
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The current crisis has accelerated the need to cut the paper, but AP automation software improves productivity even in non-Coronavirus times. There is no need to sort through the mail, match the invoice to purchase orders, key the invoice into the accounting software, and print and mail the check. It may seem that each step is not that time consuming, but it adds up over time. A typical AP clerk can process 5 invoices per hour (12 minutes per invoice). AP Automation increases this to 30 invoices per hour (about 2 minutes per invoice).
By leveraging AP automation solutions, your organization can not only easily streamline your accounts payable process but find productivity and accuracy gains. Additionally, integrating AP automation tools with advanced accounting software offers a great advantage for companies looking to maintain a work from home model. Imagine managing your entire AP workflow remotely, reducing invoice processing costs, mitigating AP risk, and also eliminating check payments.
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