Every business has those painful, mind-numbingly boring tasks that although absolutely must be done, are the bain of most Accounts Payable (AP) staff. These are the tasks that that might require multiple contributors and platforms, with a workflow that involves scanning paper documents, filling in spreadsheets, or even trying to track down receipts or invoices. Other jobs could include emails and follow up communications to suppliers and vendors while chasing down payments - an annoyance for both the person emailing and the one receiving. Annoying, routine, and so tedious as to even be mind-numbing tasks.
Not only do these tasks usually contribute little to nothing towards the career progression of accounts payable employees, but they also take away a large and valuable amount of time when there are much more important jobs to be done. It’s not just the type of tasks themselves either, but the way that they’re executed. For example, supplier and vendor relationship management is of high importance in accounts payable, but it should be timely and, most often than not, good news rather than well, anything else. Imagine what could be achieved if we simply removed these kinds of tasks from the day-to-day role of the accounts payable professional?
Fortunately, businesses today don't have to merely image. Whereas in the past large organizations with major cash flow were the only ones able to afford an alternative solution, cloud-based software products and applications have now made these solutions available to businesses today of all sizes and industries.
Accounts payable automation and business process automation tools are here to stay, bringing with them a whole host of benefits that teams can enjoy.
Business Process Automation (BPA) is the use of technology to reduce or remove repetitive, robotic processes from businesses that are usually performed by staff. Whereas these tasks before would be done manually, BPA takes the robot out of the human by automating key or entire processes so that their time can be better spent elsewhere. Common examples of these in accounts payable include data entry into spreadsheets or the scanning of paper invoices into computer and finance systems.
But business process automation doesn’t just take away tasks for the sake of saving employees time, it also accelerates how common day-to-day tasks are completed. By sending data and information to people in a much timelier manner, not only is the invoice management and accounts payable process streamlined, but bottleneck processes, unnecessary steps, and the amount of people that need to be involved in the process are all reduced. For example, rules and actions can be set up that send invoices only when they have been checked over by the finance leader, or that payment is only sent once the invoice has been validated against purchase order numbers and receipt of goods.
The powerful functionalities of Business process automation tools can be used to automate almost any process within the accounts payable department, including sending supplier and vendor invoices, scanning invoices, inputting data into ERP and finance systems, and even sending payments. The reach of BPA depends on what the business needs are and where it feels automation will be most beneficial, but there are significant benefits in implementing end-to-end automation over bit-part solutions that only automate certain tasks.
On paper, accounts payable seems like an easy enough task. Invoices are sent, they are checked against what goods or services were purchased, and money is sent to the supplier. In reality, it’s far from simple. Invoices might be hard to read or incomplete, while some might be missing altogether or flagged as being potentially fraudulent. Businesses are constantly looking to prevent problems like this that arise within the accounts payable function - one of the biggest being late payments. Three in five UK businesses are owed money from late payments, with millions of pounds worth of money tied up in unpaid invoices. Much of this is owed to small-to-medium sized businesses (nine out of ten businesses with 50 to 249 staff) which, lacking the cash reserves of larger enterprises, rely heavily on a constant flow of cash coming into the business.
And here lies one of the key benefits of using business process automation tools. By automating the key processes of invoice management, businesses can reduce friction and speed up time to payments being processes. The wider advantages of this include the fact that suppliers and vendors (and people in general) are always happier when paid on time. With business process automation in place, payments are always sent as soon as possible when cleared, or rules can be put in place to pay bills at a certain schedule.
But speed of payment isn’t just the primary reason why businesses use BPA tools. By setting up clear rules, the accuracy of data uploaded and reported in finance systems is dramatically improved. This is something that cannot be matched by manual processes managed by humans. At some point every member of staff will make a mistake which, while they’re only human, can mean drastic consequences and hours spent rectifying the situation. With business process automation tools in place, finance leaders can rest assured knowing they have a system that automatically checks and scans data to ensure payments are always sent at the right time, for the right amount, and to the right supplier.
When your business is looking to implement business process automation tools, it’s first important to remember that the technology won’t fix processes that are already broken. For example, it can’t resolve the way you communicate or work with other departments or business areas. The aim shouldn’t just be to automate tasks for the sake of it, but to implement a solution that truly supports by solving entire processes. Only with end-to-end automation can businesses gain the visibility and control that provide benefits to staff and the bottom line
A good example of a business that needs business process automation would be a large, global construction company. With suppliers, vendors, and contractors on multiple projects to handle, ensuring swift and timely payments is vital in ensuring operations don’t suddenly grind to a halt. But with several different parties involved, the accounts payable department can quickly become overwhelmed, especially if mistakes are made. Rather than spending hundreds of hours' worth of staff time on recording and processing invoices, business process automation tools can free up resources to be spent elsewhere, such as on financial reporting or relationship management. What’s more, by automating the entire accounts payable function, businesses can reduce their cost-per-invoice processed by as much as 80%.
The future of business process automation tools within accounts payable is bright. The cost savings and accuracy of the technology used to automate key yet repetitive and labour-intensive tasks only improve the more it’s used. And, with staff freed up to focus on more critical tasks, the productivity and efficiency improvements that can be made through automation are unrivalled. As the technology advances further in the future, BPA tools will become even faster, more accurate, and more reliable in carrying out the accounts payable process.
Yooz emerges as the ultimate solution for transforming P2P Accounts Payable Process Automation. By harnessing the capabilities of AI, Deep Learning, and RPA, Yooz achieves an impressive 80% automation rate for invoices, eliminating the need for prior configuration. What distinguishes Yooz is its seamless integration of real-time AI with unmatched simplicity and robust business functionality. Its swift implementation, requiring just one hour and minimal training, sets a new standard for efficiency. Yooz offers a comprehensive all-in-one solution, streamlining every aspect of the P2P process within a single platform. With a substantial clientele base, processing over 200 million documents, and integrating with over 250 native connectors across 44 countries, Yooz showcases its adaptability and effectiveness. Supported by a team of experts and a culture of innovation, Yooz remains a leader in automatic document processing, evident through its extensive R&D investment and global recognition. Endorsed by top accounting firms and utilized by thousands of companies worldwide, Yooz solidifies its reputation as the premier choice for P2P automation. With seamless integration with ERP systems facilitated by over active connectors, Yooz establishes itself as the pinnacle of efficiency in business process automation tools.