Research shows that we spend 22% of our work time on repetitive tasks. And while doing these tasks, we lose 10% of our “productivity” to mistakes.
Accounts payable processes entail a number of manual tasks, such as:
Downloading and printing invoices for approval.
Chasing approvers and collating information.
Keying, coding and recalling accounting information.
These tasks don’t add strategic value to your business or upskill your employees.
Instead, they steal time from high-value tasks like customer success, data analysis and building relationships with suppliers.
But how can you give your team more free time to work on these tasks?
AP invoice automation.
Why Automate Your Accounts Payable?
Improving productivity and efficiency.
Reducing labour costs as well as eliminating error and storage costs.
Unlocking hidden insights that can improve your business.
Improve your business efficiency by 73%
It’s no secret that technology is excellent at routine, data-heavy tasks. An AP automation program doesn’t have to click through many screens to get its answers. Instead, it can pull the correct data from various sources instantly.
On top of speed, automated invoice processing is more accurate. So your team can spend less time fixing errors and more time working on high-value tasks.
Reduce your invoice processing costs by 81%
Spending less time on manual invoicing means lower processing costs. Instead of data entry, the team can focus on tasks that need critical thinking and a human mind.
Improve your financial decisions with accessible data analytics
AP automation software improves fraud protection through transparent workflow logs and audit functionality. And with your data in one location, you can unlock crucial insights about your cash flows using Excel or other BI tools.
With all the information available, we can now analyse and interrogate it. For example, you might be interested in who is your main supplier, the dollar amounts spent with them or the regularity of invoices. Ocerra enables us to drill into the data and see who we are paying, how often, and how much”. - Mark Lumsden, CFO at CDB Group.
How Booster Benefits From Accounts Payable Automation Software
Booster is one of our financial services clients who had concerns about time spent on invoice processing. On top of this, the end-of-month closing process was becoming stressful. So they turned to us for an AP automation solution.
I find that with Ocerra, we are doing it a lot quicker, especially at the month-end when we have quite a tight turnaround. It remembers everything for us, so we don’t have to look it up. Ocerra pre-populates invoice data including account codes and taxes and then saves to MYOB with the original PDF file attached”, - Natalie Tat, Corporate Accountant at Booster Financial Services Group.
Like most businesses, Booster also had unique accounts payable needs. Booster needed a solution to re-calculate net and tax amounts for non-standard GST rates. And they wanted the software to log the invoice in their MYOB Advanced ERP automatically.
The solution?
An out of the box tax calculator with custom Tax rates that integrates into our AP software. This allows to re-calculate invoice numbers correctly based on the tax code selected before it is entered into the invoice in Booster’s ERP.
Now Booster enjoys:
Stress-free month-end closing periods.
10-12 hours of extra productivity each month (even though they don't deal with hundreds of invoices).
Quick and easy access to all their invoices.
Learn How AP Automation Software Can Improve Your Business
Your business no longer needs to waste precious time on manual invoice processing.
No more data entry and errors associated with it, so your team can focus on more important tasks.
No more chasing approvers and approval bottlenecks, invoices are automatically sent to the right people in the workflow.
No more printing invoices and costs associated with it, you can access it online at any time.
No more lost or missed bills; duplicates are automatically detected for you. Each bill is labelled and organised for a quick review.
Your team can now focus on value-added tasks such as:
Planning and data analysis.
Learning the latest accounts payables best practices and trends.
Reviewing contracts and negotiating payment discounts.
Does AP automation sound like it could benefit your business?
Then book a demo today and see how AP automation software can supercharge your team’s productivity.
Or, you can read more of our client success stories to learn how our AP automation software has helped them.
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