Accounts Payable automation uses technology to streamline and simplify the accounts payable process. This involves using software to digitise and automate tasks such as invoice processing, purchase order matching, payment processing and increasing visibility and reporting over financial transactions.
Businesses are frequently looking for ways to save time and money, especially with increasing costs driven by inflation and payroll pressures. Embracing technological change and implementing an efficient AP automation solution can help your business to achieve this.
Here’s how you can gain support from your team and influence the company’s decision-makers to invest in an AP solution.
What problems are you aiming to solve with the AP software
For your lead stakeholder/decision-maker to consider the new software, it needs to solve prominent problems which are faced by the team/business.
Ideally, automating repetitive, nonstrategic admin tasks will allow employees to focus on strategic priority tasks.
When weighing up the purchase of new software, understanding the amount of time you will save against the cost of the software can be a deal breaker. It is essential to ask the question, ‘is the investment worth the value of the software?’
How much time will the software save you?
When considering alternatives, your team will certainly want to know the answer to this question when you are pitching new software. With busy schedules and tight deadlines, software which can save your team time is invaluable as it allows your team to spend more time on important tasks instead of worrying about POs.
In the case of Webexpenses customers, finance teams can save time on submitting, signing off, and processing invoices. Our software eliminates up to 90% of manual accounts payable processes.
How much money will the invoice software save?
Similarly, this is another posing question that managers and directors will ask. How will it save the business money?...
Purchase to Pay (P2P) software should allow a business to enforce a ‘No PO, No Pay’ rule, ensuring that spending will always be recorded and that management knows exactly what is being ordered/purchased and how much is being spent.
How easy is it to implement?
It is important not to overlook the implementation steps when investing in new software. However, when it comes to time and money, the amount of time it takes to get up and running will inevitably affect the decision of whether or not to purchase it.
What are the implications on the team once it's up and running?
Before implementing the software, it is important to understand the implications of the new software and if it should be rolled out company-wide. There are a few areas which need to be addressed:
- Who will be managing the software?
- How much training are employees required to undertake?
- Can it integrate with existing accounting software?
- How many staff will be using the software regularly?
How can Webexpenses Invoice Processing Software help you save time and money?
Webexpenses’ Invoice Processing allows your team to create time while saving money by removing tedious tasks and automating your Accounts Payable process. From POs to invoices our P2P software enables you to focus on important day-to-day tasks. Here are some of the benefits of an automated process:
Faster invoicing process
The main benefit is simply the speed at which your company invoices can be processed. Features including Automatic data capture, instant matching and integrated processing all help speed up invoice processing.
This approach allows for a better relationship with your customers, clients, and suppliers who will receive their payments on time and means your business can avoid any financial penalties for late payments.
Increased fraud/legal protection
Our Invoice Processing software provides digital document management meaning that every step of the process is traceable allowing you to comply with local tax regulations and support best practices with a paperless invoice process.
The software features integrated checks to help guard against fraud and errors, matching the invoice data against known details of clients and suppliers including emails and bank details.
By automating the process, your AP team will also be able to deal with a larger volume of invoices as your business grows and free them up from a mountain of paper receipts.
If this sounds like something which could benefit your business, feel free to book a demo.