3 Reasons Why AP Automation is Just as Important as Automating Payroll
Published on October 20, 2021 /
- Save Hundreds of Hours Annually
- Imagine a job where you manually punch your timecard every time you come to work and ask your supervisor your PTO balance when you are looking to take a day off. Imagine the added work this would cause for HR? Organizations have made payroll automation the standard, allowing more time for recruitment, learning and development, and the day-to-day work of executing on growing their businesses. Having a consolidated platform allows for increased visibility and transparency.
- Now, imagine your accounting department where invoices are manually received, stapled to purchase orders, shuffled around the office for approval, and checks are printed and stuffed into envelopes? Then comes the dreadful reconcilement process—following up on outstanding checks, countless phone calls while relying on a flawed paper trail. With AP Automation platforms, such as Paymerang, organizations are able to fully automate the procurement to payment process while increasing security, streamlining the day-to-day functions of their finance departments and creating a culture of transparency, accountability and modernity.
- Increase Visibility
- Processing payroll electronically allows for more accurate timeclocks, automatic payment and deduction calculation, and more efficient record keeping—saving HR professionals an enormous amount of time and resources. Additional features include real time insight into time off requests, and employee access to manage their own benefits.
- Every Finance Professional has experienced it, you send a check on time, but the vendor hasn’t cashed it, and then you begin an endless cycle of calling and reissuing checks, with no proper visibility or end in sight. With AP Automation, you have full visibility within the platform enabling you to view check images, payment attempts, and you can rest assured that Paymerang is handling all the follow-up to ensure that the vendors receive their payment on time, every time. Say goodbye to lost payments and late fees!
- Improved Compliance
- There is a certain palpable tension around audit time with the added stress—having to backtrack and the worry of something going awry. Having automated systems in place creates a digital archive, streamlining the audit process. Automated payroll processing improves tax compliance since it seamlessly integrates with most accounting ERPs.
- By using an AP Automation solution you’re able to reduce time spent tracking invoices, archiving documents, and digging through filing cabinets. Automating your AP provides easy access to all payment history, including reconciliation data, payment methods, check numbers, etc.—with all invoice details readily available, making audit time much less stressful.
Both process changes are, without a doubt, for the better—saving HR and AP professionals hundreds of hours per year.
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