The role of Automation in Accounts Payable: all that you need to know
The benefits of automation are seemingly endless, and with a concept so simple it can be used virtually everywhere. What we’re talking about is taking slow, repetitive processes, and improving upon them by letting smart software run the mundane operation.
Automation, we already know, is definitely applicable in accounting and expenses processes. With both processes still following outdated practices and tools, it helps accounting teams to move through the process faster and with lesser hassle.
Accounts payable, another crucial element of the accounting business, can as well definitely benefit from automation. Simple yet repetitive elements such as purchase orders, supplier invoices, approvals and accounting, can all be impacted positively through automation. This can potentially cut down on long wait times to process invoices, and consequently make way for a happier, more satisfied supplier pool.
So let’s talk about automation for accounts payable, breaking down the finer details. I’m sure once you understand how accounts payable can benefit from Automation, it would be a no-brainer to implement such software and focus your business’ resources on more complex and resource necessary tasks or departments.
Introduction to Accounts payable automation
Accounts payable automation is simply the process of eliminating the manual aspects of the task, and converting them to be run by a software or tool. Powerful automation softwares can be used specifically for this purpose, eliminating any need for manual intervention.
So what aspects are we talking about? We’re talking about the process of submitting and approving purchase orders and invoices digitally, and reading invoices and extracting information automatically. This not just saves time on the process, but also reduces the manual labour involved in getting the data collation and data entry done.
Like in all cases of automation, the goal is to create a process that is faster, is error free, eliminates the need for manual intervention, and helps the organization grow at scale easily. With automation in AP (Accounts Payable), it helps in removing the need for manual intervention in repetitive, mundane tasks, making way for more control, visibility and knowledge over important financial data, which can be leveraged to maximise / optimize the output of the business process.
Although this seems to be too general in nature, AP automation offers some irrefutable benefits for the organization.
Advantages of automating Accounts Payable
Time. Every task in the process that is in general slow and repetitive can be fixed now. Mundane tasks such as checking purchase order forms and entering data can now be completely automated to save valuable time for the organization.
Errors. Because of automation, the human factor that can cause errors in long, repetitive tasks can now be completely eliminated, because automation can basically repeat the tasks endlessly, with virtually zero errors.
Digitization. With an automation software handling all the nuances of the process, it is no more necessary to maintain a long paper trail. With no need for large storage areas and paper filing, you don’t have to worry about running out of office supplies. Also, since it is all run on one software, it becomes increasingly easy to share information across the office and the departments. Fax machines are now obsolete.
Productivity. Automating all the mundane, repetitive tasks, which drain time and resources, could allow a lot of time for your teams to focus on other tasks that might need more attention or brain power. Also, this does not only affect the finance department, but also makes life easier for all other teams that are involved or those that have a stake in the AP process. Accessibility. With cloud based, multi-tenant AP automation solutions, it is extremely easy for anyone who need the data to access it, from anywhere. With such cloud-based solutions, it is no more necessary to be in office to raise a PO – just do it from anywhere you are. All you’d need is a device and an internet connection.
Autonomy. With a well-made, robust and intuitive tool, which can run all your AP automation processes on the cloud, it becomes easy for all teams (not just Finance) to easily access and run processes. Teams can now easily and confidently file purchase orders, efficiently, from anywhere they want. With an intuitive automation tool, they would need a lot less hand-holding than before.
Of course, there are several solutions in the market that can be quite effectively used to automate your AP process, but what you’d need is the absolute best. This is where we talk about which software in the market could be the most sensible and robust investment for your organization.
Denali for Business
Cougar Mountain Software’s Denali Business is a complete accounting solution with the ability to customize modules to perfectly adapt to your business’ needs.
Denali Business isn’t built just for accounts payable. It’s a comprehensive solution that automates all the mundane task related to finance in your business, including Accounts Payable. What’s more, Denali business’ components work seamlessly with one another, offering you complete visibility and control of all financial operations.
With such a robust solution, it becomes increasing easy to run your AP process among others and helps you scale your business at more than the speed and expanse that you had first predicted for your business.
Denali Business also comes with several features and add-ons, that are a great value-add to your processes and organization. From inbuilt e-Commerce modules to eSignature customizations, running your Accounts process could never have been simpler.
Move to Automation, NOW!
Working slow and sure is something to be left in the past. Especially, recent events have shown us the urgent need for automation and cloud based solutions. Several smart businesses have already done the migration to avoid being left behind in the race. Automate spells efficiency for your teams, and ergo your business.
Automated tools are the future, and this is no different for Accounting or Accounts Payables. Automation ensures your AP process is faster, less error-prone, easier on the pocket, and more intuitive, effectively affecting the bottom line.
Don’t wait for the sun to set – take Denali business for a test drive, and you’ll be able to make it for that vacation you were planning by the end of the year. Good luck!