Why Accounts Payable Automation is a Must for Businesses Today
Accounting automation software can increase efficiency, which often translates to an increased profit margin. One of the departments ripe for automating is accounts payable. Automating AP reduces errors and saves time, yet many companies continue with their old system, reluctant to leave their comfort zone.
Can artificial intelligence transform accounts payable?
Many businesses remain stuck in the past simply because they aren’t aware of the many benefits offered by using artificial intelligence in accounts payable.
- Easier processing – Accounting automation software allows you to assign roles and permissions for all of your employees, keeping separation of duties intact. After roles are established, invoices can be uploaded and data extracted. Once complete, the invoice is automatically routed for approval and then for payment. You control who and how many people have the authority to perform each role. All of this is accomplished automatically from your computer, laptop, or mobile app.
- A reduction in errors – Manually processing AP leaves you vulnerable to errors. Automated accounts payable checks for and flags duplicate invoices. It will also notify you when bills are coming due to prompt timely payment.
- The ability to take advantage of discounts – Do your vendors offer early payment discounts that you fail to take advantage of because you pay your invoices too late? Declining to take advantage of early payment discounts just leaves money on the table.
- Reduces staffing costs – If your staff spends their entire day processing AP every week, think of the time they’ll save by using AI-powered accounting – it will free up their time and allow them to spend it on more strategic activities.
- Minimizes fraud – The ability to assign roles and permissions helps minimize fraud. With employees given access and permission to the software based on their specific role, the chances of unauthorized payments being processed drop considerably.
- Reporting options are better – Automated AP accounting can include real-time reports. So every time you receive a bill, issue a check to pay a bill, or the check clears, your balance sheet and profit and loss statement are updated. You always know where you stand with each expense.
- Cloud-based software offers easy remote capability – Traditionally, business owners manage their Accounts Payable in a small back office. Everything was tied to a desktop and only one person, the business manager, had access to the software. With Docyt, everyone can access the software from the web or mobile apps from anywhere. And you maintain complete control by assigning employee access in Docyt’s roles and permissions settings – you decide who gets to see an invoice, and what action they get to take on that invoice.
What is accounting automation software and how does it automate accounts payable?
Docyt is an end-to-end accounting automation software platform. It includes expense management which enables you to automate bill payment for all your vendors.
If you’re ready to learn more about how automated accounts payable options, consider scheduling a consultation with Docyt today.