Strategies to Automate Accounting Workflow

Ever wonder how automating accounting workflow can improve the overall performance of your company’s accounts payable (AP) department strategies? The answer is simple: Better AP workflow improves critical processes like invoice approvals, exceptions management, dispute inquiries and more.

AP processes have traditionally been completed manually, involving paper invoices and lengthy payment cycle times. Not only are these manual methods slow, but they also rife with inefficiencies and are often the root cause of many performance problems. As a result, outdated AP practices can seriously hinder the financial health of your organization.

How to Automate Accounting Workflow

Corporate AP departments that are tired of slow and expensive AP processing are welcoming accounts payable automation with open arms. Automation is surprisingly easy to implement, and doing so can help your organization improve workflow management, more accurately forecast cash flow, and optimize financial performance.

By incorporating specific automation capabilities, you’ll see a measurable improvement in your AP accounting workflow and an overall uptick in department performance.

  • Leverage Scan & Capture – Manually entering invoices into your AP system is tedious and time consuming. Scan and capture capabilities automatically match invoices against purchase orders before scanning and importing them into legacy AP systems. With scan and capture functionality, invoices can still be accepted via paper distribution, email, fax, EDI and web portal.

  • Take Advantage of Electronic Invoicing – Touchless invoice processing reduces the risk of the misinformation and keying errors associated with manual data entry. E-invoicing also enables faster payments, allowing you to settle accounts faster and collect more early payment discounts.

  • Use Self-Service Portals – Frustrating billing and invoice processes can lead to increased disputes and friction with your vendors and suppliers. A user-friendly self-service portal allows suppliers and vendors to securely log in and view invoices, manage accounts and submit inquiries.

  • Reference Performance Reports & Analytics – In-depth insights enable you to gauge the effectiveness of your accounts payable strategies and make adjustments as needed. Consistent improvements to AP processing methods allow you to optimize accounting workflow and make better-informed decisions.

Ready to Automate Your Accounting Workflow?

At Direct Insite, we understand the crucial role of workflow management in your company’s accounts payable strategies. Our latest AP automation solution, PAYBOX® AP features powerful workflow management capabilities that provide organizations with the tools and resources they need to achieve faster, cheaper and more accurate AP processing.

Our workflow management tool is a user-friendly, industry-compliant resource that integrates seamlessly with legacy technology, ensuring simple adoption and easy implementation.

Stronger accounting workflow is at your fingertips. To get started, contact Direct Insite today.

AP Strategies