In today’s fast-paced business world, automation is no longer a luxury but a necessity. One of the areas where document automation can have a significant impact is the accounts payable department. Symphony allows you to streamline your invoice processing, reduce errors, and save you time and money. In this blog post, I’m going to tell you why automating your Accounts Payable process is one of the most efficient ways of reclaiming your revenue.
Reduced Errors
Manual data entry is prone to errors, such as typos, incorrect coding, or duplicate entries. These errors can lead to overpayments, underpayments, or even late payments that can harm vendor relationships. For example, if a company pays an invoice twice due to a data entry error, it can cause unnecessary expenses and impact cash flow. In contrast, automated accounts payable processes, such as optical character recognition (OCR) and electronic data interchange (EDI), can capture invoice data accurately, compare it to purchase orders and contracts, and flag any discrepancies for review before payment. By automating accounts payable, businesses can reduce errors and avoid costly mistakes.
Paperwise Symphony’s Intelligent Capture system combines the power of OCR and Machine Learning to read and file your incoming documents automatically, saving you up to 85% on manual data entry time and costs.
Faster Processing
Manual processing of invoices can be a time-consuming and tedious task. For example, suppose a company receives hundreds of invoices via email, fax, or mail. In that case, the staff must enter the data into the accounting system, route it for approvals, and issue payments. This process can take several days or even weeks, causing delays in payments and frustrating vendors. On the other hand, automating accounts payable with Paperwise Symphony can streamline the process extracting data from invoices automatically, routing them to the correct approvers, and generating payments within a few hours or even minutes. By automating accounts payable, businesses can reduce processing times, improve cash flow, and enhance vendor satisfaction.
Improved Visibility
Manual accounts payable processes can be opaque, making it challenging to track invoices’ status, approvals, and payments. For example, suppose a company has multiple locations, departments, and accounting systems. In that case, it can be difficult to get a comprehensive view of the entire accounts payable process, including outstanding invoices, aging reports, or vendor histories. Paperwise Symphony provides real-time visibility into your entire Accounts Payable process by using dashboards, reports, notifications, and alerts. Businesses can monitor the progress of invoices, identify bottlenecks, and proactively address issues before they escalate. By automating accounts payable, businesses can improve decision-making, mitigate risks, and optimize cash flow.
Increased Efficiency
Manual accounts payable processes can be labor-intensive and prone to delays, especially during peak periods or vacations. For example, suppose a company has a limited number of staff who must handle a large volume of invoices. In that case, they may have to work overtime, delay payments, or make mistakes due to fatigue or stress. Paperwise Symphony enables you to customize your workflow process to work best for your business, freeing up staff to focus on higher-value tasks. By talking to our workflow experts, we help you design and orchestrate your AP department. By automating accounts payable, businesses can increase efficiency, reduce costs, and enhance employee satisfaction.
Cost Savings
Manual accounts payable processes can be costly, both in terms of direct expenses, such as labor, paper, and postage, and indirect costs, such as missed discounts, penalties, or fraud. For example, suppose a company pays invoices late and incurs late fees or interest charges. In that case, it can increase the cost of goods sold, reduce profitability, and damage vendor relationships. With Paperwise Symphony, you can save your business money by reducing the need for manual labor, paper, and postage, and taking advantage of early payment discounts. By automating accounts payable, businesses can save money, improve cash flow, and strengthen vendor relationships.
Contact our experts to learn more about how Paperwise Symphony can streamline your accounts payable department.
