- Revolutionize how your business payments process
Most firms strive for a "paperless office," yet this is difficult to attain. It's challenging in the AP department, where over 60% of bills are still received on paper. Working through stacks of paper invoices, manually contacting key approvers, and mailing cheques is time-consuming and exposes the organization to fraud, making audits difficult. What could be an all-in-one solution to overcome this?
Automating AP Operations
Accounts Payable (AP) Automation, a single platform, strives to make the back-end financial process more effective, speedy, and accurate. The three significant components of AP - Archive and Audit, Invoice Receipt Matching, and Workflow automation are achieved efficiently if your organization associates with a platform that supports AP automation.
AP Automation with Trackex
When you migrate from a paper system to Trackex Software, you have access to a flexible accounts payable solution that can be tailored according to your business needs. This travel and expense management tool centralizes all of your AP duties and streamlines invoice processing to decrease touchpoints and keep bills moving swiftly and efficiently. Key features include:
- Hassle-free audit processes
- Automated approvals to be issued for maintaining payment gateways or publishing expense journals
- Eliminates paper-trail
- 100% policy compliance
- One-click reimbursements
- Real-time reporting and analytics with Quick books
- Automatic accounting syncing
- Full visibility & trackability
- Identifies cost-saving opportunities
Trackex can optimize your financial billings and provide operational flexibility. The significant advantages offered by the deployment of AP functions are explained as below-
1. Reduce Your Time And Labor Costs
Businesses benefit from speedier and more cost-effective accounts payable operations by automating data entry and invoice validation. The automated accounts payable system will boost productivity while lowering AP processing expenses.
2. Accelerate the Approval Process
AP systems can escalate delayed approvals by decreasing payment delays and sending ignored bills to secondary approvers, which thus speeds up the entire approval process.
3. Increase Personnel Efficiency
People in the AP department may instead focus on reviewing invoices, getting payments on time, communicating with vendors, and doing other jobs that require a human touch instead of attempting to keep track of papers.
4. Instantly access Supplier Invoices.
Going through hundreds of files is no longer necessary to find supplier invoices. You can view and track bills at any time with an automated AP system, allowing you to make educated decisions.
5. View Pending Invoices
With an automated AP system, you can keep track of the number of overdue invoices and respond to supplier inquiries from anywhere, at any time. In just a few clicks, you may pay off outstanding debts and obtain an up-to-date report.
6. Save Money And Space By Reducing Storage Costs And Space
Capturing invoices with an automated AP system saves organizations money on paper. Businesses may eliminate manual work systems and error-prone document management systems by streamlining the process.
Operational flexibility is no longer a luxury in today's corporate environment; it is necessary. As a result, the sooner you implement an automated AP system, the better.
Contact the business executives at TrackEx today to find out how they can help you streamline your payment processes and build an effective and efficient reporting system for your business.