Our customers are always looking out for ways they can reduce costs and improve the operational performance of their businesses. Automated invoice processing software is one of the easiest ways you can improve the efficiency of your AP department. Here are the 4 key benefits of automated invoice processing:
Manually processing invoices is both tedious and extremely time-consuming. The turnaround time for even a single invoice can take anywhere from days to weeks. Automated invoice processing software can dramatically reduce the amount of manual work by quickly extracting critical data from your invoices and posting into SAP. You’ll spend less time on manual data processing, and a lot more time adding to your business’s bottom line.
Late payments pose problems for many businesses. Missing a payment deadline not only results in fines and lost discounts but can often frustrate vendors. The Prompt Payment Code is the gold standard to ensure your company pays suppliers on time. Automating your invoices will allow your business to follow the Prompt Payment Code more closely and encourage good business practices. Not only that, but our system integrates with other accounting software to make the whole process more efficient and offers custom notifications for every transaction to help reduce the risks involved in processing payments.
Improved Supplier Relationships
It is essential that you nurture your relationships with your suppliers. By automating the invoicing process, you can improve turnaround time and reduce the risk of lost documents, duplicate payments, missed deadlines and other costly issues that might go undetected. We offer practical solutions and clear guidance to fix these inefficiencies and inspire your suppliers with confidence.
Improved Role For Accounts Payable
Your Accounts Payable department is responsible for processing and reviewing transactions between the company and its suppliers. Streamlining these processes can save time and reduce errors. The power of invoice processing automation software is its ability to free up time to work on more proactive tasks and focus on areas that add much more value than slowly processing paperwork. You can save time and money by automating invoice processing, and instead focus your attention on other tasks.
For more information about the benefits of automated invoice processing, contact our team at Cogent Consulting today.
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