If you are a finance leader or decisionmaker in your company, you must be constantly wondering, what steps you can take to improve accounts payable operations and perhaps generate revenue. If you are on the cue to choose and implement the AP automation solutions, we'll show you how you can obtain the best return on your investment in this blog.
As business owners or decision makers you already know how important it is to make sure your suppliers are paid on time and without errors or concerns. You may also be seeking for a solution that allows you to substantially reduce expenses while streamlining invoice management and payment procedures, allowing you to capitalize on new chances to grow and expand your company.
Below are three most common question about AP automation that Skyscend comes across from the business while providing the demo or the pre implementation of the software.
What impact does AP automation have on cash flow?
By reducing processing fees and unnecessary expenses, minimizing errors, and expediting the payment process, AP automation improves cash flow.
What are the advantages of automating accounts payable?
AP automation provides fraud prevention, greater accuracy, easier auditing, low-cost invoicing, time savings, and improved insights.
What's the best way to automate cash flow?
Calculate spending, plan for savings, open separate bank accounts, use direct deposit and automatic allotments, and implement and track your progress to automate your cash flow process.
A number of AP Automation solutions are available to choose from which can be a tedious task in itself. But once you have fixated on the right fit for your business you should be able to optimize the business benefits with it. Therefore, we've compiled a list of advantages AP automation practices will bring to your company.
You don’t have to be big to make it big
Businesses of all sizes have immense opportunities in today's global marketplace, but these opportunities come with significant obstacles. Companies require a connected approach to unlock the value across their financial operations and interact efficiently with trading partners, from addressing the complexities of many internal financial systems to the challenges of conducting business across borders.
Thus, AP automation tools like that of Skyscend provides with tailored solutions, fitting right with the company size and catering adequately for every business irrespective of their size.
Governments all across the world are promoting e-invoicing
Governments are being pushed to mandate and implement e-invoicing for a variety of reasons, including cost savings, improved tax compliance and efficiency, and fraud reduction. Most countries across the world including India have not only mandated but are also on the verge of implementing e-invoicing schemes.
Thus, automated invoice processing becomes an obligation rather than a luxury or some “thinking ahead of everyone strategy”. With the government mandates on e-invoicing it would only be appropriate that businesses, move forward and adopt the advanced solutions.
Uncovering the hidden business value
Managing funds is a difficult task, especially in a volatile or unpredictable economic climate such as the current pandemic hit one. It is pertinent to have in your disposal the information about the company's spending and a lot more. AP automation and invoice automation offers a data driven solution. It is not just another software you implement in your business workflow; it is a business growth strategy and the means to keep you relevant in the competition.
Where can we save money while still getting the most out of our purchases? What is the total amount of cash on hand? If these are your woes, leverage your company’s plan with real-time data and insights of the finances and analytic tools to delve down into the data, for profit propositions.
Furthermore, AP automation and an advance invoice management solution has additional benefits to offer, which we assume you are already aware of. But as an alert for your business’s profit-making strategy, we would like to mention it in this blog again.
Providing visibility into spend and suppliers in order to enable strategic procurement.
Procurement processes are in a better position to recognize chances to better negotiate prices because AP automation provides actual spend and supplier history.
Providing correct data to Accounting so that the department can close more quickly and accurately.
Providing a method for Finance to conduct faster, easier, and more accurate audits, as well as a tool for better detecting and preventing fraud.
In short AP automation churns out profit and business growth. It moves you ahead in the marathon of digitalization and keeps you ahead in this ever-evolving business landscape.
That's exactly what an effective AP automation solution can help you with! In order to keep the business running, payable departments must ensure that vendor and supplier bills are handled, authorized, and paid on time.
So, what are you waiting for, capture the growth strategy, just as our advanced technology captures invoice data swiftly and smartly. To know more about Skyscend’s AP automation and invoice management solution book a demo now.