Accounts payable is a determining factor for any organization since it allows determining the liquidity to meet obligations. This process covers different stages from the issuance of invoices, receipt to payment to suppliers, which requires traceability, transparency and control to reduce the risk of delays in payments, duplicate payments, loss of documents, human error or negative experiences with suppliers.
Undoubtedly, this is a process that can be optimized with technology to improve productivity, gain efficiency and reduce the operational burden on accounting teams. This is especially true for organizations that have a high volume of invoices each month and small areas in charge of this process. A study by Business Insider showed that companies that digitized accounts payable reduced costs by 81% and accelerated their operations by 73%.
Benefits of digitizing Accounts Payable
Supplier loyalty
Digitization ensures that invoices are processed quickly and payments to suppliers are made on time. Timely payments help build trust and improve supplier relationships.
Reduction of physical documentation
Automation eliminates the need to keep paper records, greatly reducing the complexity of invoice processing. Process efficiency increases as paper invoices are replaced with digital invoices that can be automatically approved with a few clicks.
3. Collaborative work
Having a centralized platform allows for greater traceability of documentation. In addition, by having the entire process automated and digitized, the different teams can consult information in real time, avoiding reprocessing or delays in tasks.
4. Increased transparency
The digitalization of Accounts Payable allows for greater control over the entire process to detect anomalies in documents or payments. In addition, roles and functions can be assigned to people in the team, so that different people can approve invoices and payments, reducing the possibility of fraud.
On the other hand, it is easier to audit processes because the use of software allows a history to be kept with data such as: who approved the invoice, when, how it was processed, changes made and payments disbursed. Thus, each invoice has a record of each approval, facilitating access to information.
Digitization brings benefits that help create opportunities to optimize the work of teams and gain competitive advantages at the enterprise level. recommended article)
