Posted by Fergal Burke
10 Min Read
In today’s fast-paced business landscape, organisations are constantly seeking ways to streamline their operations and drive efficiency. Among the myriad of tasks that consume time and resources, managing accounts payable (AP) stands out as a crucial yet often labor-intensive process. Enter accounts payable automation—a game-changer in the realm of financial management. Let’s delve into how AP automation is revolutionising businesses, simplifying processes, and paving the way for financial success.
Did you know?
Organisations can save up to 82% on invoice processing costs by automating accounts payable workflows.
Aberdeen Group
Accounts payable, the process of managing and paying invoices from suppliers and vendors, is a cornerstone of financial operations for any organisation. Traditionally, AP tasks involve manual data entry, paper-based invoice handling, and complex approval workflows. This manual approach not only consumes valuable time but also increases the risk of errors and discrepancies.
Did you know?
AP automation can reduce invoice processing times by 50% to 80%.
Ardent Partners
In response to these challenges, forward-thinking companies are turning to AP automation solutions. Leveraging cutting-edge technology such as artificial intelligence and machine learning, AP automation platforms streamline and optimise the entire invoice management process. From invoice capture and data extraction to approval routing and payment processing, automation eliminates manual intervention, reduces errors, and accelerates processing times.
Did you know?
Automation leads to a 73% reduction in invoice processing errors.
Ardent Partners
Did you know?
AP automation can free up 12 to 15 hours per week for AP staff, allowing them to focus on higher-value tasks.
Institute of Finance & Management
While the benefits of AP automation are clear, successful implementation requires careful planning and execution. Here are some key considerations:
Did you know?
Automated AP processes lead to a 90% reduction in vendor inquiries about payment status.
Ardent Partners
To illustrate the tangible impact of AP automation, let’s explore some real-world success stories:
In conclusion, accounts payable automation is not just a buzzword—it’s a strategic imperative for organizations looking to streamline operations, reduce costs, and drive financial success. By embracing AP automation, businesses can unlock new levels of efficiency, accuracy, and agility in their financial operations, positioning themselves for sustained growth and competitive advantage in the digital age.
Does your accounts payable team waste endless hours on manual data entry? Do you find it hard to get invoices approved and paid on time? Do you want to avoid costly mistakes? Do you want better visibility on your finances? Accounts Payable Automation software will deliver all this and more.
At Enterprise Imaging Systems (EIS) we’ve been helping our clients save time, money and a whole lot of hassle for over 20 years. If you’d like to find out more about what our accounts payable automation software can do for your business, contact us today: Enterprise Imaging Systems | Free Trial – Enterprise Imaging Systems