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Accounting is often Considered to be a dull job that needs a substantial amount of tedious data entry. While accountants do perform higher level analysis that needs extensive consideration and thought, these activities can only be achieved after the data entry portion of their work is completed. One of the most tedious areas of accounting involves the accounts payable process which involves the recording of an extensive number of invoices and investment transactions. Automating some of those procedures can provide individuals with the capability to significantly reduce the amount of work required and provides for the ability 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 companies automate portions of their accounts payable process. 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 allows companies with the ability to link up with their vendors and create more meaningful relationships with them that may result in discounts on charges from such vendors.
Types of Automation of Accounts Payable
Companies can automate Accounts payable in many different various ways. Some Companies integrate Their purchase order process with accounts receivable and also have individuals request Purchases that are then accepted and automatically uploaded as accruals for a Company depending on the expense date of this transaction. Then, when invoices Are obtained, the accounts payable automation solution will scan the invoice And automatically match this up to the accrual. Expenses are classified by type And posted to the company's trial balance. Additionally, choices exist for these Accounts payable automation computer software programs to do analysis and analytics On payables and assist a business to optimize them. As seen on .
