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Modernizing Money Management: The Shift from Manual to Automated AP Processes

CPA Practice

Goldman Sachs recently estimated that automating Accounts Payable processes can result in time savings of 70-80% for small and medium-sized businesses. Efficient accounts payable (AP) processes are crucial for maintaining a healthy cash flow and fostering strong relationships with suppliers.

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The major benefits of AP Automation.

Airbase

Benefits of Airbase AP Automation: Selecting the right AP Automation solution. What is AP automation? AP automation refers to software that handles the workflows associated with the AP process. Managers and executives can also use AP automation software to monitor AP processing activities.

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Switching to a Paperless Invoice Approval System

MineralTree

But in today’s increasingly digital business world, many AP teams are turning to automation to enhance their workflows — and the invoice approval process is no exception. By embracing AP automation , these teams can streamline their processes and speed up invoice processing times while also improving vendor relationships.

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AP automation best practices for 2024 and beyond.

Airbase

An example of processing invoices: 4) An efficient implementation. 8) Streamlined workflow configuration. Onboarding is also your chance to do some housekeeping and clean up unhelpful GL categories, inadequate vendor records, unattributed cards, poorly maintained documentation, and incomplete expense policies.

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Invoice Automation: What you need to know.

Airbase

Invoice automation software can automate this process, and, in addition, some software allows you to create custom validation rules and workflows that can be used to ensure that all three documents match before the invoice is processed. Automated approval workflows. 3-way matching.

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Increasing Productivity in Finance

MineralTree

The upcoming State of AP Report 2023 highlights that almost half of respondents (49.1%) express concerns about reducing AP processing costs. For example, businesses that rely on manual invoice processing spend up to $12.44 This holds especially true in today’s economy. per invoice on average.

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How to Improve Efficiency Across the Finance Department

MineralTree

Make It Easier to Approve Invoices Efficient invoice approval workflows are essential for preventing bottlenecks and simplifying financial operations. Leveraging customized processes and solutions like MineralTree allows you to route invoices to the appropriate stakeholders for review, ensuring smooth monitoring and tracking.

Finance 91