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Accounts Payable Automation: Simplifying Processes for Financial Success

Posted by Fergal Burke

10 Min Read

Accounts Payable Automation: Simplifying Processes for Financial Success

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

Understanding the Accounts Payable Landscape

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

The Rise of AP Automation

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

Key Benefits of AP Automation

  1. Enhanced Efficiency: By automating repetitive tasks, AP automation frees up valuable time for finance teams to focus on strategic activities.
  2. Improved Accuracy: Automated data capture and validation minimize errors and ensure compliance with regulatory requirements.
  3. Faster Processing: With automated approval workflows and electronic payments, invoices are processed and paid more quickly, enhancing vendor relationships and avoiding late fees.
  4. Cost Savings: By reducing manual labor and paper-based processes, AP automation drives cost savings through increased productivity and reduced operational expenses.

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

Implementation Considerations

While the benefits of AP automation are clear, successful implementation requires careful planning and execution. Here are some key considerations:

  • Integration: Ensure seamless integration with existing ERP systems and other financial applications. Here at Enterprise Imaging Systems our TraX APA solution has integrated with over 100 ERP/finance systems.
  • Customisation: Tailor the automation solution to meet the specific needs and workflows of your organization. With over 20 years of experience in the sector our team know best how to accommodate your ways of working but we’re also here to recommend best practices that are designed to improve efficiencies.
  • Training and Support: Provide comprehensive training and ongoing support to users to maximize adoption and effectiveness. Our local team are here and ready to help. 95% of our business is referral driven as we pride ourselves on the exceptional customer service we provide.
  • Security: Implement robust security measures to protect sensitive financial data and prevent fraud. At Enterprise Imaging Systems security is always top of mind. We provide secure access via Windows and User Level Authentication with all documents stored securely in line with your preferences, either in our secure private cloud or your server. In addition, all documentation is regularly backed up in case of disaster.

Did you know?

Automated AP processes lead to a 90% reduction in vendor inquiries about payment status.

Ardent Partners

Real-World Success Stories

To illustrate the tangible impact of AP automation, let’s explore some real-world success stories:

  • Beechfield Healthcare: By implementing TraX AP automation it saved the team a few days a week and even saved them having to hire another staff member.
  • Jack Pennington Ltd: With TraX APA in place approximately 90% of invoices are now auto rounted to TraX without any requirement for human intervention.
  • Deli Lites: With an average of 300 supplier invoices processed weekly, TraX APA significantly increased automation levels while drastically reducing reliance on paper.’ Rachel McKee, Assistant Account Purchase Ledger, Deli Lites TraX APA’s assistance in statement reconciliation is equally beneficial. The system automates the identification of missing invoices, sending email requests to suppliers asking for missing invoices to be emailed.

Conclusion

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.

Want to find out more about how AP automation can benefit your business?

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