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"Is your Accounts Payable Dysfunctional?"

6 Benefits of Automating Accounts Payable

An outdated or paper Accounts Payable (AP) process could be wasting your time and costing you more money than it needs to. More often than not, the finance department gets the short end of the technology stick as it's not customer-facing and often management haven't yet considered how technology could improve their processes. Technology, especially AP automation is making a big impact in dealerships today than ever before.

Sometimes dealers need to think outside the box. Modernising your finance department can help generate significant savings in invoice processing times. You could benefit hugely from AP automation as it speeds up your ability to do everything, greatly reduces the chance of costly human errors and increases security such as making it exceptionally difficult to commit fraud.
An outdated or paper Accounts Payable (AP) process could be wasting your time and costing you more money than it needs to. More often than not, the finance department gets the short end of the technology stick as it's not customer-facing and often management haven't yet considered how technology could improve their processes. Technology, especially AP automation is making a big impact in dealerships today than ever before.

Sometimes dealers need to think outside the box. Modernising your finance department can help generate significant savings in invoice processing times. You could benefit hugely from AP automation as it speeds up your ability to do everything, greatly reduces the chance of costly human errors and increases security such as making it exceptionally difficult to commit fraud.
Six reasons why your dealership needs end-to-end AP automation
Inefficiency in your accounting department could be costing you more than it should. Automating AP to capture invoices digitally and extract the data will bring an end to tedious and repetitive tasks that will in turn increase productivity and save valuable resources.
1. Faster invoice processing
Automation provides the ability to create your own set of workflows for each supplier so your invoices are sent directly to the correct person for approval, and your accounting team will no longer need to see every invoice.
2. Invoice capture
Become more organised with an automated process that captures each e-invoice on the day of receipt, which is much simpler than trying to print, scan and track paper copies.
3. Faster approval workflow
Invoices can be approved and processed automatically based on multiple pre-defined criteria and each step will be captured by a comprehensive audit trail.
4. Invoice query management
It is much easier to track invoice queries when they have been captured electronically and include a full audit trail of all internal and supplier dialogue.
5. Visibility and reporting
You are able to find out the exact status of each invoice and transaction anytime with real-time reporting that will improve your cash flow and supplier management.
Paperless
Manufacturers are looking at the impact they have on the environment and some are encouraging a paperless office environment. An automated AP system not only brings efficiencies, it reduces the costs of storage and archiving and many environmental benefits
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Don't overlook the strategic benefits of new tools and enable your accounting team to become more productive.
Six reasons why your dealership needs end-to-end AP automation
Inefficiency in your accounting department could be costing you more than it should. Automating AP to capture invoices digitally and extract the data will bring an end to tedious and repetitive tasks that will in turn increase productivity and save valuable resources.
1. Faster invoice processing
Automation provides the ability to create your own set of workflows for each supplier so your invoices are sent directly to the correct person for approval, and your accounting team will no longer need to see every invoice.
2. Invoice capture
Become more organised with an automated process that captures each e-invoice on the day of receipt, which is much simpler than trying to print, scan and track paper copies.
3. Faster approval workflow
Invoices can be approved and processed automatically based on multiple pre-defined criteria and each step will be captured by a comprehensive audit trail.
4. Invoice query management
It is much easier to track invoice queries when they have been captured electronically and include a full audit trail of all internal and supplier dialogue.
5. Visibility and reporting
You are able to find out the exact status of each invoice and transaction anytime with real-time reporting that will improve your cash flow and supplier management.
Paperless
Manufacturers are looking at the impact they have on the environment and some are encouraging a paperless office environment. An automated AP system not only brings efficiencies, it reduces the costs of storage and archiving and many environmental benefits
Don't overlook the strategic benefits of new tools and enable your accounting team to become more productive.
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