The CFO works with the C-suite, finance department members, and clients throughout the day. In today’s fast-paced workplace, the CFO is taking on more responsibilities than ever before and is always searching for ways to streamline operations. Discover how automation solutions help AP professionals gain recognition from the CFO and the entire C-suite.
Why is AP Automation Important?
For generations, AP workflow has been manually handled. AP automation removes paper-based processes. Invoice processing is faster and more accurate. AP professionals gain more time, which can be devoted to value-adding tasks for the CFO and accounting department. AP automation tackles the simple tasks so AP professionals can focus on supporting the business and improving supplier relationships through timely payments. Human resources are used more efficiently when automation takes over basic jobs.
What Does AP Automation Do?
An AP invoice workflow solution automates the significant steps of the invoice process. For example, expense invoices are automatically distributed to the right manager for approval. And G/L coding is based on the supplier or invoice type. Purchase order based invoices are easily matched to the right goods receipt note or PO. Deviations are identified and routed to the right professional for review. AP professionals save time by letting a workflow solution handle these tasks. Plus, automated solutions drive impressive efficiency gains in the AP department and throughout the organization. The entire team does a better job in less time than handling the workflow manually.
How Does the Organization Benefit from AP Automation?
Companies benefit from implementing AP automation solutions. Actual spend visibility is improved to support accurate accruals and forecasting. A digital archive put supplier invoices within reach in just a second. Managers have access to a fast approval process via desktop or mobile devices. The system makes it simple to capture early payment discounts and avoid being charged late fees. Automated solutions ensure invoices are paid correctly and on time. Timely payments improve vendor relationships, which is a benefit to the organization as a whole. Satisfied vendors may offer additional discounts and ensure timely or early delivery of goods and services.
What Makes the CFO Stand Up and Take Notice?
AP professionals make the CFO stand up and take notice of the change when automated invoice processes replace manual ones. The CFO and finance team can take advantage of digitization, control, visibility, and accuracy to achieve necessary financial oversight and the highest level of efficiency. AP automation results in increased control of cash flow and actual spend. Predictability is established with an accurate picture of costs. Savings through early payment discounts and elimination of late payment fees boost the bottom line. And business growth can be accomplished without hiring additional AP professionals and other personnel.
The first step toward adopting AP automated solutions is to present the facts about the advantages of investing in them. AP professionals who explain these benefits to the CFO are sure to become the future stars of the finance department. The team will appreciate a notable ROI for years after the AP automation system is in place.
