- Accounts payable automation reduces manual tasks and streamlines processes.
- Accounts payable (AP) refers to the money a business owes to its suppliers for products or services received.
- This generates a lot of paperwork, such as invoices, purchase orders, and goods received.
- AP automation can save time and money, with cost reductions of up to 30% by transitioning to electronic invoicing and up to 80% by automating the matching of purchase orders with invoices.
- It also reduces human errors and improves cash flow management. AP automation works by guiding invoices through a digital workflow, from receipt to matching and approval, and finally auditing and archiving.
- It benefits businesses of all sizes by streamlining the AP process, reducing errors, generating valuable insights, improving supplier relationships, and freeing up employees’ time for more valuable work.
Source Unifiedpost
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