Benefits of Accounts Payable Automation

Benefits of Accounts Payable Automation
In a report prepared for Visa, First Annapolis Consulting has outlined some of the benefits that accounts payable automation offers for both buyers and suppliers as far as optimizing expenses and cash management. The report was based on data from market trends, interviews with product managers, and information from a company that recently integrated a payables automation solution.

Benefits for buyers:

  1. Streamlines the payment and reconciliation process by reducing cycle time, cost and financial risk that traditional payments entail
  2. Increases control of purchases and aligns spending with buyer’s procurement process
  3. Improves efficiency by optimizing resources previously dedicated to reconciling payment errors and duplicated payments

Benefits for suppliers

  1. Enables faster receipt of funds from the time of invoice submission, which can increase working capital
  2. Eliminates labor-intensive processes, including invoice presentment and buyer inquiries
  3. Reduces the number of exceptions, errors and disputes through enhanced remittance information
  4. Strengthens and expands relationships with strategic buyers

Comments are closed.