Transform Your Account’s Payables from Cost Centers to Revenue Generators
October 14, 2024
Are you struggling to keep up with the overwhelming amount of paperwork and manuals tasks to process your account payables? Experiencing high error rates, missing deadline payments and lacking the proper financial visibility needed to grow? Yeah, we know the signs, and it's time to transform your AP department.
Introduction
Since you are reading this, you already know the critical business functions that account payables (AP) hold in your company. It involves managing the payment process to vendors and suppliers, keeping track of expenses, and maintaining financial records. However, it became a struggle with traditional AP processes as it can be time-consuming, tedious, and error prone. That’s where AP automation comes in.
Transforming your AP department involves automating your AP processes, which can result in significant cost savings, increased efficiency, reduce risks, improve accuracy and visibility, not to mention generating revenue and adding money to the bottom line. If you are still not sure if you need AP automation, let's look at the five signs that you really do...
1. Keeping up with the invoices becomes a struggle
Are you drowning in invoices? Struggling to keep up with the volume of paperwork and process needed for each invoice? Yeah, it’s time to consider AP automation. Automating AP processes reduces invoice processes time and errors by 80%, all while improving accuracy and generating revenue.
2. Manual tasks take more time than they should
Is your AP department taking too much time data entering, sorting, and filing paperwork? Again, that's a sign! Automating these tasks by transforming your AP can allow refocusing and strategizing AP staff more efficiently on value-added activities, such as supplier relationship management and strategic decision-making.
3. You’re Experiencing High Error Rates
Manual data entry can be prone to errors, which can result in significant financial losses and damage to your business reputation. If you’re experiencing high error rates in your AP processes, it’s time to consider AP automation. By automating your AP processes, you can improve accuracy and reduce the risk of errors.
4. You’re Struggling to Meet Payment Deadlines
Are you struggling to meet payment deadlines? Which result in damaging your suppliers' relationships and lost opportunities. AP automation will not only help you in meeting payment deadlines, but your supplier can also receive their payment early, and you will be able to monetize every supplier transaction and add revenue to the bottom line via dynamic discounting.
5. You’re Looking for ways to Improve Financial Visibility
Do you struggle to get a clear picture of your financial performance? AP automation can provide real-time visibility into your financial data, enabling you to make informed real-time decisions and identify areas for cost savings, improving workflow, and generating revenue.
Conclusion
Transforming your AP department can be a game-changer for your business. Automating AP processes can reduce costs, increase efficiency, and improve accuracy, most importantly – adding money to your bottom line with every supplier transaction. If you experience four out of these five signs, it's time to consider AP automation, luckily this is exactly what IBEA excels at.
IBEA is an accounts payable automation solution that targets every one of your supplier payments for monetization, transforming your AP into a revenue center that adds cash onto your bottom-line. Maintain oversight of invoicing and payment process and enhance team productivity with IBEA.