7 reasons AP automation is the antidote to finance department burnout

4. Minimal attention workflow management:  

Process management is critical to an organization’s success, especially regarding accounts payable. Take the invoice-to-pay cycle, for example. Many moving parts with lots of involvement make it challenging to track who has an invoice or where it is in the approval process.

Tiered approval is one of the many great features of invoice automation. Invoices are electronically routed through all required approvers, eliminating invoices getting lost in the shuffle and removing any guess work on who an invoice is sitting with.

5. Lack of data insights:

Without access to real-time reporting and on-demand data, businesses lack valuable insights into finance operations. That’s risky because organizations could quickly go under if finances are mishandled.

AP automation solutions provide enhanced reporting capabilities that are easy to use and navigate, meaning you can instantly tell how your organization is performing. Additionally, users can better monitor cash flow, which is critical for success.

6. Lack of effective exception reporting:

There are several scenarios where mismatches occur in accounts payable, called ‘exceptions.’ These exceptions range from errors in coding, duplicate payments, vendor error, and more. Humans aren’t perfect, and there’s always a chance of mistakes or discrepancies when one or more people are involved.

Leading invoice and payment automation platforms help with exceptions since they speed up processing time, reduce errors by 80 percent, and create a virtual filing cabinet. With paperless document management, users can access invoices, payment history reports, archived documents, and payment status reports.

7. Poorly defined workflows

Manual processes make it challenging to divide tasks in the invoice-to-pay cycle. This can be even more of a challenge for departments suffering from severe staffing shortages and heavy turnover.

Workflow automation is one of the ways your finance department can streamline its accounting office. Implementing a best-in-class AP automation solution simplifies workflows because the software creates digital layers of approval, paperless document management, and role-based controls.  

In conclusion, business offices play a critical role in education and enhance student experiences. However, manual processing makes it challenging for them to effectively manage time and resources. With automation in place, schools benefit from increased efficiency, security, reduced costs, and, most importantly, more fulfilled employees. With more time and resources, your employees can better focus on serving your faculty, your vendors, and your students.

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