It seems everybody is getting serious about cutting costs these days, and implementing new solutions like accounts payable automation software might seem like an unnecessary expense. But with cost saving benefits of AP automation and fast return on investment, the cost of AP automation software should be measured by how much it can reduce overhead costs in your accounting department.
With cloud, it is easier and more cost-effective than ever to procure software, and pricing will generally work on a per user basis. The cost of AP automation will depend on the number of users and the providers pricing structure - and with the right solution in place, the upfront investment will be low.
This combined with the fact that users are more digitally capable than ever and apps are more intuitive than ever means AP automation solutions can offer almost immediate return on investment.
AP Automation Software Simply Saves
The cost to process a single invoice manually is generally agreed to average out about $12-$13 and has been known to run up to $40 or more. Automation simply reduces the cost per invoice from labor costs to the cost of printing checks. In addition, it will help you avoid late payment fees due to error and can also help you take advantage of early-pay discounts. Now let’s look at some of the…
Hidden ways to Reduce Costs with AP Automation
Payables automation solutions can help address fraud issues, save time and spare you the AP headache felt during period closings. To learn some of the ways you can help prevent payments fraud with the right AP automation software click here.
Maintain Internal Controls
The benefits of consistency and accuracy from one end of the business to the other will speak for themselves. Accounting departments are often among the most detailed and vulnerable to error in a business. Payables automation solutions can help ensure your accounting team is able to easily comply with internal controls around AP. Learn how here
From manual data-entry across multiple systems to approvals and envelope stuffing, manually processing payables is a tedious undertaking. And the more steps in the process the more costly it is to process an invoice, with opportunity for error at each step. AP automation is a game changer. Find out more about boosting productivity with AP automation in this post.
Keep your Team Lean
As a business grows it tends to take on new vendors and the AP workload can grow very quickly. With AP automation, a business can process more invoices so they can grow without growing their AP department. This can lead to major overhead savings over time. Learn how one publishing company was able to grow and keep its accounting team lean with AP automation in this case study.