Before making the move to an automated AP process, it’s important to consider how automation would change a company’s business practices. Things like payment schedules, reaction times and invoice processing costs will all be directly affected, but there’s more to it than that. Automation can also reveal a bevy of insights for managers and C-level executives that were never previously available. Once found, these new insights can influence strategic decisions going forward.
AP Automation Software Gives Managers a Better View into Cash Flow
An automated AP process is more efficient and quicker than a manual one. Handling more invoices more accurately and more quickly not only reduces costs, but also buys back time and opportunity for management to probe deeper into how their department operates. With invoice automation software handling the more rote aspects of organizing, routing and approving invoices, managers can view data generated by the software and gain insight into processing volume, timing, and most importantly, cash flow.
This is a very important feature that provides a needed benefit. Nearly 70% of controllers surveyed in one IOFM study said that improving visibility into cash management was their top priority. Automation software helps managers gain visibility into cash flow which helps improve cash management. The software dashboard does this by providing real-time metrics that are virtually impossible to glean from a manual process.
In addition to the insights offered into cash flow and payment cycles, managers will also be able to diagnose AP process issues as they happen. Instead of needing weeks or months to notice a problem that could cost a business serious money, AP automation software dashboards provide up-to-the-minute data that reflect the health and well-being of the AP process itself. You can determine where there are snags, how quickly exceptions are handled, and easily discover any spikes or ebbs in volume. There’s no longer any reason to tolerate workflow interruptions or errors.
Work Smarter with AP Automation
With the help of AP automation software, companies can work smarter and be more inline with broader industry trends that demand a faster pace without accuracy- or timing-related hiccups. C-level executives may be too busy to monitor the process day-in and day-out themselves, but AP automation software offers AP managers an opportunity to form a strategic partnership with senior level executives that can lead to great things for both themselves and the company as a whole.
The benefits of a move to AP automation are wide-ranging and comprehensive. That said, these benefits wouldn’t mean quite as much if companies weren’t able to track, analyze and use the data generated to further strengthen themselves and grow their market share. Automation software allows management insights into their business processes like never before, and provides a clear way forward for organizations seeking an edge in the digital marketplace.
Now that you understand all the insights and intelligence you can get from AP automation, check out our post on earning higher ROI!