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Accounting is often Considered to be a dull job which requires a substantial amount of tedious data entry. While accountants do perform higher level analysis that requires extensive thought and consideration, these activities can only be performed after the data entry portion of their work is finished. One of the most tedious areas of accounting involves the accounts payable procedure which involves the recording of a broad number of invoices and investment transactions. Automating some of those processes can provide people with the capability to significantly reduce the amount of work required and provides for the capability to do more detailed analysis.

Advantages of Accounts Payable Automation

The time savings and Ability to reduce the number of employees in a company (with wage savings) is the primary reason why companies automate portions of their accounts payable procedure. However, this is far from the only reason why accounts payable is automated. Accounts payable automation reduces the potential for human error and enhances the accuracy of the accounting records. Additionally, it enables companies with the ability to join with their vendors and produce more meaningful relationships with them which may result in 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 will integrate Their purchase order process with accounts receivable and also have people request Purchases which are then approved and automatically uploaded as accruals for a Company based on the cost date of the transaction. Then, when invoices Are obtained, the account payable automation solution will scan the invoice And automatically match this up to the accrual. Expenses are classified by kind And posted to the organization's trial balance. In addition, options exist for these Accounts payable automation computer software programs to perform analysis and analytics On payables and help a business to optimize them. E.g. Suggested Resource site.