This is a guest blog from SSG Partner, Fidesic

Traditional accounts payable processes without automation are among the most painstaking accounting functions for any business. With multiple steps requiring high levels of attention to detail for each invoice, manual invoice processing can create a burden that draws focus and resources away from your business’s critical mission.

Processing invoices manually creates a number of challenges that may include:

  • Adhering to complex compliance requirements
  • Accurate invoice capture over multiple locations
  • Following strict approval rules based on clinics, locations, and/or departments
  • Difficulty generating accurate audit reports
  • Lack of visibility into the invoice approval process

For growing businesses, small hiccups and frustrations can quickly turn into costly problems as invoices start to pile up and vital accounting processes like month-end closing are interrupted by errors and missing data. Learn More: What is Accounts Payable?

Automating the Accounts Payable Process is Essential to Accounting for Modern Businesses

STREAMLINE ACCOUNTING EFFICIENCY WITH AP AUTOMATIONAP automation is software that makes it easier for businesses to pay their invoices efficiently and streamline the entire accounting process. Automated invoice processing helps modern organizations reduce costs and save time so they can focus on mission-critical tasks.

Automating invoice processing allows accounting departments to extract invoice data automatically, enter data into AP software, route the invoices and payments for approval, and post payments into general accounting ledgers. When implemented properly, accounts payable automation has been proven to decrease the cost per invoice by as much as 80 percent. Learn More: How Much Does it Cost to Process an Invoice?

How does AP Automation Work?

With the right software you can expect the following benefits from your AP automation solution:

  • Invoice data extraction
  • Approval routing workflows
  • Automatic reminders to approvers
  • Applies electronic signatures
  • Pay fulfillment including ACH & Check fulfillment
  • Auto-pay
  • Scans for invoice duplication
  • PO matching
  • Scans for errors
  • Audit tracing
  • ERP Integration

6 Tips to Streamline Accounts Payable (AP) for Accounting:

1. End to End Automation

With the Software-as-a-Service accounts, payable automation is more affordable and easier to install than ever so businesses can improve the accuracy and speed of accounting with accurate data entries.

2. Reimagine What’s Possible for Approvals

Implementing state-of-the-art AP workflows makes it simple to route invoices automatically so they get approved faster and checks get signed without hassle.

3. Move to Cloud for Improved Agility

AP automation in the cloud is easy to scale so businesses never waste licensing costs as their team grows or shrinks.

4. Move to Paperless

The right automation solution can seriously reduce the time and costs associated with paper-based processes. The right AP software includes functionality to go paperless.

5. Invoice Data Capture

Imagine the stress relief you will experience when invoices are scanned in and data is entered accurately on a reliably consistent basis.

6. Constant Improvement

Streamlining accounting requires more than just software. Improving your accounting processes is an ongoing effort, not a one-off project, but with the right software in place, you will have deeper insight and better KPI tracking to help you improve on an ongoing basis.

5 Great Ways Ways AP Automation Saves Time and Costs

  1. Significantly reduce invoice data entry time
  2. Reduce or eliminate expensive and time-consuming errors
  3. Significantly shrink your number of exceptions per month
  4. Reduce time between approval submission and signature
  5. Lose less data and better prevent invoices from being lost