If you work in accounts payable, you’re probably aware that automation can make your life easier—simplifying the AP process can save you time and money. Often a CFO might worry that AP automation is more trouble than it's worth, including misconceptions about the price point or the transition process. These are the most important things a CFO needs to understand about AP automation.
AP Automation Isn’t a Luxury—It’s a Necessity
AP automation has been around for years and is no longer a solution that only applies to the largest corporations—it's a requirement to compete in today’s increasingly digital business climate. Organizations that don't automate are likely to work slower and with more inaccuracies, and as a result can lose vendors, clients, and revenue to more efficient competition. Paypool offers automation solutions for organizations of all sizes, so there’s no reason not to take advantage.
AP Automation Saves Money
The high cost-per-invoice found in manual accounts payable departments comes from slow processing. The longer it takes to process invoices, the higher the cost. But automation speeds up invoice processing and costs go down. How much can you expect to save? Automation with Paypool can generally reduce the cost per invoice to less than five dollars with manual processing.
AP Automation Maximizes Cash Flow Visibility
A huge advantage of AP automation is its support of electronic payments, which are faster and more flexible than traditional payments. Plus, your organization can ensure payments are made on time, solidifying positive relationships with your vendors. All of this means you’ll have a better understanding of your immediate cash flow.
AP Automation Helps Minimize Fraud
Fraud will always be a risk in accounts payable, but organizations with AP automation have a leg up with built-in payment controls. Using a manual AP process leaves an organization vulnerable to fake invoices, which have many ways to receive approval or bypass the proper channels. During automation all invoices travel through one online process, giving approvers complete visibility into every payment. This enables them to easily identify suspicious payments.
Paypool has controls built into every part of the process. For example, invoices above a certain amount can trigger special approval routes or require dual signatures on payments. Additionally, Paypool’s AP automation solution allows you to keep an audit record and set approval routes. This means you’ll always be able to track every action taken on an invoice, including who took the action and when it occurred.
AP Automation Reduces the Risk of Audits
Automation helps reduce the risk of errors but audits still happen. In fact, some organizations may be required to submit independent audits if their expenses or charitable donations exceed a certain amount. Regardless, it’s always important to have an accurate record. With an AP automation solution, you can be sure your organization is compliant with access to a comprehensive log of payments. And unlike traditional accounts payable, automation means that a literal paper trail is no longer necessary. Everything you need is now at your fingertips
AP Automation Gets the Most From Your Team
Automating your accounts payable process frees your team of tedious tasks like data entry and allows them to focus on more strategic and fulfilling work. By minimizing menial work and trusting them with more important tasks, team members are more likely to be happier and productive. You might also notice once integrated with an automated solution your accounting system becomes more efficient, as they are now sharing accounting data. Paypool’s cloud-based solution easily integrates with hundreds of systems including NetSuite, QuickBooks, Intacct, and Abila MIP.
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Countless CFOs have chosen Paypool for their AP automation solution. Learn why by signing up for a demo today.