It’s no secret that the more manual tasks you have in your accounting department the more you are likely to pay in accounting overhead. Accounts payable automation is proven to reduce time, costs, errors and fraud associated with processing invoices. But how do you know it's time for AP automation or new AP software. If you’re accounting department is showing even a couple of these signs, you might be ready for AP automation.
5 Signs It’s Time to Implement New AP automation Software
- Slow or stalled approval process is causing headaches and holding up other financial processes
- Manual data entry is taking too much time and too many errors are happening
- A lack of insight and traceability make it difficult to know what stage a specific invoice is in, and it’s creating a shortage of data needed to make business decisions and measure financial performance
- Lost documents or difficult to find documents are creating frustration and costing time and money
- Slow AP process is stalling period closings and incurring late fees for the company
Accounts payable is tedious and detail oriented. This makes it one of the more challenging accounting processes to perform manually. Automation is proven to streamline AP processing and reduce the cost per invoice. If manual processes or outdated clunky software are no longer working for you, it may mean you’re ready to implement new AP Automation Software.
Learn more: Average Cost Per Invoice and How to Reduce it