Unless you’re Parks and Recreation’s Ben Wyatt, you probably don’t enjoy completing manual accounts payable (AP) tasks. But thanks to automation software, you don’t have to.
With advanced optical character recognition (OCR) technology, document capture and management software, and electronic form services, organizations can outsource their AP processes to the cloud. You can improve inefficiency, eliminate late payments, and avoid unnecessary risk with an AP solution that solves common pain points, cuts cost, and doesn’t require a stack of file folders.
How Does AP Automation Work?
An all-in-one solution sounds too good to be true, right? Think again.
AP automation digitizes your records and establishes an automated workflow to handle up to 90% of AP processes. You can easily eliminate costly and time-consuming data entry and manual routing of paper with accounts payable automation technology. This type of technology can scan both physical and digital documents, and extract and validate data for same-day processing and analysis.
In addition to the technology, a major component of successfully adopting an all-in-one AP solution is the partner who provides it. They will:
- Scan all your incoming paper invoices and collect current electronic files, including your invoice backfile
- Set up workflow automation software to route invoices for approval
- Integrate the solution with your enterprise resource planning (ERP) software and other current business process systems
AP Automation Solves Common Pain Points
Accounting departments that function without AP automation rely on paper documents and labor-intensive tasks. They face a variety of challenges, including delayed payments and inaccuracies, risk of fraud and manual rework. AP automation software eliminates these struggles by removing human error and expediting invoice processing.
For remote teams, AP automation also solves the common issue of being unproductive. With a cloud-based workflow solution, remote teams can easily collaborate in real time and complete tasks efficiently. Decentralized departments can upload documents, process invoices, and more from any location with internet access.
Companies that implement AP automation can:
- Reduce manual invoice processing by up to 90%
- Increase office space by removing unnecessary filing cabinets
- Eliminate offsite document storage
- Provide executives with visibility into invoice aging, cash flow and AP productivity
- Avoid late payments and capture early payment discounts
- Protect legacy invoices against floods, fires and other natural disasters
Choosing the Right AP Automation Partner
A reliable, trusted workflow automation partner will smooth the transition from manual to automated processes, helping you to establish and manage a successful AP solution.
An experienced partner will begin by helping you determine what works and what doesn’t in your current AP system to avoid automating an already-flawed process. That way, AP automation will be a breeze once your solution is up and running.
The ideal partner will, of course, offer you a state-of-the-art solution that streamlines your accounts payable processes.
Look for a solution that:
- Can be implemented quickly
- Offers comprehensive 24/7 cloud-based support
- Provides real-time performance monitoring
- Lacks surprise upgrade fees
- Does not require IT or an admin system
Software like Kofax AP Essentials™, formerly ReadSoft Online™, offers all of these benefits and more. AP Essentials is an agile cloud-based AP solution that gives companies the true freedom of a digitally transformed accounting department.
With the right workflow automation software, accountants can outsource repetitive, time-consuming AP responsibilities to an intelligent platform and focus on more important ones.
At MetaSource, we develop solutions specific to our clients’ needs and provide customized support to ensure high ROI. Our experienced automation experts work alongside you to develop a multi-tenant, cost-effective solution to your AP woes.
To learn more about AP automation technology, contact us through the link below.