Why automate your accounts payable process?
1. 80% increase in efficiency
Automating your accounts payable processes reduces manual effort and errors. What takes 15+ days to complete manually will take less than 3 days with automation. Intelligent accounts payable solutions instantly extract line-item data, detect duplicates, price checks inventory and even adds the correct tax, streamlining the AP process.
2. Enhanced supplier relationships
Automated systems help ensure timely supplier payment, improving relationships and reducing the risk of late payment fees. A recent case study with Lightyear user Future Transfer has reported regular cost reductions with suppliers as they can take advantage of early payment discounts every time. 1-click supplier management means they can quickly settle any dispute or inaccuracies without leaving the app.
3. Reduce fraud
Fraud is among the most significant contributors to increased costs for hospitality businesses. In fact, according to William Reed Ltd., in the UK alone, fraud costs hospitality businesses an average of £6800 per month, and it usually goes undetected for around a year! Protect your businesses using an AP automation software that automatically checks the supplier bank details and flags anything suspicious can save you £1000's.
4. Increased visibility of spend data
Accurate reporting is a CFO's most important weapon is managing spend. With the ability to view and analyse real-time data, it's possible to get an accurate overview of your costs, making it easier to prevent maverick spend before it happens. Accessing real-time, accurate data via invoice automation software gives users the power to make faster and smarter decisions.
The Lightyear system itself I really like! It makes out Purchase Ledger Admin's job considerably easier and saves time.
5. Reduce processing costs from £15 to 79p
One of the biggest benefits of automating your accounts payable processes is the impact on your bottom line. Your team can process invoices, check supplier details for fraud, track inventory, manage suppliers and even approve on the go with mobile approvals. It reduces unnecessary costs, making processing one invoice just 79p. Not only this, but AP automation software also integrates into most POS & inventory solutions and your accounting software.
Automating your accounts payable with Lightyear will help you improve efficiency and cash flow management by replacing manual processes. You'll also have better vendor relationships and more accessible data tracking – not to mention cost savings! Investing in automation is a smart move for any business looking for future success.
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