The Ultimate AP Automation Guide to Boost Efficiency

1. The Ultimate AP Automation Guide to Boost Efficiency Introduction In a world where every minute & dollar count, business professionals today are continuously pressed to achieve more in less time. This is especially true when it comes to manual accounts payable processes, which can often result in delays, errors, & mismanagement of funds. Enter accounts payable (AP) automation (AP). AP automation is a transformational tool that makes financial workflows more efficient, accurate, and accurate, as well as increases visibility into every aspect of the AP process. In this White Paper, we will take a look at how AP automation works, why it is important, & how you can implement it in your organization. What is accounts payable automation? The accounts payable (AP) automation process refers to the use of software to digitize & streamline the accounts payable process from the point of receipt of an invoice until payment is approved. AP automation replaces manual tasks, including entering data into databases, matching invoices, & writing checks with automated workflow processes to accomplish tasks quicker and accurately while capturing it all electronically. Key features of an accounts payable automation tool Invoice capture & optical character recognition (OCR): scans paper or email invoices and extracts data from an invoice using OCR. Workflow automation: sends invoices for approval based on company approval or escalation rules. Three-way match: Automatically matches purchase orders, receipts, and invoices. Status tracking: tracks the status of an invoice at every step of the invoice process. Integration capabilities: Ability to easily integrate with your ERP and accounting systems.

2. Advantages of AP Automation 1.Higher Efficiency Manual Accounts Payable processes are slow & time-consuming. Automating the accounts payable process can decrease the processing time from days to hours, sometimes even minutes. 2.Lower Costs Automated invoice processing costs significantly less than manual processing. Companies can cut their processing costs up to 80%. 3.Reduced Errors With AP automation, human error in entering data, double payments, & late payments are significantly reduced. 4.Better Relationships with Suppliers When invoice processing is automated, companies can make faster and more reliable payments, leading to improved trust and relationships with suppliers, and the ability to take early payment discounts. 5.Improved Control and Compliance and Less Risk AP automation can capture an audit trail, have throttle points, and allow secured access like shared electronic files. This eliminates the risk of fraud, implements controls, and addresses what needs to be compliance. Signs That Your Company Needs AP Automation Frequently losing invoices or paying bills late The amount of time it takes to key in the manual data entry Insufficient visibility for invoice status Growing complaints from vendors The amount of time it takes to have invoices approved If you've experienced or are currently experiencing any of these scenarios, then it's time to look for AP automation. How to Implement AP Automation Successfully 1.Assess Your Existing AP Process Logically analyze your pain points, bottlenecks, and your monthly invoice volume. 2.Clarify Objectives Have a clear understanding of what you want to achieve (cost savings, faster payables, better compliance, etc). 3.Evaluate your Options Look for software that fits with your ecosystem, is the right size for your business & is scalable.

3. 4.Train your Team Make sure your finance & procurement teams know about the new process and system. 5.Monitor & Improve Use analytics and reports to assess performance a develop ongoing improvements. Choosing Your AP Automation Software Here are a few exciting AP Automation tools you can evaluate: Tipalti - Excellent Option for global payables and mass payments Stampli - Noted for its ease of use and invoice collaboration AvidXchange - Favorite for mid-size companies Bill.com - Great for small to mid-size organizations SAP Concur - Best for organizations using SAP ERP Be sure to compare features, pricing, & integrations. Final Thoughts AP automation is no longer optional - it is a critical requirement for organizations that want to scale faster & remain competitive. By investing in the right AP automation tools, organizations can not only eliminate inefficiency & redundancies, they can gain more insight & control over their cash flow & financial transactions.