What is automatic processing of accounts payable?
Automated payments solutions that allow users to manage invoicing and payment processing easily on a single platform with fast approvals, greater visibility and control for critical financial data and processes. This solution helps businesses reduce manual work and free up cash flow.
The role of automatic processing
According to the PayStream Advisors Payables insights report, more than 55% businesses manually process financial reporting data. In addition, there were 40% small and medium enterprises wishing to apply automation and digitization technology to their organizations.
Automated processing of accounts payable offers many benefits in invoice management as it is much easier to find invoices, extract supplier information and other information from invoices.
1. Save time
In the traditional method, the invoice will sit on the desk or wait in the email inbox for approval. Thus, the automatic processing of accounts payable eliminates those delays and speeds up the approval process. The automation will include specific rules that can be applied to the workflow so that the right person automatically gets the bill at the right time with programmable reminders. According to Aberdeen Group, automatic processing of accounts payable reduces the number of days payable (DPO) by about 18%. That equates to an average saving of about 5.55 days.
2. Minimize invoice processing costs
Business process automation saves labor costs and cuts hard costs, such as office supplies and postage for inter-mail. According to data from the APP2P Network, the average monthly cost to manually process 5,000 invoices is $64,500. Processing the same number of invoices in an automated operation will cost approximately $8,850, resulting in approximately 85% cost savings.
Bizzi's statistics show that on average, a business will cost from 5,000 VND to 8,000 VND/invoice if done manually. If the business uses Bizzi's digital conversion solution for accounting, this cost is only 1,000 VND/invoice. Therefore, when using a set of lean cost management solutions for businesses that support automatic processing of payables, it helps to reduce the average bill processing cost of 80%.
3. Increase accuracy and reduce risk
The solution for automatic payment processing is designed to protect you from some of the most common mistakes: check the validity of the information on the invoice, automatically reconcile with the invoice lookup system of tax. With Bizzi's AI and RPA technology, it helps to automate all operations from "receiving invoices" to "verifying information with the General Department of Taxation" all done by the software bot in just 10 seconds/ For each invoice, the cost is equal to a glass of iced tea with an accuracy of 99.9% to help accounting ease, peace of mind and avoid tax risks for businesses.
4. Effective data storage and security
According to HMRC, your business should keep records for six years from the end of the company's last financial year. But over the years the number of vouchers, invoices and other paperwork will increase rapidly, making it possible for you to ensure efficient storage as well as security.
Through the automatic processing of payables, the lean cost management platform for businesses Bizzi helps to minimize the loss of invoices and errors in the data entry process. At the same time, businesses manage documents more easily with cloud storage services that help solve the worry of losing and damaging invoices. Moreover, Bizzi ensures the data encryption process according to the standards of the world's leading accounting firms. In addition, Bizzi also applies the international standard for information management ISO 27001. This standard outlines a method for evaluating information security management systems and certifying their standardization.
5. Integration with existing accounting software
Another benefit of an automation solution is the ease of integration with your business's ERP, database, and other accounting systems/software. Bizzi support meAutomatically extract data to import into popular accounting software Fast, Misa, Oracle, etc.
Since its launch, Bizzi has attracted customers from large-scale corporate enterprises in various fields such as: Grab, GS25, Circle K, Tiki, Guardian, Medicare, Pharmacity, to SMEs together with with more than 4,000 vendors using the platform daily.
Taking customers as the focus, bringing many quality products and services and giving our best support in product issues to develop with Vietnamese enterprises, Bizzi wishes to bring a solution to help automatically handle the problems. accounts payable in the most efficient manner.
- Learn more at: https://bizzi.vn
- Contact Info:
– Hotline: 028 6275 0321
– Email: [email protected]
