AP automation is one of the most important things you can do for your accounting department
If you are looking for ways to improve your accounting department, then AP automation is the first thing you should be considering.
If you implement an AP automation system correctly, not only will it save time for most of the staff in the department, it will also save the company money.
What is AP automation? — This is a software program that automates your entire accounts payable system. It will allow you to spend some time setting up the program, inputting invoices and making purchasing decisions. Once this is done, however, much of what you have to do every month to complete your accounts payable needs will be automated from then on.
What are the benefits of AP automation? — If you ask staff, you will find they spend hundreds of hours a month processing invoices, paying invoices and making sure invoices are not paid late. If you set up an AP automation system, however, much of this work can then be done by the computer system. Thus freeing up staff to be able to do things that could save your company even more money.
Having the right AP automation also means you can make payments to vendors quickly and efficiently, and not have payments fall through the cracks to be forgotten. This will leave you with happier vendors and far less chance of having to pay late fees on missed payments.
You will also be able to set up the system to pay all your invoices digitally, saving you money that would normally be spent on expensive business checks.
How long does it take to set up? — An average ap automation system only takes a couple of days to set up. From then on out, most of the work in the AP section of your accounting department will be running automatically.