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Managing accounts payable (AP) manually can often feel like an uphill battle for small businesses, especially when it comes to expenses. The constant shuffle of receipts and slog of manual data entry paired with chasing approvals takes up valuable time and energy. No wonder your finance teams feel overwhelmed! But the good news is that modern technology has a pretty nifty solution for tired-out expense handlers: AP automation.
AP automation for small businesses can be a blessing when it comes to expenses. It can streamline laborious manual processes and make them more accurate while saving you money.
Stay with us to discover the do’s and don’ts of AP automation for small businesses and see what it could do for you.
Already considering implementing AP automation into your expense process? Book a demo with us today.
AP automation involves the use of specialised software to digitise and streamline the accounts payable process. This is particularly useful when it comes to the world of expenses. Instead of hours and hours of manually processing receipts and travel invoices, modern automation software can capture and approve them digitally and link them up to your existing accounting systems.
Not only does this speed things up, but it also provides you with more accurate data.
Check out our receipt scanner app and how it can help your staff submit expenses easily on the go.
A good place to start is assessing your existing accounts payable workflow to identify pain points and areas that would benefit most from automation, e.g. expenses. Understanding these aspects will help you choose the right features and functionalities for your team.
Not all AP automation tools are created equally. Research various options, considering factors like integration capabilities, user-friendliness, scalability, and vendor support. Reading reviews and seeking recommendations can help you make an informed decision.
End-to-end AP automation software is a good option for most small businesses as it seamlessly integrates with your current financial systems, ensuring accurate and continuous data flow.
You may also enjoy features like Optical Character Recognition (OCR), which automatically processes and validates invoice or receipt data, saving your team a job and resulting in fewer errors.
Our clever ExpenseOnDemand receipt scanner app uses OCR and AI technology to scan expense receipts quickly and easily from a mobile device camera.
Automating AP expense processes enhances security by providing a clear, auditable trail of all transactions. This transparency not only safeguards against fraud but also ensures compliance with financial regulations, protecting the business from potential legal issues.
Keep your eye out for AP automation software with multi-layered security measures in place – like data encryption – to protect sensitive payment details.
A well-structured implementation plan is crucial for a smooth transition from manual to digital AP. Your plan should outline timelines, responsibilities, training programs, and milestones to ensure that the deployment of the new system is efficient and doesn’t cause too much of a stir in your team.
Investing in training as soon as possible helps your staff feel more comfortable and ready to use your new, modern AP system for expenses. Thoughtful and comprehensive training programs can reduce resistance from more ‘old-school’ team members and empower your staff to use the software to their advantage.
Choosing an AP automation provider that offers robust support and resources is key. Reliable vendor support can assist in troubleshooting and provide updates, making sure your system remains effective and up-to-date.
It doesn’t stop after implementation; you’ve got to see if your automated AP software is working for your team and business. Regularly monitor the system's performance and gather feedback from users to see if you need to make any adjustments or improvements.
Are you considering AP automation for your small business? It’s a smart move to get you ahead of the game, as only around 10% of businesses have fully automated their AP processes, according to Forbes.
If your finance team is overwhelmed with manual tasks or struggling with inefficient approval workflows, it may be time to consider AP automation. The right solution can transform your accounts payable process, leading to:
Traditional expense approval processes can take a long time, causing stress for your finance team. They probably have better things to do than sifting through receipts, right? AP automation for expenses makes the whole process quicker and easier, so your team can focus on more important tasks.
Automated data capture minimises errors associated with manual entry, ensuring your financial records are precise.
Having to shell out for expenses can get pretty costly for your employees, contractors, or volunteers, so it’s important to reimburse them as quickly as possible if you want to retain good relationships. AP automation speeds up the whole process and gets them paid accurately and on time.
When it comes to small businesses, every second counts; so why waste your staff’s time with tedious manual expense processes? AP automation for expenses can empower your finance team with accurate results and give them time back to work on more pressing tasks. It also ensures everybody gets reimbursed promptly while boosting security and compliance.
ExpenseOnDemand provides seamless AP automation for your business expenses, freeing up time for your finance team and anybody claiming expenses. Book a demo today to discover how our intelligent software can streamline the way you control, process, and pay expenses.
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