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As companies grow, their invoicing process can take on a life of its own. And, if the AP team is relying on manual workflows to get invoices approved and payments issued, there’s bound to be lots of repetition, errors, and wasted time. Fortunately, leading invoice and payment automation platforms like Paymode-X can digitize even the most complex invoice handling requirements and help AP teams drastically reduce their invoice processing time.
What Is Automated Invoice Processing?
Invoice automation platforms like Paymode-X automate every step of invoice processing, including receipt, capture, coding, approvals, and payments. They let AP teams ditch paper and spreadsheets and use one centralized software to perform their day-to-day tasks instead. Not only does it help AP employees cut down on tedious tasks, but it also has wide ranging impacts for the organization.
The Benefits of Invoice Automation
1. Increased Accuracy
AP automation software can automatically ingest and code invoices, so employees no longer have to enter data manually. This reduces discrepancies and ensures information is accurate before payment is ever made.
2. Cost Savings & Efficiency
Invoice automation software saves organizations time and money by eliminating time-consuming tasks like reconciling AP information manually. In fact, with Paymode-X AP automation, you can cut invoice processing time and costs by 75%. Plus, Paymode-X’s ACH and virtual card payments provide rebates back to the payee. Customers often earn 50% or more cash back than when using a competitor, allowing you to drive even more revenue from AP.
3. Improved Visibility
AP automation allows CFOs better visibility into their company’s finances because it provides real-time updates on accounts payable information and allows them to see precisely where invoices are in the process at any given moment. This helps them identify and resolve payment issues, and ensure that invoices are processed accurately.
4. Increased Security
According to PwC’s Global Economic Crime and Fraud Survey 2022, “51% of surveyed organizations say they experienced fraud in the past two years.” Manual invoicing processes threaten a company’s financial health as they’re more and more susceptible to bad actors. With Paymode-X, you can significantly reduce your risk with advanced security protection that stops invoice fraud in its tracks, ensuring that transactions are always safe and secure. Additionally, AP automation provides an audit trail that reduces the potential for fraudulent activity since each step is tracked and monitored closely from start to finish.
Automate Invoice Processing with Paymode-X
With Paymode-X AP automation, you’ll save time and money while improving accuracy and visibility. You’ll also significantly reduce the risk of fraud for your organization. In the end, you’ll have more bandwidth to focus on more strategic initiatives and monetize AP.