Automation is the key that can push your accounts payable process to the next level. However, many accounting firms aren’t automating enough. What can be done to push automation in a way that takes your accounts payable from simply efficient to being high performance?
The Institute of Financial Operations 2014 AP Automation Study revealed some statistics that show that automation is being adopted, but not very quickly. The survey revealed that invoice processing is really slow for a lot of companies. Less than 10% reported that invoice data entry, validation, and approval took less than an hour. For over 80% of respondents, the process took more than a day, with over half reporting that invoice processing took more than three days!
Part of high performance AP also deals with your suppliers. Are they still sending paper bills? The 2014 Automation Survey reported that paper bills cost a lot. Over half of respondents reported that paper bills cost more than $2 each to process. Electronic billing is far less expensive, and your suppliers need to understand that.
High performance AP means that invoices arrive digitally, are automatically processed, quickly validated and approved, and then paid automatically. The Entryless bill automation platform can increase the performance of your accounts payable.
The Entryless process is straightforward. Bills are delivered digitally to Entryless Inbox, where they are automatically processed and wait for your approval. On approval, they are automatically synced with your cloud accounting software. The newest element of our process is Entryless Payments, which allows seamless B2B bill payments. From delivery to payment, Entryless can almost entirely automate AP. Bills can be processed, approved, and paid in less than 24 hours.
Automation is essential to high-performance accounts payable, and Entryless is at the vanguard of accounting automation. Check out our capabilities and learn how to push your AP to the next level.