"Is your Accounts Payable Dysfunctional?"
This Article:
Dealer News
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Business Office
6 Benefits of Automating Accounts Payable
An outdated or paper Accounts Payable (AP)
process could be wasting your time and costing
you more money than it needs to. More often
than not, the finance department gets the
short end of the technology stick as it's not
customer-facing and often management haven't
yet considered how technology could improve
their processes. Technology, especially AP
automation is making a big impact in
dealerships today than ever before.
Sometimes dealers need to think outside the box. Modernising your finance department can help generate significant savings in invoice processing times. You could benefit hugely from AP automation as it speeds up your ability to do everything, greatly reduces the chance of costly human errors and increases security such as making it exceptionally difficult to commit fraud.
Sometimes dealers need to think outside the box. Modernising your finance department can help generate significant savings in invoice processing times. You could benefit hugely from AP automation as it speeds up your ability to do everything, greatly reduces the chance of costly human errors and increases security such as making it exceptionally difficult to commit fraud.
An outdated or paper Accounts Payable (AP)
process could be wasting your time and costing
you more money than it needs to. More often
than not, the finance department gets the
short end of the technology stick as it's not
customer-facing and often management haven't
yet considered how technology could improve
their processes. Technology, especially AP
automation is making a big impact in
dealerships today than ever before.
Sometimes dealers need to think outside the box. Modernising your finance department can help generate significant savings in invoice processing times. You could benefit hugely from AP automation as it speeds up your ability to do everything, greatly reduces the chance of costly human errors and increases security such as making it exceptionally difficult to commit fraud.
Sometimes dealers need to think outside the box. Modernising your finance department can help generate significant savings in invoice processing times. You could benefit hugely from AP automation as it speeds up your ability to do everything, greatly reduces the chance of costly human errors and increases security such as making it exceptionally difficult to commit fraud.
Six reasons why your dealership needs
end-to-end AP automation
Inefficiency in your accounting department
could be costing you more than it should.
Automating AP to capture invoices digitally
and extract the data will bring an end to
tedious and repetitive tasks that will in turn
increase productivity and save valuable
resources.
1. Faster invoice processing
Automation provides the ability to create your
own set of workflows for each supplier so your
invoices are sent directly to the correct
person for approval, and your accounting team
will no longer need to see every invoice.
2. Invoice capture
Become more organised with an automated
process that captures each e-invoice on the
day of receipt, which is much simpler than
trying to print, scan and track paper copies.
3. Faster approval workflow
Invoices can be approved and processed
automatically based on multiple pre-defined
criteria and each step will be captured by a
comprehensive audit trail.
4. Invoice query management
It is much easier to track invoice queries
when they have been captured electronically
and include a full audit trail of all internal
and supplier dialogue.
5. Visibility and reporting
You are able to find out the exact status of
each invoice and transaction anytime with
real-time reporting that will improve your
cash flow and supplier management.
Paperless
Manufacturers are looking at the impact they
have on the environment and some are
encouraging a paperless office environment. An
automated AP system not only brings
efficiencies, it reduces the costs of storage
and archiving and many environmental benefits
Don't overlook the strategic benefits of new
tools and enable your accounting team to
become more productive.
Six reasons why your dealership needs
end-to-end AP automation
Inefficiency in your accounting department
could be costing you more than it should.
Automating AP to capture invoices digitally
and extract the data will bring an end to
tedious and repetitive tasks that will in turn
increase productivity and save valuable
resources.
1. Faster invoice processing
Automation provides the ability to create your
own set of workflows for each supplier so your
invoices are sent directly to the correct
person for approval, and your accounting team
will no longer need to see every invoice.
2. Invoice capture
Become more organised with an automated
process that captures each e-invoice on the
day of receipt, which is much simpler than
trying to print, scan and track paper copies.
3. Faster approval workflow
Invoices can be approved and processed
automatically based on multiple pre-defined
criteria and each step will be captured by a
comprehensive audit trail.
4. Invoice query management
It is much easier to track invoice queries
when they have been captured electronically
and include a full audit trail of all internal
and supplier dialogue.
5. Visibility and reporting
You are able to find out the exact status of
each invoice and transaction anytime with
real-time reporting that will improve your
cash flow and supplier management.
Paperless
Manufacturers are looking at the impact they
have on the environment and some are
encouraging a paperless office environment. An
automated AP system not only brings
efficiencies, it reduces the costs of storage
and archiving and many environmental benefits
Don't overlook the strategic benefits of new
tools and enable your accounting team to
become more productive.
This Article:
Dealer News
/
Business Office