We’ve all heard the benefits of AP automation – it’s faster, cheaper, better for the environment, etc. But another, lesser-known benefit of AP automation is that it’s the great equalizer. AP automation solutions can be applied to any industry, regardless of size, location, or industry. Take manufacturing, for example.
AP automation is perfect for manufacturing because manufacturing is made up of several moving parts, such as vendor relationship management, supply chain management, supplier invoices, purchase cards, travel and expense, and raw materials. Traditionally, businesses would manage all of these variables with paper-based systems. The paper data would be manually entered into the company’s various ERP systems, converted to digital data, checked for errors, and sent through various levels of approval before being either approved or rejected by the accounting department. If rejected, it’s back to square one. When all is said and done, paper-based processes can take weeks to reconcile. Even in 2020, most businesses still use paper-based systems.
However, there is significant room for error in manual systems, and this spells disaster for an industry with so many moving parts (like manufacturing). Risks include lost invoices, duplicate payments, missed discounts, human error, and fraudulent reporting. Multiply this across numerous departments, and it’s a recipe for thousands or millions of lost dollars in productivity.
Through a blend of artificial intelligence, machine learning, and OCR technology, AP solutions automatically match charges to receipts and purchase orders to invoices, generating error-free reports with one click. A process that could take weeks now takes a few seconds and ensures the accuracy and security of sensitive data – while increasing productivity and revenue generation.
To learn more, visit us at https://www.expenseanywhere.com/ or call us at 412-858-1111.
