Why automate?

Key benefits of automating
your accounts payable

Automation offers a new level of efficiency and oversight for Accounts Payable. By capturing, routing and archiving invoices automatically, using machine learning and automated workflows, accounting teams can gain efficiency and accuracy.

Having remote access can also significantly reduce processing time, as your teams no longer have to spend time looking for invoices or any other documents. They are easily accessible, no matter where your team members are working from or which device they use.

Levvel Research shows that processing a single invoice can cost up to £15. However, businesses that implement accounts payable automation have reduced this cost by 60% to 80%, bringing the average cost per invoice down to £5 or less.

Faster processing of invoices and fewer errors significantly help your teams to be more in control of transactions and costs, allowing them to take advantage of early payment discounts, avoid delayed payments, and negotiate payment terms with suppliers. Better cash visibility and reporting can also give you deeper insight into your business now and in the future. This level of visibility allows you to optimise cash management, track the performance of suppliers and probe vendor claims.

While automation takes care of the heavy lifting, your teams can focus on strategic activities to advance the business, such as analysing expense trends that might drive policy change.

Automating accounts payable can significantly improve vendor relationships by ensuring timely and accurate payments.

Invoices are processed faster, reducing delays in approvals and payments, which can help you avoid late fees, and your vendors maintain steady cash flow as well. This reliability builds trust and strengthens relationships which in turn, can give you leverage for negotiating better terms, discounts, or exclusive deals.

By securely and intelligently archiving your transaction files, accounts payable automation solutions provide full and proper documentation of all business transactions, allowing you to follow a clear audit trail for reporting and audit preparation.

This reporting doesn’t just involve booked records from the period being audited; it also includes emails, letters, or contracts connected with these records that can be submitted in seconds to a tax authority or external auditors. This process means that your team can easily cross-check when an invoice was recorded, seeing at a glance where it is now and who accessed it last, especially when the data is also available in your existing ERP or accounting system via integration.

An advanced security system protects against unauthorised access and manipulation, while multiple encryption layers ensure all documents stay confidential.