10 May Can automated accounts payable save your company money?
The initial obstacle to implementing automated AP is usually the cost. Most new software costs money, whether up front or monthly, and that can seem unnecessary when the company has been functioning without the software. What may not be immediately apparent, however, is that automated AP will save more money than the costs put towards the new system.
When accounts payable is done manually, most likely many hours are being spent handling mundane tasks. Automating these tasks can free up time for professionals to perform more strategic tasks. Automating tasks saves hours and simultaneously can increase employee job satisfaction.
With task automation comes a reduction in errors. When information is filled into fields from one area of a system to another, it saves re-keying. This can save a lot of time, but it can also help prevent simple errors that could have a big impact.
Errors affect the company and the bottom line. Errors can be costly to fix and can tarnish a company’s reputation. Automation can help to prevent errors and can also perform audits so that errors are spotted and corrected quickly.
Compliance violations can cost dollars, but keeping up with new legislation and reporting requirements can be tricky. Automated solutions can help keep you up to date on the newest legislative changes, while also keeping all of the information that you might need organized and ready to be assembled into reports with just a few clicks. Automation make it easy for you to stay on top of compliance without having to dedicate an employee to the task.
Learn more about the benefits of automating AP by contacting simplifiAP today.