Accounts payable processing (AP) is an important part of an organization's day-to-day financial operations, but it is also a job that may not require a large investment of human effort. In addition to being costly, the tasks involved in approving and processing accounts payable are extremely time-consuming.
The biggest challenges in accounts payable include inefficient and manual data entry processes, invoice matching with payments, and lost or misplaced invoices.
Accounts payable automation improves performance and allows your company to streamline financial and accounting operations while helping to reduce costs. In the article below, Bizzi highlights the top 5 benefits when your business Automates accounts payable with Bizzi's suite of solutions.
1. Save up to 50% on payables handling costs
The automated invoice processing and expense management solution helps Bizzi's AP Automation eliminate manual data entry requirements and significantly reduce labor costs in invoice processing, management exceptions and manage the approval process. Furthermore, the accuracy of invoice processing increased to more than 99.9%, reducing costly errors.
The Bizzi IPA system helps to improve the productivity of the accounting team thanks to the automatic invoice processing system
- Automated processing of input invoice analysis
- Invalid invoice warning
- Synchronize invoices with the system of the General Department of Taxation
- Integration of ERP & accounting software
- 10-year invoice management and storage system
- Manage supplier list
Payables automation helps process and approve invoices exponentially by eliminating time-consuming and error-prone manual tasks, saving your financial accounting department time.
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2. Accurate and fast invoice processing
Lack of visibility into the status of invoices during processing and approval often creates confusion and more work when vendors are looking for status updates on invoice processing. Furthermore, invoices often get lost in piles of paperwork and emails, and are therefore not handled properly.
With Bizzi's AP Automation solution, all invoices are processed by Bizzi Bot and Bizzi's 3-way matching system will automatically reconcile 3-way: invoice - purchase order - stock receipt. Bizzi's solution has full visibility into the status of each invoice and a full review of actions and approvals.
- The system automatically compares and returns the corresponding results based on the Matching Principles
- Check invoice information, seller's operational status - ensure the legitimacy and validity of the invoice
- Intelligent auto-matching with 99.9% . accuracy
With automation, the entire invoice is processed from receipt to payment:
- Almost completely eliminated human error
- Reduce overpayments and duplicate payments
- Automatically warn wrong bill
- Reporting, budgeting, and auditing have become much more efficient and accurate.
>> See more: The first automatic invoice processing software in Vietnam
3. Flexible customization and high integration
A flexible, intuitive payables automation solution with multiple benefits that makes it easy for users to tailor AP workflows to their needs. Users can actively create approval policies or set up alerts. The benefits of AP automation include faster deployment times and lower costs as technologies such as robotic process automation and other specialized systems complement existing systems.
Now accountants don't need to switch between applications or enter data into multiple systems. Because the payables automation solution integrates seamlessly with accounting and ERP software systems.
4. Real-time tracking for better control
Payables automation platforms will save you time and effort that could otherwise be channeled into other important aspects of your business. Accounts Payable Automation allows full access to the billing cycle. Anyone with permissions can quickly find out the status of an invoice. Since you can track progress in your workflow, it's easy to identify delays.
With Bizzi, users can automatically import or export relevant information. All participants can simultaneously access the system. This encourages real-time collaboration, which is rare in manual invoice processing.
Invoices that are not automatically approved for payment will be flagged and quickly redirected to the individuals involved. In addition, documents are securely stored in a compliant repository that meets business and regulatory requirements.
5. Accelerate the development of financial strategy
Accounts payable teams have the potential to significantly enhance a business's financial performance, but typically 5, 10, or 15 or more accounts payable team members will be tasked with handling invoices. For businesses that still have manual processes, this will make the accounting department take a long time to solve the work, but the possibility of errors is still high.
Leveraging Bizzi's solution to automate the payables process, your team can easily strategize and analyze, focusing on optimizing spend management, supplier management and organizational process improvement. Your organization can then get rid of the manual process completely. Besides, Automation can make companies flexible enough to restructure their staff allocations and reassign workers to revenue-generating tasks.
With the upheavals and waves of economic activity to come, the department responsible for accounts payable should consider and prioritize accounts payable automation. BILLIONWithout adopting digital technologies such as accounts payable automation software, AP departments are rapidly adapting, improving operations, and making a big impact in organizations.
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