Accounts Payable Automation is Possible in 2023
Manual processes get in the way of your AP department’s efficiency and productivity while dragging morale down. Fortunately, intelligent document processing (IDP) has revolutionized the old-fashioned approach of manual payments and data entry, making accounts payable automation possible now.
Get a closer look at how this innovative document processing technology enables automation for a wide variety of AP documents, such as invoices, statements, contracts, and more.
How IDP unlocks accounts payable automation
IDP is the most effective technology for document automation because it’s flexible, accurate, and scalable. For instance, Rossum’s IDP platform uses cutting-edge AI and machine learning systems to automate every stage of the document lifecycle — pre-processing, data capture, validation, post-processing, and reporting.
In comparison, manual processes are slow and error-prone, while template-based OCR (optical character recognition) software runs into processing issues with different document formats, types, colors, symbols, etc.
Explore the ways that our AI-powered platform makes accounts payable automation not only possible but highly effective:
By automating accounts payable in 2023, businesses will no longer have to enter invoices manually, match them to payments, and approve supplier bills. IDP technology can quickly handle documents, making it easier for departments to focus on other tasks that require their attention.
With automation, AP teams can experience a major reduction in manual work. Kiwi, a global travel company, used IDP to automate invoicing and reduce time spent per document. Its AP team went from having multiple junior staff process invoices full-time to spending fewer than two hours per person daily.
Manual processing can cause a variety of errors, from mismatched payment information to incorrect data entry, which can incur unnecessary costs or cause disruptions in the supply chain.
IDP is designed with controls that ensure data capture accuracy and streamline validation, allowing teams to confidently take advantage of vendor rebates and discount programs.
Accounts payable automation also allows for faster payment processing because it eliminates the need for re-keying information from one system to another. This helps ensure accuracy and timeliness when making payments and saves time in the long run.
Document automation allows businesses to track invoices more easily than ever before. With an IDP cloud platform, you have a secure hub to store, manage, and access documents. This eliminates the need for manual tracking, allowing a business to stay efficient and not miss any costly errors.
4. Cost savings
The cost savings achieved from implementing accounts payable automation have already been seen over the past few years but should be even more dramatic in 2023. IDP’s efficiency and accuracy enable companies to save time and money.
As a result, businesses can lower labor costs, avoid penalties, and reduce late payment costs thanks to improved AP processes and reporting visibility.
Manual processes come with a considerable number of security risks, making confidential information open to the possibility of unauthorized access and breaches. Not only can weak data security result in financial losses but also reputational damage and legal action.
Automated accounts payable solutions provide stronger cybersecurity protocols on top of ensuring compliance throughout operations. With IDP, your company can ensure proper confidentiality, integrity, and availability of your critical business data.
IDP is extremely scalable, which makes integrations with existing ERP or accounting software seamless and straightforward. This aspect of document automation means even greater ease of integrating new software or customized solutions tailored specifically for AP optimization, streamlining vendor onboarding, or expanding payment options for faster transaction times.
IDP solutions allow organizations unprecedented forecast capabilities by synthesizing data across your document processing operation. Fully integrated insights empower teams to make sound business decisions backed up by solid data.
Organizations can move away from outdated manual analyses that take days, weeks, or months to capture data points. Real-time analytics and reporting give companies a competitive edge in their dynamic environments.
Accounts payable automation can drastically improve employee morale by reducing mundane, repetitive tasks that can be handled by IDP technology. This helps employees focus on the more important tasks they’re responsible for and allows them to work smarter instead of harder.
Automated document processing also reduces errors in the workplace as it’s more accurate than manual procedures. All of this helps contribute to a better overall employee experience and greater job satisfaction.
Leverage the most powerful AP solution
By switching to intelligent document processing, organizations can speed up AP processes that previously took days or weeks to complete manually. Furthermore, IDP can reduce costs, shorten payment processing times, improve data accuracy, reduce the chances of human error, and enhance compliance with standards and policies.
Try IDP for free now to experience the benefits of AP document automation, from efficiency and accuracy to security and analytics.