The Enterprise Guide to Streamlining AP in Atlanta with Payment Process Automation
Are your accounts payable methods automated?
By utilizing accounts payable computerization, you can execute dematerialized methods into your company and streamline workflows like invoice approval process, data entry workflows, and payment processing.
Computerizing these kinds of business processes generate better efficiency in enterprise resource planning (ERP), higher cost-savings, and improved application of your manpower.
While some form of computerization has made its way into different enterprise businesses nowadays, many do not understand the entire proficiency of AP computerization and find it difficult to take out the laborious tangible tasks that lessen output and adeptness across their company.
With a market that is becoming increasingly competitive and COVID-19 making various organizations to reassess their labor force and procedures, digital transformation via tactics AP process simplification is more essential than ever.
In this guide, we'll explain the several capabilities of AP process automation so you can expand and accelerate the digital switch-over of your organization and achieve greater compensation for your effort.
Tasks You Can Automate Via AP Automation
1) Invoicing
To open, invoicing should be the primary aspect you streamline for your accounts payable division. Removing paper statements and purchase requests from your approval procedure can save tremendously in the cost of paper alone. But there [[are|exist|consist]88 other benefits for automating invoicing.
Perks include:
Decreasing the time used on hand-operated data capture tasks
The expenditures of using paper invoices
Sped up approvals and improved tracking
Reduced environmental footprint
Larger trail for auditing intentions and solid security
Capacity to remotely process invoice approvals
While many companies nowadays consider themselves to be streamlined, they aren't. For example, they may no longer be receiving or transmitting invoices via mail, however, the element of physically examining or typing info from the invoices into their file safekeeping system remains.
Full adoption of accounts payable automation and digital workflows will eliminate all paper and manual invoice administration for your organization. By means of advanced concepts like artificial intelligence (AI) and optical character recognition (OCR), your AP software will distinguish invoices automatically and transmit them to the adequate place.
Additionally, the information from the statements will be acquired immediately and saved in a principal repository for easy recovery in the eventuality of an audit. Supposing that a billing statement is collected from a vendor, your AP program can modify and route the details to the appropriate location for your benefit and the paper invoice can be gotten rid of.
2. Payment Processing
On the other end of billing, is your B2B payments procedure. Eradicating paper checks and creating computerized payment processing workflows can produce the subsequent advantages:
Accelerated processing and heightened efficiency
Elimination of hindrances inside your organization
Substantial decrease in usual staff mistakes (i.e. duplicate payments, late payments, mis-routing payments, etc)
A more safe, computerized credentials in the eventuality of an inspection
Eradicating manual duties for AP staff so they can concentrate on duties that grow the business
Reduction of expenses and a more rewarding A/P department
Paper checks are a major target for deceitful activity. Converting to digital payment processes like ACH transfers and virtual card transactions, you can substantially improve the safety of your accounts payable processes.
There are also additional payment incentives for taking advantage of digital operations besides the reduction of expenses of mechanization.
As an example, operating with business cards can often acquire compensation and different financial rewards you may recirculate into your business to increase profitability. Some suppliers may also provide prompt payment discounts you can take advantage of.
Furthermore, with an AP automation solution, functionalities of payment can be approached remotely so you can administer your settlements from any location whenever.
With automation platforms, you can expedite your procedures in spite of the quantity of records or payment processes you apply and manage all your settlements by means of a single, centralized system.
3. Powerful Integrations
Automating itemized bills and payment processing is rendered worthless if you are still continuing to manually transmit and systematize the data yourself.
A robust accounts payable solution will integrate with your ECM and ERP platforms like MFiles, SharePoint, and OpenText so that your data remains in one central area and can be used to boost cooperation and efficiency across the organization.
You may also present data to merchants by means of controlled permissions, so they can verify the situation themselves and avoid necessitating to contact you for a notification.
The perks include:
Automated data entering and storage
Better productivity via more automation
Lessened likelihood for hand-operated error present in manual duties
Further conspicuity into operations via innate current time information and analytics
Improved supplier relationships
Stronger security and conformity in case of an audit
Intending to Strengthen Your Enterprise AP Automation? Wave Can Help!
Physical AP methods can hinder your organization down and restrict your competency to promptly answer back to suppliers. This intensifies payment cycles, gives rise to higher invoice handling costs, lessens your control in the business, and can sooner or later strain your vendor relationships.
Wave’s AP Automation Platforms simplify your accounts payable operations throughout, from invoice ingestion to remittance, to submission of a concluded dealing into any ERP program of your choice. We can collaborate with Netsuite, Microsoft Dynamics, SAP, Oracle, as well as ECM platforms like MFiles, SharePoint, and OpenText.
We can also provide our accounts payable computerization as a local or cloud-based elucidation to suit your compliance needs and allowance.
Our accounts payable solution comprises of the listed elements:
Data Capture
The innovative capture operation ingests and resolves numerous invoice entries. OCR (optical character recognition) instantly establishes and extracts information including total amount, PO numbers, invoice date, line item data and so on and so forth. Streamlined data capture of invoice details eradicates the risk of personnel error and time associated with data entry.
Invoicing
The invoice mainframe promptly identifies and verifies exemptions, instinctively corresponds to POs, and transmits invoices through the approval procedure. Invoices can be recognized from your PC or your mobile device so you can supervise AP from anywhere.
Data Delivery
The data delivery feature generally amalgamates to every ERP or ECM tool and/or a personalized portal so that your information is stored in one central area for effortless retrieval and auditing.
Analytics
Our web-based business process automation software offers concurrent reports and dashboards outlook for raised visibility into your functional competency at every step of the procedure. This aptitude streamlines your accounts payable operation so you save time and funds, by increasing output and conspicuity.
Merchant Portal
Our tool permits vendors to take a look at the situation of their invoices, input invoices straight into the system, view purchase forms, and correspond by adding attachments and remarks to the platform. It also empowers internal processes to decrease supplier inquiries, develop vendor connections, lessen the amount of invoice corresponding matters and time spent on processing.
If you'd like to learn more about how Wave can contribute to digital switch-over and accounts payable streamlining in your business, contact us today!