Companies are discovering the value of digitally transforming their operations. From human resources to field operations, organizations are taking advantage of SaaS software and digital tools to boost productivity, have more transparency, and reduce costs.
Rather than being seen as a threat, automation and AI technologies are being used not only to avoid adding more staff, but to help employees be more productive, have less stress, and be freed from drudgery.
The invoice approval process for finance departments, both large and small and in every industry, are still operating with paper procedures and processes. Instead of introducing automation that can remove repetitive work, finance teams are using file folders, file cabinets, email, spreadsheets and other manual work formats to process their vendor invoices.
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Optimizing the Invoice Approval Process for AP
Accounts payable is the hub of all transactions. If an organization still has a commitment to paper processes, the job of the AP team or finance administrator tends to revolve around maintaining multiple files (and multiple stacks) of paper. Time is spent chasing approvers either through email or phone calls, recovering lost invoices, and using Excel to try to organize it all.