If you’re in accounting, you or your staff probably spend much of your day on manual tasks—entering invoices, getting approvals, and cutting checks. This process, while familiar, eats up valuable time and is error-prone. Not only that, the amount of paper can be overwhelming for both you and for the auditors who want last year’s invoices immediately. In a recent webinar, AP Automation Benefits Your Whole Organization, AvidXchange, a leading AP and payment automation solution, demonstrated how cloud software and managed services can virtually eliminate these problems.
The top pain points for AP professionals
According to industry analysts, four factors are driving companies to automate:
- Newer, younger employees don’t want to push paper
- Paper checks and invoices are costlier than automated invoices and e-payments
- People want mobile access to approve invoices and payments
- The CFO/controller needs to accurately forecast cash flow to the stakeholders in the organization
AP automation makes everyone’s jobs easier
From the accounts payable specialist to the CFO, AP automation is a cure for most ills. Front-line workers often spend hours a day with manual tasks such as entering data, filing, tracking down invoices, cutting checks, and approving payments. Automating these tasks ensures data (including supplier info) is accurate, allows more efficient payment processing, and helps maintain tax compliance.
Controllers and CFOs are more concerned with auditing and reporting. AP automation makes auditing virtually painless. By storing financial data in the cloud, auditors can easily access copies of invoices or checks. And whereas manual processes lead to inaccurate cash flow management and limited reporting, automation provides real-time access to dashboards and metrics. Executives have better cash flow management and increased visibility into their company’s overall financial health.
AvidXchange + Sage Intacct + RKL = AP automation success
Executives have better cash flow management and increased visibility into their company’s overall financial health.
AvidXchange combines cloud software and managed services to give companies the most complete AP automation available. Flexible methods for accessing data, capturing invoices, assigning roles and rules for users, and generating reports let you make AvidXchange fit the way you work—only faster and with greater accuracy. And seamless integration with Sage on-premise ERP or Sage Intacct cloud ERP software offers several additional advantages:
- Allows all invoices to be received electronically
- Facilitates 100% data capture with 99% guaranteed accuracy
- Provides enhanced workflows and approvals
- Passes AP data into Sage or Sage Intacct without manual data entry
- Facilitates 100% of payments, regardless of vendor or preferred method of payment
Don’t stalemate your business in manual processes; let the technology experts at RKL help you discover the advantages of AP automation for your organization.