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:

• AP management tools included in existing versions of accounting/ERP software
• Homegrown tools developed independently or as add-ons to existing accounting/ERP software 
• 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, good application of the solution 
• The appropriate solution has not been selected due to lack of information 

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

Today, Bizzi is serving companies of all sizes, from growth-stage startups, 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

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!