Benefits of Automating Account Payable Process For Business
The main responsibility of Accounts Payable departments is to ensure all valid invoices from vendors are approved, processed, and paid. From arrival to payment the invoice go through several process based on the business/organisation rules and the cash flow management is transparent such that you can know the status of invoice at each phase. By Automating your Account payable you get to see several benefits like early payments where you don’t need to worry for reminding the payment each day or setting reminders. By automating the invoice will approve and pay automatically before the deadline this is to avoid late payment penalties. Automating Account Payable Process saves invoice handling cost for each flow, required resources will be minimised from the task hence they can be used for alternative tasks. If you continue with the manual process and calculations, it consumes much of your time and you often face issues like inaccurate data, miscal...