Accounts payable are decisive for any organization since they allow determining the liquidity to meet obligations. This process covers different stages that range from the issuance of invoices, reception to payment to suppliers, which requires traceability, transparency and control to reduce the risk of delays in payments, duplicate payments, loss of documents, human errors or experiences. negative on suppliers.

Without a doubt, this is a process that can be optimized with technology to improve productivity, gain efficiency and reduce the operational burden of accounting teams. Especially in organizations that have a high volume of invoices every month and small areas in charge of this process. A Business Insider study showed that companies that digitized accounts payable reduced costs by 81% and accelerated their operations by 73%.

Benefits of digitizing Accounts Payable

1. Supplier loyalty

Digitization ensures that invoices are processed quickly and payments to suppliers are made on time. Timely payments help build trust and improve relationships with suppliers.

2. Reduction of physical documentation

Automation eliminates the need to maintain paper records, greatly reducing the complexity of processing invoices. Process efficiency increases as paper invoices are replaced by digital invoices that can be automatically approved with a few clicks.

3. Collaborative work

Having a centralized platform allows for greater traceability of documentation. Furthermore, 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 digitization 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 the people on the team, so different people approve invoices and payments, reducing the chances of fraud.

On the other hand, it is easier to audit the processes since the use of software allows a history to be saved 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.

Digitalization brings benefits that help create opportunities to optimize the work of teams and gain competitive advantages at the business level (Learn more in this recommended article)