How to Improve Business Positions Using Accounts Payable Process Automation by Hermes
Organizations on a rapid growth path and a digitization plan are increasingly adopting Accounts Payable (AP) automation solutions, realizing strategic value in generating revenue. Automating the accounts payable process enables the business to monitor and analyze cash flow and identify errors in the financial management cycle.
You may be doing manual invoice processing for your business in the initial years. But as your company grows and handles complex business processes, manual invoice processing won't be able to keep up. Considering accounts payable automation solutions such as Hermes is very beneficial.
Hermes, a tech-driven advanced accounts payable software, uses cutting-edge technologies like artificial intelligence, OCR, and cloud-based technology for processing invoices automatically. Hermes effectively scans invoices and converts them into structured data. This data is later transferred into the company’s ERP system. This machine learning accounts payable software processes invoices and intuitively learns vendor-specific data points.
How AP automation software helps in business:
Manual accounts payable processing is time-consuming and hectic. It requires the team to spend several hours reviewing invoices, making the process error-prone and causing backlogs. As a result, there will be a substantial delay in the payments. All this must be improved for a better business position with the help of Accounts payable process automation. This will help streamline your accounts payable processing to prevent revenue losses and backlogs.
Digitalizing essential business operations such as finance reconciliation turns accounts payable into a revenue-creating vertical. Let us dive deep into the features of how AP automation helps businesses achieve better positions:
- AP Automation scales productivity: It is observed that the finance team spends more than half of the week doing manual tasks such as invoice making, data matching, exception handling, and vendor coordination. This is an intensive and repetitive activity. With the help of an AP automation solution, one can turn the scenario upside down. AP automation software automates repetitive tasks involved in the invoice processing cycle to let employees focus on the higher-value task.
Automating activities like invoice creation and invoice validation reduces human intervention, and resolves discrepancies identified by the system.
- Eliminates duplicate invoices: Streamlining the accounts payable process is vital as it deals with large backlogs, high costs, and losses. Duplicate invoices are often generated due to manual invoice processing, which hampers smooth operations and budgeted finances. Avoiding duplicate payments help companies to curb losses, boosts profit, and helps them in preserving better cash flow.
AP solutions by employing an AI-driven AP automation system help businesses prevent duplicate invoices with intelligent invoice matching technology. This helps in identifying fraudulent invoices accurately in real-time and removing duplicate invoices.
- Reduce costs and manual effort: AP processing is costly because it is an intensive process and navigates through different phases. Working manually on accounts payable, invoice processing makes the procedure slow. AP automation solution makes the procedure easy with advanced technologies to capture data, integrate departments and analyze data. AI-based AP solution simplifies data storage, optimizes data processing, and reduces cloud infrastructure costs.
With AP automation solution to improve the accounts payable process, data from most invoices are captured automatically with no manual effort, reducing data entry costs, improving validation, and eliminating costly duplicates.
- Reduce AP Processing Time: AP automation enables businesses to optimize the AP processing cycle and improves invoice processing workflow. This automated solution reduces the processing time to 2-3 days. Employing an advanced AP automation solution can reduce the overall cost of processing a single invoice up to 60%.
- Free your AP team for more value-added tasks: Manual AP processing is expensive, ineffective, and slow. Entry of invoice data, GL coding, and matching invoices consume a large percentage of the Accounts payable team. AP automation solution improves processing time and frees the AP team from data entry and time-consuming inquiries with ineffective services.
Hermes, AI-driven accounts payable software offers more advantages such as reduced costs, elimination of errors, and improved performance as it leverages proven reliable technologies. AP automation software contributes more by reducing FTEs costs, enhancing efficiency, and ensuring proper data mapping.
Features of AP automation solution:
Hermes is a reliable accounts payable automation solution for managing a large volume of invoices and financial transactions. The cloud-based accounts payable process automation solution automates AP invoices with optical character recognition, machine learning, artificial intelligence, and robot process automation. This enterprise-level accounts payable software streamlines and automates AP processes to provide better control and visibility over financial data.
Reasons why you should implement Hermes Accounts Payable solution:
Hermes is an invoice management software designed to streamline the AP process and deal with backlogs and losses. This reduces cost, improves performance, and eliminates manual errors by leveraging cutting-edge technologies.
Let us understand why you should choose Hermes to improve your business position:
- Ensure efficient accounts payable processing with minimal human intervention for 100% accuracy and quick payment processing.
- Hermes offloads the employees of repetitive and time-consuming tasks so that they can emphasize essential activities.
- Hermes helps your accounts department eliminate voluminous backlogs and improve customer service by paying promptly.
Hermes helps companies maintain consistency and accuracy in accounting books to reduce liabilities. Hermes is an active audit team member to keep accounts payable invoices, spot errors, and detect late payments.
Hermes accounts payable automation is the answer to perennial issues about AP processing. Hermes is machine learning invoice processing software that knows vendor-specific data points and processes invoices.
Learn more about Hermes by Booking A Demo. It will help you solve your typical AP processing problems and simplify complex processes, so you can successfully scale up your business.