Why you should consider automating accounts payable
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When your technology investments are focused on your core business, it's easy to overlook your accounts payable process. 
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A check is replaced with a credit card and a computer, smartphone, and tablet 
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But going digital can help you streamline your operation and become more agile. 
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3 main benefits of digitizing A.P. processes 
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Here are three main points that support digitizing your account payable processes. First, it improves your invoice receipt and entry process. Whether you receive invoices via snail mail or email, entering information takes time and invites costly data entry errors. 
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With fully digital invoice processes, your suppliers input information directly into your database, creating a seamless invoice receipt process with data entry already taken care of and saving 40% to 90% compared to manual paper-based invoicing. 
Second, it automates your invoice routing and approval processes. Going digital helps you stay on top of invoices throughout the approval process. 
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Most accounts payable software matches invoices to purchase orders, then routes them to the appropriate approvals. 
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This rules-based workflow reduces duplicate payments and tracks your invoices in a timely manner, preventing payment delays. 
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Two invoices on a computer screen are replaced with one. A series of invoices scrolls across the monitor. An approve button appears on a smartphone 
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If users can manage approvals from their mobile devices, the process accelerates even more. An accounts payable department that processes 5,000 invoices per month could save over $50,000 per month and half a million annually through accounts payable automation. 
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Third, consider alternate payment options. Once approved, electronic payments made through commercial or virtual card can help improve the speed, security, accuracy, and flexibility of the payables process. 
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Automatic payments that you agree on with your supplier can typically be prescheduled, reducing your team's effort. 
Electronic payments are the top automation priority of accounts payable departments. Turning accounts payable into a fully digital process saves time and money, empowers more precise cash flow management, and uncovers data to help you analyze costs and optimize supplier relationships and spend. 
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Your trusted financial partner can work with you to implement the best program for your AP digital transition. 
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