In a Covid-19 sponsored climate of economic hardship, businesses are turning towards initiatives in technology to help them maintain profits and stay competitive. Automation has become one of the trendiest words in the pandemic stricken global economy. Businesses are looking to offload their manual processes in favor of faster and effective automated solutions. It is hardly surprising that accounts payable is not the one to be left behind in the transition from manual to automation.
Manual processing and approvals of invoices have been a constant source of grief to suppliers due to the copious amount of time needed to clear invoices. Automation of accounts payable caters to the deployment of technological tools to escape the necessity of manual processes such as a dedicated software solution.
LSG is introducing a cutting edge technological accounts payable automation solution, AI-enabled ExpenseCore, which can extract invoices and expenses in a variety of formats like PDF or Excel from different inputs like emails. An efficient accounts payable automation solution can use machine learning to review invoices and expenses to determine whether they are compliant with business accounting guidelines. Only those invoices and expenses which are found to be inconsistent with billing guidelines are flagged for manual review saving the time of employees who would have otherwise spent countless hours on repetitive mundane tasks. In essence, accounts payable automation solution enables employees to have the time for what they signed up to do in the first place.
Some of the prominent benefits of using accounts payable software include:
● Speeding up the accounts payable process by an average of 200x.
● Automatic intake of invoices from the email into review and payment software.
● Reducing costs and increasing savings by up to 8-11% per invoice through automated review guidelines.
● Timely payment of vendors leading to enhanced business reputation and better relationships; improve your payment terms with advanced payment deals.
● Compliance with industry regulations to ensure proper handling, audit trails, and transparency.
● Digitizing documents to do away with storage rooms full of file cabinets.
The accounts payable automation process has become an integral part of a business attempting to scale. More than just improving business efficiency and productivity, accounts payable automation is fundamental to the technological evolution and modernization quintessential to stay competitive especially for those businesses that are striving to challenge for the much-coveted position of "market leader" in their industry.
It is hard to ignore the opportunities created by accounts payable automation even in the era of Covid-19. It goes without saying that an accounts payable automation process should be an integral part of a business growth plan. Educating the workforce about the benefits of the accounts payable automation process and allowing them the space to come to terms with the software will consequently lead to an uptick in employee productivity and create an environment where businesses can reasonably scale.
With every addition in value emerging out of the implementation of accounts payable automation solution, it will become much more apparent that accounts payable automation is not about saving a little time or cut a little cost here and there but it is all about a large-scale organization-wide operational success. Enterprise resource planning, at scale.