Facebook Twitter Instagram
    Facebook Twitter Instagram
    Business News Bill
    SUBSCRIBE
    • Home
    • Finance

      Startup Studio Insider on the Top 4 ​​Advantages of Early-Stage Funding

      January 27, 2023

      Insight Global Review – A Brilliant Opportunity or Scam

      January 27, 2023

      Cash App Scams: How to Avoid Scams and Keep Your Money Safe

      January 20, 2023

      Don’t Fall for Zelle Scams – How to Protect Yourself

      January 18, 2023

      How to Recover From a Natural Disaster

      January 11, 2023
    • Business

      How to Avoid and Spot OfferUp Scams – Important Tips

      January 25, 2023

      What Products Can You Make From Recycled Scrap Metal?

      January 19, 2023

      Basics of Bookkeeping Every Business Owner Needs to Know

      January 19, 2023

      Get Efficient Results With Camera Rental in Toronto

      January 19, 2023

      8 Questions To Ask About Workers’ Compensation

      January 12, 2023
    • Digital Marketing

      The different models of human resource management

      January 20, 2023

      5 best WhatsApp promotional messages templates

      January 9, 2023

      5 Important Tips to Boost Your Employees’ Job Satisfaction

      December 24, 2022

      Emberify: 6 Hidden Instagram Features That You Need to Know

      December 13, 2022

      How to Optimize Your E-Commerce Website for Search Engines

      December 20, 2022
    • Technology

      Verizon – The Future of Wireless Hotspots

      January 21, 2023

      How To Get The Most Out Of Your Lenovo ThinkPad E585

      January 14, 2023

      Razer Blade Review: Design, Display, Battery Life, and More

      January 17, 2023

      How to Choose the Detachable Camera Flash – Buying Guide

      January 17, 2023

      DSLR Microphone: What You Need to Know Before Buying

      January 17, 2023
    • Shopping

      Discovering the World of Designer Plush Toy

      January 11, 2023

      Don’t Let Winter Weather Stop Your Shipments

      October 25, 2022

      Things to Know About Laptop for Programming and Coding

      October 13, 2022

      Digital Catalog Publishing is Relevant for Lookbooks – Here’s Why

      September 26, 2022

      Office Desks: U-Shaped vs. L-Shaped

      September 12, 2022
    • Contact Us
      • About Us
      • Privacy Policy
      • Write For Us
      • Terms and Conditions
      • Disclaimer
    Business News Bill
    Home » 7 Benefits of Using AP Automation in Your Business
    Digital Marketing

    7 Benefits of Using AP Automation in Your Business

    Alexander LoganBy Alexander LoganOctober 27, 2022No Comments4 Mins Read

    AP (accounts payable) automation is the act of automating the manual processes within the accounts payable life cycle. This includes tasks such as manual data entry, order input, invoice generation and delivery, as well as payment processing. 

    Automation technology is a fast growing industry and shows no signs of slowing. Gartner, Inc. states that in 2021 the market hyper-automation technology reached $41.6 billion in 2020 and forecasts it will climb to $596.6 billion in 2022. 

    There are many benefits to automating the AP process. Here are 7 ways it can benefit your company: 

    • Save Time 

    One of the greatest things about automating AP is how much time it can save your company. Companies like Softco offer AP automation solutions for your business that can allow manual processes to be streamlined into effective workflows. 

    For example, approvals can be done immediately, data can be automatically collected, invoices can be generated right away no matter the time of day, and payments can be made on the spot. Activities that can take days or weeks in a manual system are completed right away, saving your company hundreds of man-hours. 

    • Save Money

    It is no surprise that while your company is saving time, it is also saving money. According to a survey by APQC (American Productivity and Quality Center) an invoice processed manually averages around $10 per invoice, while those who use an automated process only average around $2. This equates to 80% savings by switching to an automated process!

    Add in the fact that automated data entry reduces errors, improving invoice accuracy, workflow and auditing, it is no surprise why so many companies are looking to automate their processes.  

    • Improve Accuracy

    Manual work is not only time consuming and costly, but it increases the risk for errors. Manual data entry that exists without proper workflow can also make auditing a difficult and time consuming process. 

    AP software allows you to compare data accuracy with other software you may have such as CRM (Customer Relations Management), ERP (Enterprise Resource Planning) or financial data and reduces the risk of duplicate invoices. No one wants their clients to go through the stress of duplicate payments.  AP software will improve customer satisfaction as well. 

    • Improve Workflow

    Automating processes gives you the opportunity to improve your workflow. Your employees won’t be wasting time on time-consuming manual tasks and can focus on things like customer engagement and satisfaction. In addition, because the data collected will be consistent and accurate, it can also be used to identify potential bottlenecks and areas of weakness, which allows for continual improvements. 

    Better workflow also allows for smooth collaboration between employees and can help to improve the satisfaction of your workers and increase retention. 

    • Make Auditing Easier

    AP automation can assist with the entire auditing process, making it accurate and stress free. Automated document management allows for documents to be linked to messages, transactions, invoices and receipts ensuring easy accuracy. 

    Reports can also be generated automatically allowing you to file quarterly reports right away without spending hours verifying your data and sifting through different systems. 

    • Protect Against Fraud 

    Unfortunately, with the increase of online services, the risk for fraud is prevalent in everything we do. AP software allows you to assign designated employees to approve payments before their release. Because everything is linked and easy to find, determining that an invoice is fraudulent is much easier. Reducing or eliminating unverified payments saves time, money and reduces stress for you and your employees.

    • Improve Data Collection, Preservation and Integration 

    Though some may see it as a nuisance, data collection is here to stay. Automating this process will save money and make information more accurate. AP software integrates with CRM, ERP and financial databases allowing you to not only ensure accuracy, but use the data in meaningful ways. 

    When used properly, data can contribute to improving workflows, reducing costs, simplifying auditing processes and protecting against fraud. 

    Final Thoughts

    AP automation is just one of the financial technologies that is continually rising, and it’s here to stay and for good reason.  Investing in this valuable software can change the way your company does business and set you up for future success. 

    Share. Facebook Twitter Pinterest LinkedIn Telegram Reddit Email Tumblr VKontakte WhatsApp
    Previous ArticleWhy Web Loading Speed is Important: 6 Must-Read Reasons
    Next Article Insurance Nationwide: Two Main Categories of Insurance and What They Cover
    Alexander Logan
    • Website

    Alexander is a professional blogger and journalist, who frequently writes about business, finance, law, and technology to help people understand and know everything happening around them.

    Related Posts

    The different models of human resource management

    January 20, 2023

    5 best WhatsApp promotional messages templates

    January 9, 2023

    5 Important Tips to Boost Your Employees’ Job Satisfaction

    December 24, 2022

    Emberify: 6 Hidden Instagram Features That You Need to Know

    December 13, 2022

    How to Optimize Your E-Commerce Website for Search Engines

    December 20, 2022

    5 Branding Services That Can Help Your Business

    December 12, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    DMCA Protected
    Recent Posts

    Why choose a pool made of concrete?

    January 28, 2023

    Startup Studio Insider on the Top 4 ​​Advantages of Early-Stage Funding

    January 27, 2023

    Here’s Everything You Should Know About Camp Lejeune Water Contamination Lawsuits

    January 27, 2023

    Insight Global Review – A Brilliant Opportunity or Scam

    January 27, 2023

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Our Picks

    Why choose a pool made of concrete?

    January 28, 2023

    Startup Studio Insider on the Top 4 ​​Advantages of Early-Stage Funding

    January 27, 2023

    Here’s Everything You Should Know About Camp Lejeune Water Contamination Lawsuits

    January 27, 2023

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Facebook Twitter Pinterest
    • About Us
    • Contact Us
    • Disclaimer
    • Privacy Policy
    • Terms and Conditions
    © 2023 Designed by BusinessNewsBill.

    Type above and press Enter to search. Press Esc to cancel.