How accounts payable software saves you a lot of time

Accounts payable software, the computer application that helps organizations manage their accounts payable processes efficiently and productively, saves a lot of time for organizations in a number of ways. In this post, we’ll discuss some of these.

Automated PO matching and routing: Invoices that are received from vendors have to be matched against their corresponding purchase orders (POs). AP software automates this matching process. Also, the approval processes for invoices that have their corresponding POs and invoices that don’t are different. This software identifies them and automates this routing accordingly.

Invoice validation and duplicate verification: Another part of the process where AP automation can help save time is in invoice validation and duplicate verification. As soon as an invoice enters the system, all the details such as invoice number, discounts (if any applicable), and other details are validated by the software. Sometimes, vendors intentionally or unintentionally send duplicate invoices for a single delivery. If not checked, there is the possibility that both of them are paid for. AP software helps identify and eliminate duplicate invoices.

Automated approval workflows: Invoices have to be approved for payment. When this workflow is managed manually, it takes up a lot of time and coordination is at risk as no one is kept aware of the status of the invoice. This workflow is automated using AP software while bringing a high degree of collaboration and visibility into the process.

Integration with accounting and ERP systems: The accounts payable process ends, logically, with the payment of the invoices. While the accounts payable software strictly does not have this capability, it can be integrated with accounting systems for a seamless receipt to payment process.