The ABCs of Automated Accounts Payable Processes

Automating accounts payable processes is an expensive, time intensive task that your employees and customers will reject, right? Wrong. In fact, if you’re still generating invoices and processing purchase orders by hand, you’re not doing clients and vendors any favors.

Automated AP processes make managing accounts easier, optimize organizational workflow and give you the ability to better forecast cash flow. Can you say with certainty that manual AP processes do the same for your business?

The ABCs of Automating Your Accounts Payable Processes

So you’re on board with AP automation, but unsure about where to start. A general search for automated solutions will yield hundreds of results – and leave your head spinning. Additionally, you don’t want to randomly select a platform only to discover a few months later that it doesn’t meet your organizational needs.

The good news is that there is a simpler way to go about finding a solution that automates your accounts payable processes. Just stick to the basics, the ABCs. Your automated AP platform should:

  • Automate Invoice Generation and Delivery – High expenses, inefficiencies and errors. That’s what you get with manual invoicing processes. An automated platform gathers client and vendor information, generating accurate invoices that are less likely to contain information and keying errors. Once invoices are ready they’re delivered directly to suppliers and vendors – mailing and distribution fees not included.

  • Build-In Early Payment Discounts – Paying on time is great, and paying early often generates rewards. Early payment discounts incentivize buyers to settle invoices before the settlement date. Be sure to select an automated platform with built-in options for early payment discounts, pre-determined rates, dynamic requests and more. Not only will invoices get settled at a reduced rate, but partnerships with your vendors and clients will only get stronger.

  • Capture Data to Generate Reports – As a CFO or company treasurer, you know the importance of generating reports to demonstrate financial performance. You also know how difficult that task is if you have to flip through stacks of paper to find the metrics you’re looking for. When choosing a platform to automate your company’s accounts payable processes, select a solution that has robust, real-time reporting capabilities. Armed with actionable insights, you’ll make informed decisions regarding your company’s financial strategies.

Don’t Get Stuck With Manual Accounts Payable Processes

At Direct Insite, we believe automating your accounts payable processes should be simple. That’s why we developed PAYBOX® AP. A strategic tool for transforming complex AP processes, PAYBOX® AP handles invoicing, dispute resolution, discount management, reporting and more. It’s automation, at your fingertips.

To learn more about automating accounts payable processes with PAYBOX® AP, contact us today.

AP Strategies