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Accounting is often Considered to be a dull job which needs a substantial amount of tedious data entry. While accountants do perform higher level analysis that needs extensive thought and consideration, these activities can only be performed after the data entry portion of their work is completed. Among the most tedious areas of accounting involves the accounts payable process which includes the recording of a broad number of invoices and expense transactions. Automating some of those procedures can provide individuals with the capability to significantly reduce the total amount of work required and provides for the capability to perform more comprehensive analysis.

Benefits of Accounts Payable Automation

The time savings and Ability to decrease the number of employees in a company (with wage savings) is the primary reason why businesses automate portions of the accounts payable process. Nonetheless, this is far from the only reason why accounts payable is automated. Accounts payable automation lowers the potential for human error and improves on the accuracy of the accounting records. In addition, it allows companies with the ability to link up with their vendors and produce more meaningful relationships with them that may lead to discounts on charges from these vendors.

Types of Automation of Accounts Payable

Companies can automate Accounts payable in a variety of different ways. Some Companies integrate Their purchase order process with accounts payable and have individuals request Purchases that are then accepted and automatically uploaded as accruals for a Company depending on the cost date of this transaction. Then, when invoices Are obtained, the accounts payable automation solution will scan the invoice And automatically match it up to the accrual. Expenses are classified by type And posted to the organization's trial balance. Additionally, options exist for these Accounts payable automation computer software programs to do analysis and analytics On payables and help a business to optimize them. See accounts payable workflow solutions.