Accounts Payable automation leverages technology to optimize and streamline the accounts payable procedure. It entails employing software to digitise and automate various tasks, including invoice processing, purchase order matching, payment processing, and enhancing transparency and reporting for financial transactions.
By going paperless and implementing a streamlined digital workflow with your accounts payable process, you can revolutionise your invoice processing and propel your business towards achieving net-zero targets. Here are 6 reasons why AP automation is a game changer for your business.
Automating AP removes the need for paper throughout the entire purchasing process. With digital invoice capture, you’ll have real-time visibility of every transaction, whether an invoice is waiting for approval or has already been approved and posted to your finance system. Not only does this reduce your company’s carbon footprint, but also ensures compliance with HMRC requirements.
100% Visibility on reporting
Having a centralised solution that provides a comprehensive view of all invoices awaiting approval is a game-changer for your finance team. With accruals reporting, you can accelerate month-end closes, leading to faster delivery of monthly management reports.
Real-time oversight of every planned and committed purchase along with complete visibility and control of business spend, ensuring management has greater control over cash flows and expenses.
Up to 90% productivity gain
Manual data entry to your ERP system is a repetitive and tedious process and often leads to manual errors. An Invoice processing solution helps to eliminate the need to manual data entry and automates the approval process.
Webexpenses allows users to access their approval process on any device which improves productivity significantly. These time-saving features allow your team to focus on more essential tasks, driving overall efficiency.
Control spend as it happens
By providing real-time oversight and control of business spend, the purchase-to-pay process delivers transparency and automation, without the need for constant user intervention.
Take charge of your spending by choosing preferred suppliers and setting up approvals before placing orders. A solution like Webexpenses invoice processing enables 2 and 3-way match, depending on your business rules, reducing errors and ensuring accuracy.
Improve supplier relationships
By automating the entire accounts payable process, you can bring significant benefits to your business. With real-time visibility and efficient purchase automation, your suppliers will experience smoother interactions and improved collaboration throughout the entire accounts payable process.
With an automated process companies can pay their suppliers on time which builds trust between vendors and the buyer.
Real-time data for informed decision making
Real-time data enables you to gain better control and insight over cash flow and capital. Automating the accounts payable process enables stakeholders to track the progress of invoices and payments, equipping them with valuable financial insight for making well-informed decisions.
Webexpenses provides a current and historic breakdown of all spend by supplier allowing you to analyse business purchasing costs against a specific period.
Supplier budgets can be set to alert stakeholders as budgets reach specified spending values with your key suppliers, meaning that purchasing decisions are made with full visibility of real-time financial data.
Automating your accounts payable process with Webexpenses’ invoice processing solutions brings a host of benefits to your business. From going paperless and achieving net-zero goals to significant productivity improvements. Find out how to gain buy-in for AP automation.
If you would like to learn more about our solution, book a demo.