Accounts Payable Automation: Key Benefits and Why It’s Crucial for Growth
Automating accounts payable is becoming more and more popular with companies. It’s important to look at the reason why this has been growing in popularity along with the benefits that come with it. Read on to learn about the current state of AP, benefits of automation, Beanworks, and an upcoming webinar!
Current State of Accounts Payable
The current state of accounts payable is the trend of companies moving to AP automation. This is a combination of both digital transformation and the shift to remote work throughout the past couple years. A lot of companies began this shift with the recent pandemic and invested in AP automation. Those who have invested have seen some pretty significant benefits and their success has lead to a further increase in other companies moving to AP automation.
Benefits of AP Automation
While some are still hesitant, those who have automated their processes are seeing big benefits. These benefits range from increased company growth, productivity, and savings. Here are some statistics Beanworks has reported on companies who have moved to AP automation:
7 in 10
Report increased collaboration between finance and nonfinance employees
73%
Say their company qualifies for more early-pay discounts than they did preautomation
89%
Report decreased labor costs
77%
Report improved vendor relationships
On top of this, AP departments have reported benefits like better forecasting and quicker approval times. Alsmost 80% of accounts payable departments say that their team has been able to reallocate resources to higher-level duties as a result of automating the AP function. It may be time for your company to make the move.
Beanworks and Sage AP Automation
Beanworks is an accounts payable automation software company that is designed for accountants and was built by accountants. They have a goal of empowering accounting teams to succeed by automating all things AP.
Sage AP Automation, which is powered by Beanworks, provides real-time information on bills as they proceed from purchase order through coding, approval, and payment. It works in tandem with Sage ERP to relieve teams of time-consuming and error-prone activities while giving users total control over the whole AP process.
Both Beanworks and Sage AP Automation provide a way for you to start your accounts payable automation journey in order to help set your company up for success. Don’t wait any longer!
Beanworks AP Automation Webinar
Join this webinar to find out:
- How 76% of finance professionals have increased productivity and reduced overtime
- How to eliminate late payments for good
- Solutions to improve approvals, payments and AP data access
- How to prevent vendor fraud and expense abuse that 60% of businesses experienced this year
