This is something that we get often – is accounts payable such a big thing that I need a whole different application to manage it? We are doing just fine with spreadsheets and there is no need for the additional investment. Yes, we say, AP is an important function that can significantly be improved with the addition of technology. Accounts payable software completely revolutionizes the process, making it easy for all the parties involved to manage their tasks and ensuring that everything is being run at an optimal level.
AP software has lots of benefits for the company including transparency and visibility. With the enhanced transparency that comes from the software, there can be greater clarity in understanding expenditure and therefore greater chance of controlling it. Also, the visibility helps ensure that AP fraud does not occur. All the stakeholders have complete information and audit trails at their fingertips so that lack of necessary information is never a barrier to making important business decisions.Transparency and visibility
One of the many causes of complications in the accounts payable process is lack of standardization in handling invoices. Since invoices come from multiple sources and have different kinds of line items, there is often complexity in understanding and handling them. Therefore, the standardization that comes with deploying the software is a huge help. It takes in invoices from multiple sources and sifts through the details automatically and presents you with a standardized invoice form.
Lastly, one important reason to deploy accounts payable software is the analytics that come with it. These analytics show you where you lack and what you need to do to improve. They also help with improving visibility and combating fraud.