A lot of businesses nowadays don’t just do over-the-counter transactions anymore. There are many businesses that have a lot of transactions. They have a lot of payments to handle. This is where accounts payable automation can come in. It takes a lot of the work off the shoulders of your accounting department.
However, one area that AP automation can be a really big help is with bank reconciliation. Reconciliation means comparing your receipts and invoices to see whether they match up. When they do, it’s usually no problem. However, if you have discrepancies, problems might occur. This is especially so where bank reconciliation comes in. AP automation can solve a lot of problems for you when it comes to bank reconciliation.
The best thing about AP automation is that it is a lot more efficient when it comes to reconciliation. Your staff would love to get all the help that you can give them. When you leave your payment team the job of trying to square things away by hand, it can be pretty hard and time-intensive.
Manual reconciliation requires that your team has to maintain multiple spreadsheets, printing out all of the bank transactions, and more. Doing all of this will take hours and hours of time. The problem is that it needs to be done regularly so that your company finances are in a solid condition. This consumes a lot of time. Even when done perfectly, this puts a lot of energy from your employees into something that could be done by automation.
A big advantage for AP automation is that people will be able to respond very quickly. This means that your company will be able to see if something is wrong immediately. Working from that, you will be able to correct it quickly so that problems don’t just pile up. It also helps that automation makes it easy to access processed records. All your employees need to do is
Another advantage of automation is that it produces less errors. As long as you provide it with good data, you should be able to get great results from it. Plus, with full digitization, your employees can call up records and quickly review and approve them if necessary. The system also flags suspicious transactions and alerts your staff on which to look out for.
A Bigger Effect On Other Processes
AP automation is not just for bank reconciliation. It can handle all other accounting-related processes fro your company like invoice processing and more. This can result in faster processes and a more accurate system for your company. No more duplicate and unauthorized payments with automation – which means less problems when the time comes.
Automation of everything in your AP process can ensure that it will be a whole lot better. Record-keeping issues will be a thing of the past and there will be a lot less headaches going around. With the advantage it brings, consider AP automation for your business now.
Nexus is among the most trusted accounts payable automation in the market today. Contact us today for more info or to schedule a demo.