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Revolutionise Your Invoice Processing with Invoice Automation: Top 10 Benefits Unveiled!

31st Jul 2023
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Kefron provides a range of information management solutions including Document Scanning, Accounts...
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Are you tired of tedious and error-prone manual invoice processing draining your time and money? Look no further! Enter the world of invoice automation, also known as AP automation, and discover a game-changing solution for your business. In this article, we’ll explore the top 10 benefits of AP automation that will leave you wondering why you haven’t implemented it yet!

AP Automation Benefits

1. Better Accuracy 
Bid farewell to costly errors. Gone are the days of human error causing financial disasters. Like in 2021 when Citigroup credit department employees made a clerical error which sent almost $1 billion to Revlon Inc.’s lenders! With AP automation, the manual data entry nightmare becomes a thing of the past. Utilising advanced Optical Character Recognition (OCR) technology, this solution ensures accurate and consistent data, eliminating the chance of errors. Say goodbye to misplaced decimal points or mixing up numbers leading to wrong payments and welcome peace of mind.

2. Save Time and Money
Embrace Cost Efficiency AP automation is designed to be cost-effective. By reducing invoice processing times, it ensures payments are made promptly, avoiding late fees and added interest. Moreover, the time saved can be allocated to more valuable tasks that drive your business forward. Say hello to increased productivity and goodbye to unnecessary expenses. Check out how this non-profit organisation saves 40 hours per month with Kefron AP.

3. Standardise Invoice Processing
Consistency is key. Managing invoices becomes a breeze when you eliminate variables. AP automation allows you to establish clear procedures and guidelines, optimising the process and improving financial management. No more wasting time and energy enforcing standard procedures manually; let the automation solution take care of it for you.

4. Easy Access, Anywhere, Anytime
Imagine having the power to manage and approve invoices even when you’re out of the office. With AP automation, it’s not just a dream; it’s a reality. Hosted on the cloud, solutions like Kefron AP grant you access from anywhere, anytime, as long as you have an internet connection. Say goodbye to late payments due to approvers being out of the office and say hello to streamlined processes.

5. Seamless Collaboration
Working together has never been easier with AP automation fostering collaboration like never before. Multiple users can access the system simultaneously, including approved third parties such as your suppliers. By allowing suppliers to track the progress of their invoices, you reduce the number of queries received, enabling you to focus on your work more effectively. It’s a win-win situation for everyone involved.

6. Strengthen Supplier Relations
Build trust and better promote your business with AP automation. When suppliers can view the process and receive punctual payments, trust is established. AP automation ensures your suppliers are paid on time, solidifying your business relationships. Take advantage of the time saved with automation to enhance your connections with suppliers, leading to recommendations, promotions, and continued business.

7. Better Visibility and Analysis; Insights that Drive Growth
Approved users can effortlessly track invoices throughout their lifecycle within the system. AP solutions offer user-friendly dashboards that provide enhanced visibility and analysis. Identify bottlenecks and other issues in the AP process, empowering you to improve cash flows and budgeting. With tools like Kefron AP’s Return-On-Investment dashboard, you can quickly gauge the time and money saved through automation.

8. Reduce the Risk of Fraud

Safety comes first so say goodbye to the vulnerabilities of manual invoice processing. AP automation ensures payments are only made for legitimate invoices by employing purchase order and receipt matching. Furthermore, the approval process acts as an additional layer of security, preventing payment without proper review. With verified payment information and automatic deletion of duplicate invoices, fraudulent activities are swiftly identified, protecting your business. You can see exactly how AP automation prevents fraud here. A full audit trail is maintained throughout an invoice’s lifetime; so, it’s easier to spot fraud before it progresses, and who is responsible.

9. Ace Compliance and Audits
Following regulations and policies becomes effortless with standardised AP processes. Automation solutions incorporate robust security measures like firewalls, encryption, backups, and multi-factor authentication. This added security and controlled access isn’t achievable with manual processes. This minimises the chance of unauthorised access to your invoice and banking information. Invoices are fully text-searchable, and a detailed audit trail is kept. All of your information is easily retrievable to help you ace audits like this company did.

10. Easy Integration
AP solutions integrate with a number of other software. Kefron AP integrates with all ERP and accounting systems. Examples of partners include Sage, Oracle, AccountsIQ, SAP, Microsoft Dynamics, and Sovos.

Integration creates a powerful 2-way flow with your finance system.  By eliminating the need to retype information, it better allows for harmony in your finance team for more efficient payments. Automatic data exchange streamlines the payment process, optimises AP processing, and improves financial management by ensuring you are always presented with accurate and real-time information. 

Experience a business revolution with AP automation, the game-changer for invoice processing. From reducing errors and saving both time and money, to enhancing vendor relationships, the benefits of AP automation are manifold. AP automation also elevates your financial operations, offering streamlined workflows and bolstered security and compliance measures. Further, integration of AP automation with other software systems ensures a high-performing financial framework. With all these AP automation benefits, it’s a wonder if you haven’t embraced it yet!

If you’re ready to embark on your AP automation journey or need more convincing, we invite you to download our comprehensive buyer’s guide. Or, for a more personal touch, our AP experts are always ready to assist. Unleash the benefits of AP automation today!