For any business, accounts payable is one of the most tedious processes when done traditionally, without automation. Because healthcare accounting requires attention to detail and multiple steps per invoice, manual accounts payable management is a notoriously slow process.
Managing accounts payable in the healthcare and wellness sectors presents its own set of challenges. These include:
Problems that started out as mild frustrations can quickly turn into major headaches for growing organizations. When your AP process isn't running efficiently, it can keep your entire accounting department from getting their work done.
AP automation is technology used by businesses to pay their vendor invoices efficiently and streamline the entire accounts payable process. Automated invoice processing helps modern organizations reduce costs and save time so they can focus on mission critical tasks.
With invoice process automation, healthcare accounting departments can quickly extract data from invoices, enter them into accounting software, route invoices and payments for approval and post the payment into the general ledger. In fact, the right software properly implemented has been shown to reduce the cost of processing an invoice by as much as 80% compared to traditional AP processing. Learn More: How Much Does it Cost to Process an Invoice?
Most automated invoice processing technology uses the following features:
Accounts payable automation software is easier to implement than ever and it will help support the entire financial team with timely and accurate data entries.
With sophisticated AP workflows, invoices get routed automatically and signed faster.
Cloud-based AP automat software is highly scalable and you never have to lose on licensing costs as you grow or shrink your staff.
Implementing the right cloud-based software can help you greatly reduce time and costs associated with paper-based processes. The right AP automation will support paperless processing.
Getting invoices scanned in and accurate on the first pass is a major headache reducer and it can help ease the strain of a major bottleneck in your accounting processes.
There is more to streamlining healthcare AP than getting the right software. Improving your accounting processes is an ongoing effort, not a one-off project.
You can get an in-depth look at each of these 6 tips in our recent post: 6 Simple Ways to Streamline Healthcare Accounts Payable
If you are currently utilizing Dynamics GP, you can address the complexities of modern healthcare accounting with an easy-to-use, AP automation system.