Is Accounts Payable Automation Necessary?
Accounts Payable automation is an important and rapidly growing field in the financial services industry. The implementation of Accounts payable automation increases a company’s efficiency. It reduces the number of clerical hours needed to process accounts payable.
This automation allows you to significantly cut down on errors and have fewer employees processing invoices, checks, and other forms related to accounts payable. Accounts payable automation software is now a common feature in software packages for mid-sized businesses.
Companies can use four steps to manage the accounts payable process. These are:
- Receiving the invoice
- Reviewing the invoice
- Approving the invoice
- Paying suppliers or vendors
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