Orchestrating invoice payments, fostering ideal vendor solutions, and conducting cost analysis are some accounts payable tasks. But what most employees end up doing is sending invoice approvals numerous times. They waste time by manually keying in the data, fixing issues with invoice processing, and so on.
As a result, it makes the job more labour-intensive, error-prone, and time-consuming. It also delays payments and affects the overall ROI. Thus, for a company to become successful, the accounts payable software solution comes in handy. But to understand the importance of AP automation, it’s imperative to get familiar with invoice management first. Let’s dive into the narration:
An Introduction to Invoice Management
Invoice management helps track individual invoices from the moment a business gets them until the time of the payment. During the procedure, a few steps include:
- Verifying whether the invoice is correct and legitimate
- Conversing with the parties to get approval for the payment
- Recording the payment to keep business accounting accurate and updated
But when a worker performs these jobs manually, there are higher risks of manual errors. So, in today’s digitalised world, companies have realised the importance of tracking invoices through automation. That’s where AP automation comes into being.
3 Ways How AP Automation Solutions Can Protect a Business
Automated accounts payable solutions employ OCR or optical character recognition, AI or artificial intelligence, ML or Machine Learning. By employing them, automated AP software can make decisions & handle more routine tasks. Narrated below are the three ways how an accounts payable invoice automation solution can protect your business.
#1 Empowers a Hybrid Workforce
Since 2020, remote working has become an in-thing. Given the trends associated with remote working, a company needs to perform invoice-related tasks more effectively. AP automation solutions can allow businesses to eliminate paper, thereby continuing to pay bills timely. So, from wherever the employees work, they can accurately perform financial jobs via automation.
#2 Protects a Business from Cybersecurity Crimes or Threats
Cybercriminals and hacktivists always want to take advantage of the remote working scenario to track other people’s private and professional information. Whether your workers are working from the office or home, the following AP automation features can prevent a business from cyber-attacks:
- Security Monitoring Solutions: It identifies missing invoice details, tracks after-hours logins, controls specific payments, and makes it challenging to forge documents
- Ensures Identity Access Management: Automation makes sure the right professional has access to resources at the right time
- Data Security: Protects different data and information such as invoice amounts, payment data, and customer names
- AI-Driven Protections: AI gets used for malware & intrusion detection, fraud protection, machine behaviour analysis, and more
- Centralising Methods Safely: AP automation can centralise processes in electronic formats safely
- Cloud Computing: It uses cloud computing technology to protect corporate assets and data, making it more complex for fraudsters
#3 Increases Visibility & Promotes Business Continuity
Surveys suggest that most CFOs plan to digitise AR and AP functions within the coming year. One reason why companies take an interest in digitising AP is visibility. Finance consultants cannot find payment and invoice information as easily as they expect. Thus, AP automation software helps resolve the visibility issues.
Whether it’s an invoice status or amount, the payment date gets sent. You may find the details swiftly with an AP automation solution. Manually performing accounts payable jobs limits a business from gaining speedier visibility. Paper-based methods limit the ability to check payment and invoice data, which might be hard to find or haphazardly organised.
A significant goal in protecting a business is to avoid interruptions to operate efficiently and reliably. AP automation excels at reliability, thereby offering operational flexibility & easier visibility.
Protecting a business has become a serious challenge. With an alteration in workplace culture and structure, ensuring utmost security has become pivotal. That’s where Monite comes to your rescue. For all B2B players in the market who want to opt for accounts payable automation software, Monite is your one-stop destination.
The professionals assist you with custom invoice design, dunning, reminders, auto-payment recognition, and reconciliation. With Monite, you can easily collect, approve, review, and pay incoming bills with the card or any other payment method. Get in touch with the team today.