Benefits of AP Automation

Cashbook’s AP Module is a single, global solution for automating payments, regardless of ERP, bank or location. Automated payment file creation and outbound remittance, with full approval process for all payment runs and secure vendor bank account management. Cashbook auto-updates the accounts payable subledger and general ledger postings, and allows for multiple remittance formats including email, PDF, and QR codes.

Cashbook’s software gives companies the ability to run a shared service centre without the need for a common ERP platform. Cashbook’s integration brings huge efficiencies and massive cost savings, as your company can employ one standard payments platform across multiple sites, ERPs, and banks. With shared services financial processes will be standardized across the company, there will be more control over the AP department, while getting the most return possible out of your technology investment.

Implementing Accounts Payable (AP) automation offers numerous advantages that can transform your financial operations. Here are ten key benefits of automating your AP processes and how Cashbook can help.

Automating AP processes significantly lowers labour costs by eliminating manual data entry and paper-based invoicing. Companies utilizing AP automation experience up to 81% lower processing costs compared to traditional methods. (Source: forbes.com)

Automation speeds up invoice approvals, reducing processing time from weeks to just a few days. Businesses using AP automation see an average of 73% faster invoice processing cycles. (Source: forbes.com)

Manual invoice processing is prone to errors such as duplicate payments or incorrect data entry. AP automation ensures greater data accuracy and reduces human mistakes, leading to more reliable financial records.

By processing invoices faster, companies gain better visibility into upcoming payments, allowing for better cash flow forecasting. With real-time access to financial data, businesses can make more strategic payment decisions.

On-time payments improve supplier trust and can lead to better terms or early payment discounts. Reliable AP automation prevents payment delays and enhances vendor satisfaction.

Automated AP systems have built-in fraud detection mechanisms that flag suspicious transactions before they are processed. By minimizing manual intervention and securing payment approvals, AP automation reduces fraudulent activities.

As a business grows, so does its invoice volume, making manual processing unsustainable. AP automation allows companies to scale their operations without increasing headcount.

Automated AP solutions ensure compliance with tax regulations and industry standards by accurately maintaining payment records. Secure audit trails and automated reporting make regulatory compliance easier and more transparent.

Advanced AP automation tools provide real-time dashboards and analytics that improve financial decision-making. Businesses can track spending patterns, identify cost-saving opportunities, and prevent inefficiencies.

By eliminating repetitive manual tasks, employees can focus on more strategic initiatives, improving overall job satisfaction. Automation reduces workload stress and boosts productivity across finance teams.

Cashbook offers a comprehensive AP automation solution that delivers all these benefits and more:

By implementing Cashbook’s AP automation, businesses can streamline their accounts payable workflows, reduce costs, and improve overall financial efficiency.

The Cashbook software is an excellent enhancement to the LX package. The product is very nice and easy to use with actions being very similar across the whole of the product. Global payments is especially smart with bank reconciliations and statement uploads being a useful timesaving tool. The reports provide all the necessary data you would need in a very clean format.

Julie Barker
Finance Manager, Camloc