8 Benefits of AP Automation That Justify Your Investment

Implementing AP automation means using software and technology to make your accounts payable process faster and more efficient. Automation simplifies tasks like data entry and payment tracking, freeing up your team to focus on more strategic work. Automate the reconciliation process, ensuring that financial statements and records match, thus what is ap automation reducing the need for manual reconciliation and eliminating errors. Advanced algorithms and AI-driven capabilities enable AP automation to identify suspicious patterns and detect fraud. It helps protect the organization from fraudulent activities and potential financial losses. Manual data entry can be a monotonous task, which increases the likelihood of mistakes being made.

• Strategically schedule payments to balance cash flow needs while taking advantage of early payment discounts.
• We are excited to show how Tipalti can streamline your account payable process and enhance your financial operations.
• Analytics tools like Power BI and Tableau enable AP teams to visualize KPIs such as invoice cycle times, vendor performance, and processing costs.
• Automated accounts payable software is designed to simplify and accelerate the AP process by automating routine tasks such as invoice data entry, approval workflows, and payment processing.
• This encompasses the automation of workflows related to receiving, processing, and settling invoices, in addition to overseeing payments to suppliers and vendors.

Experience the future of financial efficiency with our AP software

When bookkeeping combined with other AI-powered tools throughout the procure-to-pay, processing times can be cut by huge margins. These long processing times make manual or semi-manual AP systems sluggish and reactive, only providing periodic and outdated insights. By the time an issue becomes visible, it has often snowballed, incurring late payment penalties and damaging supplier relations.

Automation in action

• Quora, the social question-and-answer website and online knowledge marketplace, had clunky AP processes holding it back.
• The ability for employees to work remotely while still performing critical functions within accounts payable processes is one significant advantage resulting from implementing automated solutions into operations.
• Their growing volume of transactions required an efficient approval workflow that wouldn’t slow down their mission of giving back to the community.
• Automated systems facilitate the verification of supplier information and ensure compliance with company policies, thereby reducing the time needed to set up new vendors.
• AP automation expedites the entire accounts payable process, enabling faster invoice approvals and payment processing.
• Tipalti has pre-built integrations to connect to popular systems like Sage Intacct, NetSuite, QuickBooks Online, Microsoft Dynamics 365, Xero and Acumatica.

In this Rillion article, we’ll explore eight compelling advantages of AP automation, highlighting how it can lead to faster workflows, cost savings, enhanced accuracy, and better cash flow management. Discover how implementing AP automation can not only improve efficiency but also support your business growth and strengthen vendor relationships. Businesses report ROI exceeding 200%, thanks to significant cost savings, reduced errors, and improved operational efficiency. It accelerates invoice approvals, captures early payment discounts, and scales with your growth, making it a strategic asset for any finance team.

Invoice templates: AI vs template-based solutions

• AP automation plays a crucial role in financial operations by combining various functions.
• By having a solution that reflects your unique requirements, you can maximize the benefits of automation while maintaining control over your accounts payable processes.
• Features like automated invoice matching and approval workflows reduce manual intervention, speeding up processing times and minimizing errors.
• This way, organizations can rapidly expand the business and keep administrative overhead under control.
• By automating the extraction of data from invoices and other financial documents, businesses can ensure that only accurate information is processed, reducing the risk of errors and fraud.

Through automation and artificial intelligence, employees don’t have to enter invoice data manually. Your technology captures invoices electronically and extracts critical information automatically. According to Tipalti’s Invoice Processing & Payment Cost Calculator, automated processing can save a business an average of $14.93 per invoice compared to companies that manually process their invoices.

The AI-driven matching of invoices to purchase orders also ensures that spend documentation is properly grouped Partnership Accounting and stored. All of this ensures that each spend receives timely approval, minimising delays and avoiding financial repercussions. The hiring of additional AP administrators may seem like the obvious solution but is often a costly and inefficient one. The chosen AP software should offer inherent mobility features to prevent workflow disruption, even when the manager is away.