The Top 5 Benefits of Automating Your Accounts Payable Processes

Automation is more than a buzzword in the technology space—it's a powerful tool that is reshaping how many teams, departments, and organizations conduct their day-to-day operations.  

By adopting automation, important processes can be simplified, streamlined, and improved. The benefits of implementing this technology are particularly impactful for the accounts payable department.  

In this blog, we’ll look at the top 5 benefits of automating your accounts payable processes and how they can turn your AP team into a powerhouse of productivity and ROI. 

Automation in Accounts Payable 

Many of the most common accounts payable processes are traditionally done by hand. In our modern world, this “old-fashioned” approach is growing more and more inefficient.  

Enter automation. There are several benefits of automating your accounts payable processes, but we’re going to take a deeper dive into the top 5.  

Improved Process Efficiency 

Automating your vital AP processes improves efficiency in a myriad of ways. This includes: 

• Reduced risk of error as manual tasks are now automated. 

• Faster approval routing and rates. 

• Optimized, streamlined workflows. 

• More timely payments to suppliers, which can result in dynamic discounts.  

With these enhancements, your AP department can perform at the highest level. 

Boost Staff Satisfaction 

Tying into the previous benefit is staff satisfaction. AP professionals are masters of their craft, often with high-level degrees and a passion for finance. The last thing they want to do is spend hours of their valuable time manually inputting data or chasing down approvals through a winding trail of emails. 

With automation now handling these more tedious tasks, staff members can shift their focus to higher value items, like analyzing payments data. This in turn has been shown to boost employee satisfaction—a key indicator of longevity in a role. 

Money Savings 

Choosing to invest in a new solution often comes down to a cost-benefit analysis, especially in departments closely tied to a business’s overall financial health. In the AP department, automation results in almost instant savings by reducing overhead costs that come with manual invoice processing, error correction, and delayed payments.  

Additionally, the costs associated with traditional paper purchasing, storage, and filing are reduced, thanks to the digitization of those important files.  

Enhanced Fraud Prevention 

Automated AP solutions are equipped with advanced security features that can identify and eliminate fraud risks before they can negatively impact a business. This includes items like suspicious transaction patterns, employee error (both benign and malicious), and duplicated payment requests. With the enhanced security automation provides, businesses can better safeguard their important assets and manage audits with ease.   

Better Financial Visibility 

Say goodbye to confusion around vital payment processes with automation. This tool provides a comprehensive view of your business’s financial processes in real-time, from invoice all the way through completed payment. This improved transparency empowers CFOs and AP managers alike to make better strategic decisions regarding finances and future investments.  

If your AP team is in need of a refresh and recharge, it’s time to consider an automated AP solution. DocuPhase, with our 20 years of automation experience, is here to help. Schedule a demo with one of our automation experts today!