Whatever be the size or type of the business, it is imperative for every organization to effectively manage and monitor its cash in-flow and out-flow to ensure productivity. Collating bundles of invoices submitted by the vendors, verifying them against Purchase Orders (POs), and processing payments is a tedious process. Especially, the traditional, paper-based invoice management processes are error-prone, time-consuming, and impact the organization’s productivity. To cope with this, most enterprises are adopting invoice automation tools and software solutions that can help streamline the business processes. The automation solutions allow accounts payable teams to automate manual tasks and help them to significantly reduce the human intervention in the AP process. Businesses that have already implemented automation in their AP processes are saving up on workflow errors and repeated tasks and bridges the gaps of miscommunication to accelerate the overall delivery of activities linked to the process.
In this article, we have discussed how AP software helps businesses improve business accounts payable processes.
Online billing software is an advanced tool that provides businesses with the tools they need to monitor the processes closely, respond quickly and consistently, and helps to enhance security. With the software, companies can implement automation in almost every business activity, including receipt management, invoicing, employee monitoring, payments tracking, and more, thereby speed up processes and relieves AP from tedious administrative tasks.
Invoicing and workflow management processes will have a direct effect on the organization’s performance. Finance teams are required to spend a lot of time and money collating the invoices, verifying them against POs, and making payment to vendors on time. This is tedious and prone to errors and can even lead to payments to inaccurate or duplicate invoices. To help the businesses, vendors that are offering AP software solutions are focusing on the tasks where more amount of time management is needed. Invoicing, workflow management, staff management, and payment processing are the most tedious and time-consuming tasks of the accounts payable process, and the AP automation streamlines those processes.
The process of recording data and calculating accounts receivables is tedious and cumbersome. However, the robust AP software solutions automate the entire invoicing process from vendor recognition to invoicing and make it easier for you to manage invoicing processes effectively. Once you add the details of recurring clients and schedule dates, the software automatically creates invoices and sends them to clients, thereby improving the invoicing process.
Cash inflow is the only thing that fully excites business owners. An undisrupted cash flow keeps the business operating effectively and relieves the owners from stress. To help the companies enhance cash flow, accounts payable software provides access to multiple payment gateways and reduces the chances of delays in payments. Plus, the software also offers real-time, accurate reports to give you a more refined perspective towards cash inflow with filters such as invoices, clients, time period, and more. Cash flows into the business when your staff is delivering their jobs effectively. So along with the cash flow management, enterprises should manage their staff effectively to ensure the business functioning properly. The AP software solutions offer multiple features such as project management, time tracking, invoice approval process, task management, and more to streamline workflow and enhance the productivity of the organization.
Advantages of Invoice Software Automation
Increased Efficiency in Tasks
Accounts departments spend the majority of their time on creating invoices, tracking payments, and handling other administrative tasks of AP processes. Industry experts say, on average, AP staff spend more than 6 hours of their day just creating invoices and rectifying errors. As the business grows, the number of invoices increases and further complicates the task. AP software automates all these administrative tasks and reduces the need for human intervention. So, the AP staff are relieved to focus on productive tasks that add value to the organization.
Increased Employee Productivity
It is obvious that well-managed staff are the stimulators for the success of any business. Businesses that closely monitor their employees’ productivity are yielding higher benefits than others. With the manual process, it is difficult for organizations to monitor every employee’s performance. As the organization grows and the workforce increases, you may lose track of employees. This can lead to a dip in employee turnover, and at some point, even the most dynamic employee can become disengaged due to the communication gaps. So, improving communication and workflow is the most reformist way to deal with this issue.
The custom workflow creation and management tools can improve the movement of tasks all through the workday, thereby making every authorized employee in the organization view and access it when needed. Accounts payable solutions also enable you to track and identify how much time an employee is spending on the invoicing process and analyze what sort of issues they’re facing while processing invoices. This allows you to identify low-performing employees and helps you organize training programs to empower them with all the tools and knowledge they need to manage invoicing processes effectively.
2-Layered and 3-Layered Security to Protect Sensitive Data
Data theft or loss affects the bottom line of the business. As per research conducted by IBM and Ponemon Institute recently, the average cost of data theft is more than $3.96M, and this figure can go up to $300M for larger organizations. And CompTIA reported that more than half of the data breach incidents occur due to human errors. Uncontrolled access and unnecessary human interference can cause major troubles. However, with AP software that provides 2-layered and 3-layered security features, you can reduce the chances of data loss or theft.
Explore More with SutiAP: Features
SutiAP is the most advanced online invoicing software solution in the market that offers a wide range of tools to streamline the entire accounts payable processes. Whether you are an individual, small business, or a large enterprise, SutiAP provides the functionality you need to improve your accounts payable processes. The software offers many unique features that simplify business processes and communication.
The features of the SutiAP list include but are not limited to supplier relationship management, purchase order, invoice management, workflow management, payments and reports, and more. The flexible approval workflow feature of SutiAP allows approvers to configure accounts payable process workflow as per the organization’s regulations and helps them to quickly review and process the invoices accurately. Automated email notifications keep both the vendors and approvers informed on the status of invoices. SutiAP supports businesses to collect payments from suppliers through ACH and also allows them to keep track of payment status and history with a highly interactive dashboard and reporting feature.
Accounts payable software solutions are specially designed to simplify the accounts payable processes for businesses of all sizes, including start-ups, SMEs, and big organizations. With various advanced features that allow the creation of customized approval workflows and provide accurate, real-time reports, AP teams can streamline the entire accounts payable processes. A few advanced solutions even include 2-layered and 3-layered account security features that reduce the chances of unauthorized access and data theft. Some advanced accounts payable solutions also include mobile apps that allow users to capture invoices through smartphones. And OCR technology automatically extracts the crucial data from the invoices and verifies it against POs, and eliminates the need for human intervention. So, there is no scope for human errors or data entry errors.
If you are still relying on the traditional, paper-based processes, it is the right time to purchase a robust accounts payable software that automates AP processes and improves the organization’s productivity. With numerous available accounts payable solutions available in the market, choosing the best one that perfectly suits your needs and requirements is a difficult task. Research the pitfalls of your existing AP processes and purchase the software that provides all the features and functionality you need to improve your processes.