November is the month for reflection and Thanksgiving. When considering your day-to-day routines, are you thankful for your company’s Accounts Payable functions? Are you set up with systems that leave behind manually-labor-intensive and expensive processes?
Today’s A/P best practices are definitely something many can be thankful for this holiday season. Here are the top reasons why:
By automating your A/P processes, you have the benefits of saving your organization money versus manual data entry and check printing. Paper processes are at high risk for human errors causing overpaid invoices, late payments, and duplicate payments. Accounts Payable automation cuts your processing cost from 50% to 90% or even more, thanks to a web-enabled and cloud-based system.
Decreased Risk of Fraud
Manual Accounts Payable processes are susceptible to fraud and A/P managers and clerks have revealed that a high percentage of payment fraud can be tracked back to paper checks. Accounts Payable automation enforces strict adherence to business rules, even if still issuing checks, reducing opportunities to commit fraud. Your company’s account and payment information is secure in a cloud-based environment with automated fraud detection.
Increased Visibility and Control
By using an automated Accounts Payable system your information is not only accurate, but visible with digitalized payments. The paperless system enables companies to easily track invoices at any time without worry of it being lost. These systems also make it easy to extract invoice approval and payment metrics on a per user basis. There is a peace of mind to knowing that you have complete control of your accounts payable processes.
Making payments with paper checks requires countless manhours of labor. With the time it takes to write, print, fold, stuff and mail paper checks, your company could be putting its efforts towards other necessary tasks. By using electronic payments and automating your A/P processes, your company can locate specific transactions faster. You can also receive immediate notification of fraud as well as automatic alerts that notify approving users of new payments that are available for review.
Strengthened Supplier Relationships
The efficiency of your Accounts Payable processes can play a big part in strengthening supplier relationships. A/P automation creates transparency by utilizing technology that notifies suppliers and vendors when invoices have been paid. This gives them more information and requires them to have fewer calls into Accounts Payable asking for payment status. A/P automation also allows for consistent communication between your company and its vendors as well as overall accuracy. A company’s strong relationship with its vendors is very important and easily improved with automated A/P processes.
Listed by CFO Tech as one of the Top 10 Accounts Payable Solution Providers 2018 and 2019 and by CIO Review as part of the 20 Most Promising Corporate Finance Tech companies for 2017, OnPay Solutions streamlines processes for accounts payable by automating invoice processing and payments.