Automation of Accounts Payable- A Key Differentiator for Finance
The role of the Finance function has drastically changed in companies over the years. The department acts in coherence with the organisation’s objectives to create value for the company. The Accounts Payable function is a core part of the finance function and the productivity of this department can affect the organization as a whole. In order to increase the efficiency and reduce costs of AP process, many companies have considered switching from a manual AP process to an automated one.
The automation of the AP process can increase efficiency by creating a workflow process to streamline monotonous and repetitive work. This can resolve many of the gaps inherent in a manual AP process such as human errors and delays in payments.
This whitepaper aims to outline and analyse the main benefits of an automated AP function to a company and how it can help you streamline the AP process. It also discusses the drawbacks of a manual AP process and how an automated function can help reduce the inefficiencies caused by this.