While some enterprises look at the accounts payable function the same way they’ve seen it for decades, many organizations are modernizing and transforming AP into a strategic tool to gain advanced controls over the use of cash.
This transformation is possible using AP automation solutions to speed processes, optimize payment cycles and reduce manual labor by automating repetitive and error-prone tasks.
A significant barrier to success in AP automation is the myriad of paper and PDF invoices that demand manual handling and corrections. A company with manual invoice processing has a costly fixed relationship between the number of invoices processed each month and the number of employees in accounts payable. AP automation allows invoices to be handled automatically, breaking this costly dependency on people doing repetitive tasks.
With all this in mind, let’s take a look at the future of AP and why organizations wishing to unlock the true potential of their accounts payable department need to invest in AP automation solutions.