Save Time: Automate Accounts Payable

In Accounting Workflow Optimization, Customized Package, Services, Software Selection by Julie

YES! YOU WANT TO AUTOMATE ACCOUNTS PAYABLE.

Account payable invoice entry can be a very repetitive task that takes valuable time away from other more important aspects of your business.  If you want to grow your business, consider how you can automate accounts payable.  It sounds complicated, but it’s much easier and more accessible than you might think.  As more companies search for options to streamline their workflow, accounts payable automation software options continue to grow.  Whether you use Quickbooks, Xero, Zoho, or other comparable software, you have many options for web apps that can help you automate your accounts payable processes.

STILL WONDERING WHY YOU SHOULD AUTOMATE YOUR ACCOUNTS PAYABLE?

If you spend less of your time completing tasks that your software can help you automate, you will have more time to grow your business or improve your product or services.    Even if you have help to complete these tasks, you will want to leverage your system to streamline your workflow.  Doing so will help you accomplish more in less time.  Simply put, more efficient processes mean a stronger bottom line and more opportunities for growth.  Consider for a moment one change that accounts payable automation could bring.  If your suppliers email you invoices, automated accounts payable could extract that attached invoice and create an invoice entry for that expense that you could then review and schedule for payment.  What used to be a multiple step process can be condensed down to one step with little or no data entry.

WHAT’S ON THE MARKET FOR AP AUTOMATION?

In our review of software, Zoho is the only platform we have used that contains native invoice capture functionality.  Quickbooks and Xero both use integrated third-party software, but you can still accomplish similar results whether the feature is native or is part of a third-party integrated app.  Pricing models vary greatly, so make sure you select a system that is in line with your budget.
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ACCOUNTS PAYABLE PROCESSES YOU CAN AUTOMATE

Below is a list of accounts payable processes that can be automated with software now on the market.  It’s important to note that not all apps contain the same capabilities, and you will want to do your research before deciding on an app.  Consider what your priorities may be regarding what tasks are most critical for you to automate.
 
  1. Create an invoice entry from a scanned or emailed invoice
  2. Invoice capture for multiple invoices at once
  3. Assign account codes for invoices based on historical entries, rules, or artificial intelligence (AI) learning
  4. Customize invoice coding at headers and line item levels
  5. Invoice back-up is received and attached with invoice file
  6. Document management capabilities to help organize invoices based on your preferences
  7. Accounts Payable Invoice routing, so others in your organization can approve
  8. Automate communication with vendors through the app to update them regarding approval or processing
  9. Schedule and automate payment functions through the app

LINKS FOR SOME APPS AVAILABLE FOR ZOHO, QUICKBOOKS, & XERO

Platform
Native or App Functionality
Integrated App Options
Zoho
Native & Apps
 Entryless
Quickbooks
Apps Only
Xero
Apps Only
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STOP WASTING TIME AND START GROWING YOUR BUSINESS

The benefits of accounts payable automation begin as soon as you start to make changes.  You do not need to automate the entire accounts payable process to reap some of the benefits.  Any steps you can take toward making your business more efficient will be returned to you in more time to meet with clients, more time to improve your services, and more time to develop new or better products.

Ready to start automating your accounts payable, but you need some help.  Contact us to see how we can help.

FOR MORE INFORMATION

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