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What is AP automation?

  • 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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