The benefits of investing in new technology are long-term and often immediate. If you invest in an accounts payable (AP) automation solution like PaperSave, for instance, your Florida-based company will see several quick improvements.
1. More accurate invoice processing
Traditional, paper-based invoice processing requires plenty of human input, especially in encoding and recording data. This process is incredibly slow and is prone to error, which can lead to further delays.
AP automation solutions allow you to easily capture data straight from your invoices, whether the information is printed on paper or in digital format as an email attachment. In fact, the PaperSave mobile app lets you conveniently capture invoice data using the camera on your smartphone or tablet. PaperSave’s Electronic Document Imaging technology converts the image into an e-invoice that is automatically sorted and stored in cloud-based servers.
AP automation also makes it possible to complete invoice processing within seconds. And because the data comes straight from the source and very little human input is involved, the risk of error is minimal.
2. Increased staff productivity
With invoice processing and management sped up, your AP team has time to accomplish more tasks. But this isn’t the only way in which AP automation solutions contribute to increased productivity. The technology also makes it easy to retrieve documents saved in your database. PaperSave, in particular, allows users to search for information as intuitively as a Google Search. Just provide search terms, such as keywords (e.g., a biller's account name) or metadata, and PaperSave will deliver the documents that match your query.
In contrast, traditional document retrieval processes make your employees spend minutes browsing folders and envelopes in file cabinets for the files they need. In a year, these minutes may add up to hours that could have been spent on more valuable tasks.
3. Faster approval times
The sooner an invoice is approved, the faster your vendors get paid and the less likely you’ll incur penalties for late payments. By speeding up invoice processing and enabling the quick transmission of e-invoices, AP automation allows you to quickly perform the three-way matches that are necessary to verify purchase data prior to invoice approval.
PaperSave takes this a step further by enabling approvers to approve invoices using their phone or tablet with the PaperSave app.
4. Smooth integration with ERP and other applications
Some business owners hesitate to adopt new technology for fear that it would conflict with the solutions they already have. On the contrary, most AP automation solutions are designed to integrate seamlessly with the most commonly used enterprise resource planning (ERP) systems in the market.
In the case of PaperSave, it integrates and works smoothly with Microsoft Dynamics and Microsoft Dynamics 365, as well as accounting giants Intacct and Blackbaud. This enables PaperSave to take advantage of the other apps’ powerful features, such as electronic workflows and support for multiple document types, and expand its own capabilities.
5. Compliance with federal and state tax regulations
AP automation makes it easy to accurately derive data from your invoices and organize and store these in secure servers. During tax planning or when filing returns, these records will enable your team to accurately prepare and complete both federal and state tax forms, minimizing the risk of tax audits and possible penalties.
PaperSave helps clients streamline their AP processes by accelerating invoice management and enhancing the accuracy and efficiency of recordkeeping. Discover the many ways we can help your company by scheduling a free personalized demo today.