As finance teams today face labour shortages and budget constraints, they are forced to do more with less.
This is where Accounts Payable (AP) automation comes into play, as it is designed to simplify organisations' day-to-day tasks from manual processes to more efficient and cost-effective workflows.
According to software development company Ottimate, with streamlined invoice processing and coding, automatic approval routing, and easy payments and reconciliation, companies can focus on activities that truly move the needle forward as AP automation can ease challenges and boost efficiency, accuracy, and compliance.
Automating AP workflows brings in immense value for finance teams as it eliminates tedious data entry and bottlenecks in the approval process.
AP automation also extracts invoice data and maps it directly to your accounting system, reducing human errors from keying invoices and speeds up processing times.
This can be proven benefitting to CFOs, as accurate financials and detailed spend analysis supports better forecasting and strategic decisions.
To make the most of AP automation, Ottimate says it is important to pinpoint where in the invoice lifecycle automation can have the most benefits. AP automation tools should focus on invoice digitisation, approval routing, payment automation, and accounting integrations to remove time-consuming steps that extend workflows.
By focusing on these critical areas, AP teams can transform productivity and efficiency, as AP automation digitises processes, optimises approvals, and eliminates paper.
