Leveraging the time-saving advantages of any ERP system, AP automation is a tool that enables users, managers, financial controllers, and CFOs alike to ensure accuracy and efficiency in their accounts payable process.
Consider the ability to set an auto reply in one’s email inbox…
The convenience and time effectiveness of this tool allows any individual to ensure they don’t miss a message, and essentially acts as an assistant by replying to every single email in real time. AP automation is that same virtual assistant transported to the accounts payable world.
The entire financial team, from the controller to the CFO can be synched, in real time, on the same platform from anywhere in the world. The cloud technology allows multiple devices to access the information and makes the world of remote work even more seamless.
With a constantly updated set of financial information that is organized and sortable across many properties, it is easier to get a full picture of the financial story, gain insight, analyze data, and make strategic business decisions moving forward.
The ‘authorize’ automation step allows the program to automatically approve accounts payable that meet designated criteria and parameters for approval set by the company. This eliminates the need for financial controllers to perform redundant and repetitive work on a day-to-day basis.
There are so many opportunities for mistakes because of human error. By eliminating manual input processes, large data entry errors that can result in fraud will be avoided, as the AI system automatically enters each data point accurately in real time.
With an automated capture process, each invoice will be categorized and traceable, making it easy to find and assess in the future. Sorting through a database of invoices, key words, dates, and other qualities can be used to filter, compare, and organize all digital files. This means that a digital audit trail is easy to track and maintain, minimizing risks associated with AP.
Reducing the amount of manual data entry for the finance team frees up opportunities to spend time on more creative and important tasks like business development, strategy, and more. Rather than laboring over invoices for hours each day or week, employees and teams can focus on contributing to processes that will ensure business growth, and using the data obtained from the AP automation system to understand a full financial picture.
Interested in learning more about EZ Cloud? Contact our AP experts today.contact