Accounts Payable
Process Improvement
Drive Efficiency and Productivity by Leveraging Process Automation
Automating accounts payable activities drives operational efficiency, accuracy, and productivity.
Minimize manual work around reconciliation, invoice validation, and issuing payments.
Reduce invoice processing costs, enhance compliance, and minimize errors.
Automating Accounts Payable Processes
Automating accounts payable drives operational efficiency, accuracy, and productivity. You can reduce processing time, capture missing term discounts, and avoid the need to hire more resources. End-to-end automation is applicable from processing through payment.
This process delivers vast benefits for workers and organizations. Operations are more efficient and less labor-intensive, enabling your employees to be more productive and satisfied because they are performing more meaningful work.
Automation can reduce costs associated with processes. Applying Robotic Process Automation (RPA) for invoice processing can take a manual process of 28-30 days costing $15 to $25 per invoice and shorten it to a two-day process at only $1 to $2 an invoice.
You can also enhance compliance, minimize errors, and identify insights. In addition, it’s easier to scale and audit with automation.
Reduce error-prone manual processes.
Enable employees to be more strategic and analytical.
Quickly process large amounts of data and documents.
Improve cash flow with spend analysis.
Streamline data pulled from multiple platforms.
Proactively prepare for internal and external audits.
Accounts Payable Processes You Can Automate
Accounts payable processes can improve with RPA and Intelligent Process Automation (IPA). RPA uses digital robots that can emulate repetitive human activities, such as keystrokes, system navigation, identification and extraction of data, and other actions.
IPA combines RPA with Artificial Intelligence (AI), such as computer vision, cognitive automation, and Machine Learning. It expands the possibilities of what you can automate.
Invoice and Payment Processing
Eliminate errors, ensure data isn’t missing, and validate charges.
Vendor Contract Management
Aggregate and centralize data to avoid missing payments and renewals.
Reconciliation
Minimize manual reviews to maximize accuracy and save time.
Document-Heavy Tasks
Use bots to extract data from screens and documents to reduce the burden on workers.
Audit Trails and Transaction History
Leverage bots to collect and integrate data to streamline compliance.
Spend Analysis for Forecasting
Improve cash flow and overall financial health with analysis and insights.
Reduce Accounts Payable Process Costs by up to 92%.
The Latest Posts on Accounts Payable and Intelligent Automation
8 Examples of Using Automation to Achieve Operational Efficiency for Finance Departments
Finance departments rely on multiple workflows to accomplish tasks. Many of these involve lots of documents and data. Finance, just like every other line of business, must meet operational efficiency objectives.
How Automation Creates More Meaningful Work for Employees
The concept of meaningful work primarily has to do with employee satisfaction and fulfillment, and businesses that take this need seriously stand to capture greater value with staff doing more than transactional inputs.
Which Processes Can Be Automated Using RPA?
Most businesses are eager to be faster and better at their core competencies. They need to innovate and accelerate to achieve business goals, improve efficiency, reduce costs, and create more value for their customers.
Is Your Business Getting the Most Out of Its Automation Solutions?
Working faster and smarter is the motto of any organization. To achieve this, most are aware of the potential of automation solutions. They can be difference makers when it comes to efficiency and cost reduction. However, randomly implementing these tactics may not be serving your business in its pursuit of meeting those goals.
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Leverage the Power of Intelligent Automation to Improve Accounts Payable
The need to respond to internal and external expectations means your accounts payable processes must be strategic and modernized. The best course of action is Intelligent Automation (IA). When you leverage the power of IA, you’ll infuse traditional operations with new energy, gaining cost savings and a competitive edge.
Begin your journey to automated accounts payable processes today by scheduling a consultation with our experts.
Begin your intelligent automation journey today
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