Since the inception of the business, various merchants and service providers have had some kind of accounts payable and receivable process. It would not be wrong to suggest that business needs to exchange money for services and goods offered. Since time, accounting and commerce have continued to evolve to date.
You may come across several ways to pay today inclusive of the following – check, cash, PayPal, credit card, Apple Pay, wire transfers, EDI, ACH, and more. Most field representatives would accept direct payments on their smartphones. They would make the most of credit card readers plugged into the headphones jacks of smartphones.
However, considering the perspective of accounts payable, you may come across invoices from a wide variety of sources. A majority of vendors would fax their invoices while most would send their invoices electronically or using the postal services. With an array of options, it would become relatively tough to standardize accounts payable and receivable. This is where you would need automated accounts payable.
Using the automated accounts payable option, you could gather invoices from different sources inclusive of the internet, scanners, paper, fax, and email. After you have gathered the invoices, these could be validated and loaded into your ERP or SAP solution for processing the invoices. Rather than dealing with numerous sources and stacks, your account payable team would cater to you with automated and constant workflow making their jobs relatively easier while optimizing the payment cycle.
Why should you automate accounts payable?
Find below a few essential benefits of automating accounts payable.
1. Ease of process
You would spend relatively less time looking for paper invoices, dealing with paper invoices, and gathering paper invoices.
2. Improvements in productivity
Automation is relatively easy. As a result, it could assist in improving productivity significantly.
3. Reduced payment cycles
Rest assured automation would assist you in working efficiently by reducing the payment cycles. It would enable you to pay invoices tactically. It would be dependent on discounts for early payments along with various incentives.
4. Improved relations with suppliers
When you automate your AP workflows, you would strengthen your relations with your suppliers. It enables you to pay the suppliers consistently and quickly.
5. Improved approval time
Automation would improve the streamlining of the process. It would be inclusive of receiving approved invoices.
6. Compliance
Automation of AP workflows would assist you in adhering to the various kinds of service agreements and regulations.
7. Reducing the fraud
It would enable checks and balances for reducing fraud.
8. Elimination of duplicate payments
It would be worth mentioning here that automation could assist in the elimination of dual payment of a single invoice.
9. Aligned procurement with accounting
Automated AP workflows could assist in aligning procurement with accounting. It would benefit you by causing fewer questions and delays.
10. Improved reporting and auditing
Automation would assist in creating an audit trail while the reporting tools would enable you to see quickly what has been paid and what is coming due.
You could gather more information about the benefits of automated payable accounts by logging on to the website. They would cater to your specific needs in the best possible way.
Discovering alternatives to leverage this data enables you to see not only current trends in the marketplace but also to distinguish future trends.
Through examining the time taken to support an invoice or the amount of data entry mistakes over a given time period, AP teams will obtain insights into the overall representation of the department with a view to improving processes.
Companies who switched to cloud-based accounting software can significantly improve their overall revenue.
Automation plays a vital role in simplifying work processes, streamline accounting operations, and save time.
Accounts payable outsourcing enables smaller businesses to converge on their fundamental operations.
Generally, outsourcing accounting can aid these businesses in decreasing costs, reducing the chance of fraud, and granting access to accounting professionals whenever required.
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The global Accounts Payable (AP) automation market size is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period.
Furthermore, the AP automation solution empowers organizations to make automatic payment approvals, on-time payment, prevent duplicate payment, and frauds.
These benefits drive the adoption of AP automation solutions across industries globally.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=1206101The major AP automation vendors include SAP Ariba (US), Sage Software(US), Tipalti (Canada), FreshBooks (Canada), Zycus (US), FIS (US), Bottomline Technologies (US), Coupa Software (US), Comarch (Poland), FinancialForce (US), Avidxchange (US), Vanguard Systems (US), Bill.com (US), Procurify (Canada), and Nvoicepay (US).
These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, and collaborations and acquisitions, to expand their presence in the global AP automation market further.
These strategies have helped them innovate their offerings and broaden their customer base.AP automation is a steady growing market in North America, including countries, such as the US and Canada.
The presence of a large number of solutions and services providers in the region makes the AP automation market competitive.
