A Cut Above: Paypool Creates a Seamless AP Process

A Cut Above: Paypool Creates a Seamless AP Process

The more efficient and integrated an AP department, the more competent your supply chain. AP can be improved by linking your basic accounting software with a sophisticated AP automation solution, like Paypool, to streamline all AP tasks. Adopting Paypool AP automation can improve costs and produce accurate data enabling your AP department and business to thrive.

The Case for AP Automation

From large to small, many businesses have adopted AP automation methods, but adoption is far from universal. According to research conducted by PYMNTS.com and Mastercard, 59 percent of businesses have yet to implement payment automation of any kind.

Additionally, Level Research’s 2019 Payables Insight Report states that small to medium enterprises (SMEs) are further behind their large-business counterparts. Surprisingly, 89 percent of SMEs still receive paper invoices, while 86 percent implement manual invoice data entry. This collective evidence shows that many companies are not using technology productively to streamline their AP process. This is where Paypool’s AP automation solution can help.

Paypool AP Automation Maintains Smooth Operations

Your business may utilize a general accounting software to manage bank reconciliations and stay on top of accounts receivable and payable, but that alone does not fully automate the AP cycle. Failing to transition to an interconnected, automated AP solution can negatively impact an organization. Without a seamless process, a business should anticipate the following:

  • Increased errors: Entering data manually can lead to mistakes. Reasons may range from data entry mistakes to illegible handwritten forms. The average benchmark for data entry error rate is generally acknowledged to be 1%. Paypool’s AP automation solution helps minimize this risk.
  • False data: Incorrect data can have big financial implications and throw off accounting; simply misplacing a comma or decimal point in a spreadsheet can result in a difference of thousands of dollars. It can also take up unnecessary staff time, requiring them to go back and research discrepancies. Paypool’s AP automation solution accurately documents your business’s data from the start so you can make confident business decisions.
  • Additional costs: According to data collected by Ardent Partners, processing a manual invoice costs roughly 10 dollars. AP automation saves money and delivers the most direct value when it comes to reducing time and labor.

Integrate with Paypool AP Automation

Paypool’s AP automation solution syncs with your enterprise resource planning or accounting system to track every invoice and payment securely. You’ll never need to update files or track down missing information. Paypool integrates with countless accounting systems, such as Acumatica, NetSuite, Sage Intacct, QuickBooks, and hundreds more, for easy reconciliation. Paypool supports both custom-built cloud integrations for certain systems and simple file exports.

When Lincoln Trust needed an AP automation solution, it turned to Paypool. Initially, the process involved moving invoice data and images into a separate AP module for payments followed by recordkeeping with accounting software. On average, it took 30 minutes to process one invoice. Following Paypool’s AP automated integration, Lincoln Trust slashed processing time, eliminated errors, and increased accountants’ productivity.

The better your AP department performs, the more credible your business’s efficiency and reputation. By transitioning to Paypool AP automation, expect healthier finances and happier vendors.

Paypool has addressed AP challenges for thousands of clients across a variety of industries. Our AP automation solution can be customized to meet your needs, too. Request a demo today.

 


Brian Acton, Marketing Coordinator at Paypool

Brian has marketing experience at agencies and internal marketing departments. Since 2015, Brian has managed Paypool’s marketing department.

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