Small and midsize companies are starting to adopt accounts payable automation solutions in greater numbers.
The benefits of AP technologies have become more apparent, as organizations that implemented the technology early on have improved their processes, notes AP Matters. Technology such as duplicate payment audit software can help businesses reduce lost profits as a result of processing and invoice errors. In fact, the source says that the growing interest in turning accounts payable departments into profit centers, as opposed to cost centers, has led organizations to find innovative solutions to reach this goal.
Industries that have tighter cash flows can increase profits by reducing invoice processing costs and boosting efficiency. As the economy slowly recovers, cash flow becomes even more important to a business' operations, and better control over accounts payable helps maintain liquidity.
In order to maximize the current low interest rates, both small and large businesses have been looking for tools and technologies that will help them shorten their invoice receipt-to-approval cycles. Businesses can also integrate their invoice management automation solutions with their expense management solutions in order to leverage common workflows.