Deploy accounts payable automation solution

While the Payments Accounting department is fundamental to a business's operational efficiency and financial success, there are still places where a manual and time-consuming AP process exists for many businesses. To increase the efficiency of the AP department, many businesses embrace the technology trend and start deploying tools Automate Accounts Payable, which helps reduce departmental costs and drive revenue across the organization.

The challenge of automating accounts payable before manual processes 

In the past, large corporations with good financial resources and pioneering technology adoption promoted AP automation, but today, most companies are quick to join this journey. This has spurred the growth of AP automation solutions, and they are more competitive than ever. 

Without technology, businesses will find it difficult to operate the invoice processing process with the following challenges:  

• Manual data entry and inefficient processing 
• Longer approval time due to delay 
• Lost, lost invoice 
• It takes a lot of effort and time to compare payment invoices 
• Invoices/payments are easy to duplicate
• Huge amount of input bills 
• Security issues 
• Decentralized accounts payable management processes 
• Difficulty in supplier management 

With the advent of AP automation solutions, it completely solved the shortcomings of manual work with bright spots: 

• Process and approve invoices quickly
• Improve employee productivity and performance 
• Optimizing costs for handling accounts payable 
• Reduce the rate of duplicate invoices/payments 
• Comply with regulatory requirements
• Improve supplier relationship 
• Reduce payment fraud 

Some big hurdles 

When businesses want to solve the difficulties of manual management and are interested in learning solutions to help automate accounts payable, this is really a good sign and the effort is commendable. . 

In addition to the efficiency mentioned earlier, the payables automation solution makes the work of the payment accounting department easier and more efficient. It can be said that the process of implementing automation for businesses is very difficult because businesses do not know where to start, which supplier to choose, what features are suitable for the operational nature of the organization. 

Therefore, the first step is to understand the needs and differences between the solutions. Bizzi suggests you study and separate this type of technology into three distinct categories:

1. AP management tools included in existing versions of accounting/ERP software
2. Homegrown tools developed independently or as add-ons to existing accounting/ERP software
3. Cloud-based automation tools

An affordable and flexible cloud-based automation tool, and often the most modern of the three options above. Most businesses prioritize these tools. Although not a built-in ERP module, these tools can be closely linked to ERP through integration.

However, many businesses are facing several roadblocks when implementing cloud-based automation solutions:

• Lack of budget for the solution
• The current process is quite complicated
• Deploying/training to use the solution takes a long time
• Lack of technical resources to manage and apply the solution well
• The appropriate solution has not been selected due to lack of information

Steps to implementing a successful accounts payable automation solution

To successfully deploy an accounts payable automation solution, businesses need to follow these steps:

Step 1: Assess current situation and needs

Businesses need to conduct a detailed assessment of the current state of the AP process. This includes identifying weaknesses, problems and areas for improvement. At the same time, clearly define specific requirements and goals for the automation solution.

Step 2: Choose the appropriate solution

After assessing the current situation and needs, the next step is to research and select the appropriate automation solution. This includes comparing the features, integration with existing systems, cost and scalability of the solutions. For many businesses, a cloud-based solution may be the best option due to its flexibility and ability to deploy quickly.

Step 3: Create a detailed implementation plan

A detailed implementation plan is essential to ensure the automation process goes smoothly. This plan should include specific implementation steps, implementation time, required resources and risk prevention measures. Make sure everyone on the team clearly understands and agrees with this plan.

Step 4: Test and refine the solution

Before full implementation, businesses should carry out pilot projects to test automation solutions. Thereby, it is possible to identify problems that arise and make necessary adjustments to ensure the solution operates effectively and fully meets requirements.

Step 5: Train and support employees

Employee training and support is a critical element in implementing accounts payable automation. Ensure that all relevant staff are fully trained on how to use the new solution, and that there is ongoing support from the IT team and solution provider to resolve issues promptly.

Step 6: Monitor and evaluate effectiveness

After implementing the solution, businesses need to continuously monitor and evaluate the effectiveness of the accounts payable automation system. Use key performance indicators (KPIs) to measure improvement and identify areas for further optimization.

The long-term benefits of accounts payable automation

• Increase transparency and regulatory compliance

Automation solutions help businesses maintain transparency and easily comply with legal regulations. The automation system is capable of recording every transaction and generating detailed reports, making it easy for auditors to check and ensure compliance with regulations.

• Improve efficiency and reduce costs

Automation helps reduce the time and effort required to process invoices and payments. This not only enhances operational efficiency but also helps reduce operating costs. Accountants can focus on more important tasks, instead of spending a lot of time on repetitive tasks.

• Improve supplier relationships

When invoices are processed and paid promptly, supplier relationships improve. Suppliers will feel more confident and willing to cooperate when they receive payments on time and do not encounter duplicate or missing issues.

• Minimize fraud risk

Automation systems help reduce fraud risk by checking and reconciling transactions automatically. Strict control processes and the ability to track every transaction in detail help detect unusual activities early and prevent fraud.

• Enhance financial management capabilities

With accurate reports and data, businesses can easily manage their finances and make smarter decisions. The automation system provides a comprehensive view of the business's financial situation, helping to effectively manage cash flow and make accurate financial plans.

Completely meet all business needs with Bizzi - Vietnam's leading accounts payable automation platform 

Currently, Bizzi is serving companies of all sizes, from growth-stage startups, to mid-market companies, to large, fast-growing corporations with hundreds of employees.

With the desire to help businesses optimize the cost management process and control input invoices, Bizzi applies AI and machine learning technology to its platform. With Bizzi IPA, businesses can completely automate the process of receiving, processing, analyzing, reconciling and storing electronic invoices, with a quick download and management process.

In addition, Bizzi also supports the accounting department in comparing information between invoices, orders and warehouse receipts through a smart 3-way comparison system, thereby helping to minimize risks and errors. in the payment process.

Furthermore, when there is an invalid invoice, the system alerts the user and automatically notifies the supplier via email for correction, helping to increase the accuracy and efficiency of the process. Bizzi also provides the ability to create and approve payment requests quickly, easily and on time for suppliers, helping to save time and optimize the payment process.

>> See more: The first payables automation solution in Vietnam

Deploying a payables automation solution not only helps businesses solve difficulties in the invoice and payment processing process, but also brings many long-term benefits such as increased transparency and improved efficiency. operational efficiency, improve supplier relationships and reduce fraud risk. With the support of advanced technology like Bizzi's solutions, businesses can easily transform and take full advantage of the benefits of automation, contributing to sustainable development and long-term success.

After more than 3 years of establishment and development, Bizzi is serving more than 1,200 corporate customers, large corporations/organizations including Genshai, Kohnan Japan, Matsumoto Kiyoshi Grab, GS25, Tiki, Guardian, Sabeco, Pharmacity, P&G , PNJ, Mondelez, VNG, Circle K, Family Mart, etc. and 38,000 suppliers are using the platform every day.

Businesses can register to experience Bizzi's products today!