AP Automation solutions – a buyer’s guide
Accounts payable automation is enterprise software that streamlines supplier invoice processing and provides both visibility and control over invoice approval business processes.
The main purpose of AP automation is to get an automated and streamlined process for supplier invoices. AP automation solutions allow financial management professionals to work optimally, while having the needed resources to do more, faster – and with less focus on manual work.
Benefits of AP automation solutions
The economic impact of an AP automation software can be a substantial. The most obvious ones are reduction in time spent on processing invoices within the AP department. But there are many other direct and indirect benefits. Here are some of them:
- Decrease in time spent by AP department (up to 80%)
- Shortened turnaround times from days to minutes
- Up to 97% less errors
- Cost savings from 40% up to 60%
Research companies have found that manually processed invoices cost, on average, $12 to $30 per invoice, considering salary costs. In a case study by the Aberdeen group, most companies that automated their AP process showed a savings of 40% to 60%.