We’re sending thoughts for a fantastic Thanksgiving holiday your way! We hope you have the time to celebrate and enjoy all the things that make you grateful this season. Correspondingly, we’re breaking down 10 small ways accounts payable automation gives us reason to be thankful.
- Saves money – cutting down on duplicate invoices, errors, and missing data lowers the time and effort needed to handle each invoice and, in the end, reduces your overall costs.
- Enables benchmarking – once you’ve automated AP, you can track and measure critical business data such as exceptions and implement action plans for improvement if need be.
- Improves visibility and cash flow management – allows everyone in the business to see what’s happening in real time with precise data, enabling them to make better financial decisions.
- Enhances record keeping – digitizing your critical business documents not only allows you to be more organized, but you can also easily share them with any stakeholders who may need to view them.
- Minimizes errors – eliminating manual processes cuts down on the chance of errors, making your entire process more seamless.
- Allows for faster supplier payments – with faster processing time, invoices are paid more quickly and suppliers can get back to servicing you instead of chasing down payments.
- Reduces chance of fraud – you’re much more likely to spot suspicious activity or trends with automated, transparent, and auditable processes.
- Provides greater accessibility – moving away from paper to a cloud based system allows you to conduct business and be productive anywhere, anytime.
- Keeps employees happier and more invested – when employees don’t have to spend time on tedious and repetitive tasks or fielding supplier inquiries about payments, they’re likely more engaged and eager to help the business in other capacities.
- Spurs adherence to best practices – when you’re able to automate policies and procedures with configurable workflows, you can ensure business rules are followed each and every time.
If you’re not already enjoying these benefits of AP automation, Nexus can help. Speak with us to find out how.