In many companies, Accounts Payable processes are still carried out manually and are very paper-intensive. Manual procedures quickly show their limitations, especially as the volume of invoices goes up. That’s where process automation comes into play – with removing manual tasks, improving visibility and providing better control over financial data.
The benefits of automating and managing the invoicing process are substantial. They include:
- Reducing the amount of time spent by any single employee on any one invoice (which results in significant cost savings)
- Ensuring that invoices are electronically verified, approved, and assigned – the physical movement of documents is made unnecessary
- Monitoring where in the process any given invoice is, and automatically handling escalations, alerts, and deadlines
- Reduced load on reviewers/approvers since they only see the invoice they truly need to see; “FYI” traffic is reduced to what’s truly necessary
- Enforcing compliances with corporate policies and governmental laws
- Enhanced clarity of activity and results, and the possibility of easy and rapid improvements
- Eliminated rekeying of data between disparate systems and associated errors
- The ability to time payments in order to maximize cash management and capture early-payment discounts
- Opportunity to engage your AP department in more strategic, value-driven work thanks to the time savings
This webinar we will show you how our low-code platform WEBCON BPS can make Accounts Payable better, as in faster handling of invoices, easier work for users, the outright elimination of unnecessary steps, effortless auditability — all of which can be accomplished without the loss of flexibility and control.