How can Volopay help simplify accounts payable process?
Simplify your workload by automating the long and cumbersome accounts payable invoice approval process with Volopay - the first AI-based invoice management software.
When receiving goods or services from vendors, there is a duration of time wherein the vendor sends you the invoice for the order which then gets approved and finally paid. For that particular duration of time, you remain in a short-term debt known as accounts payable (AP).
Accounts Payable process is an essential part of your company, maintaining cash flow and overall financial wellbeing of your organization. An increase in Accounts Payable can signal a rise in your debt i.e you are purchasing more goods and services on credit and paying less in cash.
There may arise instances wherein these accounts payable can prove to be a particular nuisance, especially when the invoice approval process at your company is tedious, thereby delaying the entire accounts payable process and posing a threat to your cash flow. This can create a bottleneck situation and harm your credibility with your vendors and at large, even your business credit score.
Therefore, it is crucial to maintain a low and healthy accounts payable to ensure optimum cash flow and creditworthiness of your company.
To understand accounts payable process, you must first understand its elements.
The accounts payable process flow begins with a purchase order (PO) for certain goods or services issued to the vendor.
The vendor acknowledges the PO and issues an invoice to your company.
The AP team reviews the invoice for any fraudulent activity or discrepancies from that of the purchasing order and the receipt.
After a thorough inspection, the bill is recorded into Accounts Payable manually.
Once all the documents are verified and approved, payment is made to the vendor.
The traditional way of accounts payable process is not only tedious and time-consuming, but it is also prone to human error and requires chasing multiple paper trails to approve invoices.
Especially for large companies, reviewing and approving a constant influx of invoices makes it almost impossible to keep track of what’s approved and what’s not, creating a bottleneck and increasing the Accounts Payable liability even further!
The most optimum solution to streamline this process and ease the workload of the AP team is to automate your accounts payable process flow!
Automating your accounts payable process frees up your AP team from the drudgery of countless paper checks and instead allows them to pursue other crucial financial goals instead! Although it might feel a little difficult adjusting to the digitized version of the AP process, here are some of the reasons why accounts payable automation can be your new best friend:
AP automation can allow for faster payments to your vendors. By digitizing and automated filing of your invoices, it can simplify the process of invoice submission and payment for everyone involved!
With accounts payable automation, the company can save significant time and money that frees up the cash flow for faster payment of these short-term debts. The invoice process is streamlined instead of scattered all over the place in the form of paper trails and overflowing email inboxes.
When the accounts payable invoice approval process goes through multiple unauthorized channels due to manual processing chaos, it can put your company at risk for fraud and embezzlement. With an automated accounts payable process in place, you can limit who has access to invoice approval and payment release and can quickly identify invoice fraud before it’s paid.
AP automation allows you with document management and links all your necessary messages and information onto a single transaction so you can match the invoice with the receipt and the purchasing order effortlessly. This kind of trackable and documented audit trail removes the complexity of extensive paperwork and ensures compliance with your filings.
If you have read the article till now, you’re pretty much convinced that your company can benefit greatly from automated accounts payable process flow. But which platform to choose from? You can now simplify your cumbersome invoice approval process from submission to payment — with Volopay.
Volopay is a one of its kind accounts payable invoice approval process solution that aligns itself with the future of AI-based financial management. It eliminates any invoice delays and streamlines the approval process. You can make payments to vendors within the country and also experience seamless cross-border B2B payments. Our dashboard provides a holistic view of detailed, real-time invoice processing, wherein you can set your own parameters, such as expense categories, multi-level invoice approvals for 100% transparency.
Another unforgettable feature of Volopay is its effortless integration with any of your existing accounting software, such as Xero, Netsuite, Quickbooks, etc. It syncs up all your paid invoices smoothly on your accounting software against the respective vendors. Volopay invoice management feature also seamlessly merges with your preexisting ERPs, databases, and other financial tools.
Want to pay less by paying early? You can automate your AP invoice approval process to enjoy early-payment discounts offered by vendors to facilitate stronger cash flow. Simply allocate your cash for early payment, set your rate of return, and voila! Volopay will surface the offer to your supplier directly based on all your invoices!
Cost Reduction, control over expenses, and improved accuracy, are some of the benefits of accounts payable automation.
Time-saving, better vendor relationships, and going paperless, are some of the benefits of setting up an automatic bill payment process.
With the accounts payable automation, you can improve vendor relationships, prevent invoice duplication and pay the vendor on time.