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During a recession, many businesses, including those in the manufacturing industry, may experience financial strain and may need to cut costs to remain viable. One way manufacturing businesses can reduce costs and streamline their operations is by implementing accounts payable (AP) automation.
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AP automation refers to the use of software and other technologies to streamline the accounts payable process, from invoice receipt to payment. By automating accounts payable, manufacturers can reduce the time and resources required to process invoices, eliminate errors, and ensure timely payments to suppliers.
Here are some of the ways that AP automation can benefit manufacturers during a recession:
1. Cost savings: AP automation can help manufacturers save money by reducing the need for manual labor, which can be expensive and time-consuming. By automating the accounts payable process, manufacturers can reduce the number of staff required to process invoices, reducing labor costs and increasing efficiency.
2. Improved cash flow: During a recession, cash flow is critical to the survival of businesses. AP automation can help manufacturers improve cash flow by accelerating the accounts payable process, reducing the time between invoice receipt and payment. This can help manufacturers take advantage of early payment discounts and avoid late payment fees.
3. Increased accuracy: Manual invoice processing is prone to errors, which can result in incorrect payments and disputes with suppliers. AP automation can help manufacturers improve the accuracy of their accounts payable process, reducing the risk of errors and disputes.
4. Enhanced visibility: AP automation provides manufacturers with real-time visibility into their accounts payable process, allowing them to track the status of invoices and payments, identify bottlenecks, and optimize their operations.
Overall, AP automation can be a valuable tool for manufacturers looking to streamline their operations, reduce costs, and improve their financial performance during a recession.
Looking for an AP automation solution? Rillion can help companies with AP automation in the manufacturing industry.
Need an example of how it works? No problem! Take a look at the US Farathane Case Study for Manufacturing. This AP Automation for manufacturing project began with invoice processing for a company with many facilities and satellite offices. The scope grew to include indirect purchasing, contract management, expense reporting, and budget.
Let one of our experts show you how Rillion fits your needs.