AP Automation Payment Efficiencies
AP Automation Payment Efficiencies
Have you ever added up the payment discounts you could receive if you paid every invoice early?
Could it 100’s or 1000’s of dollars a year?
If you could cut your payment cycle down from 90 or 60 days to 30 days or less?
An automated solution to assist you in reducing the payment cycle could be the answer!
= DASH AP Robot™!
The DASH AP Robot™ automates the AP invoice entry process with 3-way matching from the PO, Receipt, and Invoice. This, along with automated supplier identification for non-PO invoices, can significantly reduce the effort of entering your invoices. Therefore, it helps the AP team line up items for payment quickly.
Whether you’re taking advantage of early-pay discounts or avoiding late payment penalties, the efficiencies offered by the AP Robot™ will make sure your team reaps the benefits of timely payment processing. This automation is a time-saving machine that is a low-cost option for small-to-mid-sized organizations.
The AP Robot™ will also lower the cost of processing each invoice overall, streamline your workflows, and conserve human resources that would otherwise be devoted to a time-consuming manual process.
Businesses of all sizes and types handle business-to-business payments. AP teams work hard daily to pay their vendors in a timely fashion.
“The average payment term clocking in at 27 days, even though companies take an average of 34 days to make payments. Of B2B payments collected by small- to medium-sized businesses (SMBs) in the U.S. last year, 57% were late, and 17% of these payments were received 30 or more days after their due dates.”
Have you ever dug deeper into the crippling cash flow issues and downstream effects that this can cause?
Automating your AP could help you minimize the cash flow issues and help you track discrepancies.
With more employees working from home because of the pandemic, the AP teams were forced to adjust many of their processes to match. If businesses were not ready for the switch, they experienced a significant impact on vendor payments. Sometimes this meant significant payment delays. This then impacts supplier relationships long-term. A side benefit to AP automation can be electronically processing and posting invoices in a shorter timeframe, to ensure payments are made on time (or earlier!) – even if working remotely. This will impact the business’s bottom line within a short time.
DASH AP Robot™ utilizes artificial intelligence (AI) to read and post valid invoices. Automating the accounts payable process can play a critical role in minimizing payment delays (increasing the possibility for discounts!) and possible errors due to hand-entered data.
“Studies project that half of all B2B invoices across the globe will be issued, processed, and paid without any human intervention by 2025, in fact, reflecting the sweeping changes that automation is expected to bring to the space.”
Here at DASH, we are encouraged by the potential for businesses to see significant revenue growth as they reduce payment errors and speed up payment times. The AP Robot™ is a low-cost and quick installation solution that could dramatically impact your business TODAY!
About the Author:
Stephanie is the marketing guru at Dash. For over 20 years, Dash has been authoring, delivering, and supporting Dash DDX™, its ERP-integrated Document Automation software to small and mid-sized manufacturing and distribution companies throughout the USA and beyond.
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