Many companies are turning to accounts payable (AP) automation solutions like PaperSave to streamline their invoice and document management processes. If you’re on the fence on whether or not you should follow suit, you can start by looking into your company’s needs. This way, you can be sure it’ll be a good fit for your business and that it will provide you with your money’s worth in benefits.
In particular, AP automation makes for a solid investment if you want to achieve the following outcomes:
1. Reduce the time needed for invoice processing
Traditional paper-centric invoice management lasts anywhere from several hours to several days. Besides external factors like weather and the promptness of courier services, internal variables like the availability and workload of your AP team may have adverse effects on the process’s completion time.
AP automation solutions can speed up invoice processing. PaperSave, for instance, does this in several notable ways:
- It lets you receive invoices via email in PDF format, taking mere seconds to arrive from your vendor.
- It lets you capture data directly from the e-invoice.
- In case you receive paper invoices, you can take a picture of the document with your mobile device and PaperSave will capture the data from the image.
- All captured data is automatically organized and stored in cloud servers without the need for manual data entry.
- Any document stored in your database can be retrieved within a few seconds using a process not too different from doing a Google search.
- Approvers may approve invoices using their phone or tablet, as long as they have the PaperSave app installed on their device.
By eliminating time-consuming and low-value steps like manually entering data and waiting for approvers to be present in the office, you can cut down the duration of invoice processing to just a few minutes with AP automation.
2. Increase the consistency and accuracy of your AP process
Even the most meticulous members of your AP team may commit an error or two during manual data entry. Unfortunately, a single number off the mark can have severe repercussions on your database at best — and on your finances and credibility at worst.
By reducing or eliminating the need for manual data entry during invoice processing, AP automation solutions prevent inaccurate and inconsistent data.
3. Boost your relationship with your vendors
Delays during invoice management can lead to late payments — something vendors do not appreciate. If you want to improve your relationship with your suppliers, then leveraging AP automation solutions to speed up payment processing will help. And since many vendors offer discounts to early payers, this strategy can also help you save money.
4. Improve flexibility and ensure continuity
The coronavirus pandemic proved just how important it is for businesses to operate beyond the corners of the traditional office. You can’t do this, however, if you still depend on paper documents — unless you can lug your heavy metal filing cabinets wherever you go, of course.
AP automation offers a high-tech and much simpler alternative: cloud storage. Anything stored in cloud servers can be retrieved and accessed anywhere using computers and mobile devices connected to the internet. This allows your staff to work on the files they need in real time and be as productive anywhere they need to work.
Furthermore, cloud servers are handy tools for storing backups of your business’s crucial files, including invoices and other financial documents. These backups minimize the risk of IT failures and downtime.
5. Bolster data security
Cybercriminals are relentless, so you need to keep all your bases covered when it comes to securing crucial business files. One effective way to keep your data secure is to store it in cloud servers where it’s protected behind stringent identity verification protocols, firewalls, and advanced encryption.
6. Decrease paper usage
Every year, businesses spend around $80 on paper per employee. Considering the cost of printing on paper, as well as storing, shipping, and disposing of documents, you could be losing thousands of dollars annually on slow and outdated paper-centric processes.
AP automation enables you to go paperless, helping you save a lot of money. It also makes your operations greener by helping reduce the number of trees cut to produce paper.
AP automation solutions are a valuable tool for businesses looking to save on resources while boosting operational efficiency and data security. Discover the other ways PaperSave can help secure your company’s growth by scheduling a free personalized demo today.