If you want to put it simply, Accounts Payable is an account maintained in an organization’s general ledger that reports on how much the said organization owes to its creditors. It is shown on the liability of the Balance Sheet of a firm. It represents a firm’s obligations to make payments to its short-term creditors. Accounts Payable (abbreviated mostly as A/P) is the opposite of Accounts Receivables.
Accounts Payable is one of the most essential Accounting records an organization maintains as it keeps track of all the vendors with the organization’s business.
Nowadays, the process of recording accounts payable has become automated. Reports Payable software has made the process of recording Accounts Payable more convenient. All the major organizations have adopted AP automation to make their Accounts Payable recording process more efficient.
Accounts Payable Automation –
Accounts payable automation is one of the most widely used Accounts Payable Solutions in today’s times. Using tech (software), Accounts Payable is handled digitally. With this payment automation solution, organizations’ business process has been revolutionized completely.
Advantages Of Accounts Payable Automation
With the growing popularity of accounts payable automation, let us check out some of the reasons why more and more organizations are switching to accounts payable software.
- Enhanced efficiency – Accounts payable automation makes the invoicing and payment process more efficient than the manual recording of the AP. Several best accounts payable software offers full payment automation and adds more efficiency to the workforce.
- Elimination of errors – One of the top benefits of switching to an automated accounts payable solution is eliminating unnecessary mistakes in the manual recording of performances. As employees need to deal with several vendors (especially in enterprise-level organizations), recording every detail manually could often lead to errors, resulting in losses for the business. Accounts Payable automation reduces and eliminates the chances of mistakes to a significant level. Reduced manual interference works like a top advantage in eliminating errors in accounting.
- Quick method – Accounts payable software makes the process of recording, keeping track of, and payments of accounts payable faster and faster. The automated accounts payable system is much faster than the manual recording. It saves a significant amount of time that otherwise records the AP manually.
- Safer – Accounts payable automation is a much safer option than manual recording. It significantly reduces fraudulent happenings, and the chances of catching it are much higher. The fact that employers can control who can access the accounts makes AP automation a much safer option to choose compared to manual recordings, where keeping track of who has access to which account is quite a difficult task.
- Enhanced transparency – An automated accounts payable system makes keeping track of employees’ works more convenient, enhancing clarity in the business process. Individual performances are much easier to track with AP automation.
- Better integration – An AP automation system helps better integrate the ERP system, other financial systems, and databases that your business uses. It also reduces the chances of errors as there is no need to keep multiple tabs of the accounts or re-enter data on various systems.
- Better data preservation – Accounts Payable automation aids in better protection of data. In simple terms, it keeps all the data integrated into one place, making it easier to access. The paperwork involved in maintaining AP for an organization can add up to the business’s overall cost and lead to confusion and ultimately lead to errors. However, in an automated Accounts Payable system, this error is eliminated by improving teamwork among the employees and enhancing their efficiency and productivity.
- Enhanced accuracy – As we have already discussed before, Accounts Payable automation helps reduce errors, which translates into improved accuracy and reduced common and silly mistakes. Invoiced data are mostly validated, and hence, there are almost no errors in accounting which also helps in eliminating chances of duplicate payments.
So, suppose you wonder whether to switch to an AP automation system with a complete accounts payable solution. In that case, you should not give it a second thought, as it would benefit your business tremendously. Being an integrated system accounts payable automation would offer immense opportunities for saving and cutting the cost and time into the manual recording of accounts payable.
Best Accounts Payable Automation Software 2022
Accounts Payable Software is a technology used by the Accounts Department of organizations to make the Accounts Payable Billing Processes automatic. AP Automation Software makes use of Optical Character Recognition along with Machine Learning and Artificial Intelligence to make the billing and invoicing processes automatic. This Software makes the entire process easier, faster and very much convenient for the user.
Some of the best Accounts Payable Software are: –
Oracle NetSuite:
It is one of the best AP Automation Software for large and medium-sized enterprises. It has many instinctive features which helps in making the invoice process very much faster and requires minimal human effort, which also lessens the chances of errors. It helps in decreasing fund gaps of your enterprise and hence maximizing the profit.
Benefits:
- Automatic Billing Process
- Payment Automation
- AI Automation
Oracle Net Suite is basically an upmarket cloud AP Automation Software designed to make the entire billing process much easier and faster to derive maximum profit for your business.
Stampli AP Automation Software:
Stampli is one of the best suited AP Automation Software for businesses of all sizes. It is well-known for its unique feature of processing bills in real-time. It has the best UI among most of the Accounts Payable Software available today. Stampli has a very interactive UI for Faster processing, and also it can combine the existing financial system with new financial systems for structured AP Management.
Benefits:
- Real-Time Billing
- Intuitive UI
- Centralized Support System for businesses
- Immediate Processing
Paper Save AP Automation:
Paper Save AP Automation is best for small and medium-sized enterprises. It uses electronic workflow for rationalized business processes. It combines with major ERP Solutions and Microsoft Dynamics to make the purchase and Non-purchase orders automatic. It has a straightforward UI and offers services in the desired format, be it email or fax. It also indexes the information in the document automatic so that it can be retrieved easily as and when required.
Benefits:
- Fast Processing
- Flawless ERP Integration
- Security
Beanworks:
It is one of the best AP Automation Software for small, medium and large-sized enterprises. It makes the billing faster and provides the facility to pay vendors remotely, thus reducing AP Automation cost drastically. It allows the administration to assign PO’s, bills and approve payments to the most suitable team member at the most appropriate time.
Benefits:
- High-End Search Engine for fast retrieval of documents.
- Remote Payment to Vendors
- Cost-Efficient
- Time-Efficient AP Management
Fastpay:
Fastpay is AP Automation Software suitable for small, medium and large businesses. It facilitates simplification of inefficient invoices and provides accounts payable solutions that speed up the payment process to suppliers and vendors. It also facilitates hassle-free electronic payments. Fastpay also has an advanced search engine to retrieve information as and when required.
Benefits:
- Automatic Billing Process
- Advanced Search Engine
- Fast Retrieval of Information
- Ease in Payment Settlement
These are some of the best AP Automation Software for faster invoicing, cost-cutting and reducing human efforts.
