The essential companion to procurement and expense solutions – AP automation software
Posted by apsoftware, 11/01/2016 4:47 am
Nowadays, more and more organizations are digitizing their procurement and expense management processes for the varied benefits this offers. But not all procurement and expense management solutions are wide enough in scope to digitize the associated processes like generating invoices, sorting out payables, and so on. In this post, we will talk about the payable part, and the add-on tool to expense and procurement processes – AP automation software. The solution will help greatly improve service quality and visibility in the process and ensure end to end digitization, which is a great relief compared to part digitization and part manual processes.
Whether it is in procurement or in expense management, employees rack up a lot of bills and it is the responsibility of the accounts payable department to ensure that each penny being paid is right and legit. This involves collaborating with the multiple business units and functions in the organization to verify every expense and sending the bills out to the finance team for evventual payment. For small organizations, paper and spreadsheets might work, but for bigger organizations, this will afford no visibility, allow ample scope for fraud and mismanagement of funds, and eventually become a burden on the bottom line.
This is where AP automation software comes in. It allows the AP team to function optimally, with all the verifications and validations being done though at the same time not wasting too much time and effort in the details. Collaboration with other teams is completely digitized and automated. If all the stakeholders are available, a process can finish in minutes. As all the actions are logged, there is complete audit trail and visibility.