Each year, more companies turn to accounts payable (AP) automation. As the world continues to transform digitally, this trend is expected to rise. In fact, the Global Accounts Payable Automation Market, currently worth $2.5 billion, is expected to reach $4.47 Billion by 2026. Although many organizations are shifting to automation, others still contend with tedious manual methods that come with added risks. Adding an AP automation solution like Paypool can help reduce operational deficiencies and create increased visibility around critical business data.
Paypool’s AP Automation Features
Investing in automation is a big step. Not only is it an adjustment to your AP operations, but you’re transitioning critical data to software and eliminating manual processes that may have been in place for years. This is why it’s imperative to partner with an AP automation solution that meets your business needs. From large to small businesses, Paypool’s AP automation solution offers ease, simplicity, and convenience due to its many features.
- Scalability: Paypool adapts to the needs of your organization. There’s no limit to the number of employees you can add to the system as Paypool doesn’t charge for extra user licenses.
- Automatic Invoice Receipt and Routing: Paypool allows multiple ways, including email, paper mail, and file upload, for vendors to submit invoices to clients, which are then routed to the correct approvers. Research states that AP automation saves 49 percent in processing costs.
- Efficient Coding: Coding invoices can be a tedious process. Paypool drastically cuts down this exercise by recreating the GL codes in its system, allowing users to easily code and split invoices appropriately.
- Flexible Invoice Processing and Scheduled payments: Automating invoices with Paypool can decrease days payable outstanding (DPO). Respondents in an Aberdeen Group survey said their DPO were 5.55 days shorter than those without AP automation. The ability to schedule payments increases on-time transactions and offers the flexibility to take advantage of early payment discounts.
- Seamless Integration Capabilities: Integrating an AP automation platform with your accounting software creates a better AP workflow. Paypool offers organizations efficient cloud-based and ‘file export’ integration options. With a ‘file export’ process, data is easily downloaded from Paypool then uploaded to the accounting system. Through cloud based integrations, Paypool seamlessly shares data with select accounting packages including Acumatica, NetSuite, Sage Intacct, and QuickBooks, via application programming interfaces (APIs).
- Robust Reporting: Paypool’s reporting capabilities give you an accurate and complete picture of the AP process. Comprehensive reports pinpoint invoice and payment vendor status.
- Secure Storage: Paper documents are more vulnerable to fraud and loss. Paypool offers password protection, two-factor authentication, and leaves an access footprint so you know who has viewed and taken action on every invoice.
- Searchable Audit Trail: Paypool effectively organizes all AP and transaction documentation, increasing transparency. Digital storage speeds up the audit process and allows operations to continue while it is occurring.
Automate AP with Paypool
Thanks to AP automation, AP departments have become more digital, more profitable, and more strategic. As 2022 begins, now is the time to evaluate what enhancements your AP department can make to streamline your workflow for a more efficient process. By transitioning to Paypool’s AP automation solution, expect increased transparency, efficiency, and cost savings.
From large to small businesses, thousands of clients have turned to Paypool to meet their AP needs. Request a demo today and learn how Paypool can bring additional value to your company.