5 Reasons to Automate Your Accounts Payable Process
Published on: 5 October 2022
As a finance administrator, you know that the AP process can be time-consuming and repetitive. There are a lot of invoices to code and enter, and sometimes it feels like you’re never caught up. If you’re looking for a way to improve your efficiency and make your job a little easier, consider automating your accounts payable process with Rillion One.
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Here are five reasons why you should make the switch to automation:
1. Default account coding: Let’s say you have one GL account which is always coded to a particular supplier, we can default that account on every invoice received from that supplier, so you don’t have to waste time manually coding it each time.
Or, perhaps the location which the invoice is coded to depends on the customer job that is selected – that can be defaulted as well.
2. Approval workflow automation: Our approval workflow functionality automatically routes invoices to the appropriate approvers, so you don’t have to chase down approvals or wonder where an invoice is in the process.
Conditional approval steps can also be layered in. For example, let’s say you want all invoices over $10,000 to be reviewed by the CFO, we can automate that for you!
3. Getting supplier invoices into the system is easy: With Rillion One, suppliers can email their invoices to a dedicated email address, specific to your company, which is provided to you during implementation.
Or, if you prefer, you can set up an email forwarding rule so that all emails sent to your AP inbox are automatically forwarded to Rillion One for processing. Multiple invoices can be attached to one email.
A major benefit of having invoices sent to your dedicated email address is that the invoices go through an OCR (optical character recognition) process. During this process machine learning analyzes the supplier invoice and codes the invoice header level information for you.
This eliminates the need for manual data entry and frees up your time for other tasks.
4. Posting invoices to your accounting software is automated: Once an invoice has been fully approved, it will be posted to your accounting system automatically. This ensures that all invoices are coded correctly and reduces the risk of human error.
In many instances, the accounting system can pass long the invoice payment status to Rillion One, so that the paid status is reflected in both systems.
5. Importing your chart of accounts, list of suppliers, and cost objects is all automated for time savings: We know that setting up a new system can be time-consuming. That’s why we’ve automated the process of importing your chart of accounts, list of suppliers, and cost objects.
This will save you hours of set-up time so you can get started with a complete AP automation system right away!
If you’re looking for a way to improve your AP team’s efficiency and make your work life less stressful, consider automating your accounts payable process with Rillion One.
With default invoice coding, approval workflow automation, and posting invoices to your company’s Accounting system, you’ll be able to save time and improve your AP process. So, what are you waiting for? Contact us to get started, today!