Do you ever consider the benefits of AP Automation to your business? AP Automation done well can significantly benefit your organization and does not have to be a traumatic experience. Often, AP Automation is spoken of as saving Accounts Payable time, costs, and resources. While this is true it can do a lot more. For example, it can.
Reduce the risk of fraud.
Identify savings in procurement.
Provide real-time visualization and Reporting.
AP Automation and how it reduces the risk of fraud?
To help reduce fraud it checks every invoice bank account detail against the supplier list. Any changes will flag the invoice for further inspection. It also checks the invoice is claiming GST correctly. It will also apply algorithms to detect any anomalies. Similarly, your audit team does, except in this case before you pay.
AP Automation and how does it identify savings?
Beyond the labor savings for Accounts Payable and all Approvers, it also identifies savings in each of all invoices. For example, CAAPS captures the line description for every invoice. It then presents the information in Power BI. Now procurement can use the standard report to identify how much they spent on a product or service and how much they would have saved if they purchased at the best price. The information also helps when they want to negotiate with a supplier as they can see how much they use of a product and or service and when it is used.
AP Automation and Visualisation
With AP Automation every invoice is included in the data from shortly after it arrives. This allows the invoice and all its key data to be tracked. Including an audit trail of all approvals and when they happened. Liabilities are accurately reported. Any invoice can be found quickly and you can see at any time where the invoice is at in the process, who it is with and how long your organization has had it.
AP Automation goes beyond just saving time for Accounts Payable to building significant value and protection for your organization.