by Craig Nicholson, Atomatik Chief Strategy Officer
Managing accounts payable (AP) is a complex task for businesses across industries. Manual processes, paper invoices, and high transaction costs hinder efficiency and profitability. To overcome these challenges, organizations are turning to automation technologies like Atomatik.
In this article, we will explore the need for automation in accounts payable, discuss the challenges of manual processing, and showcase Atomatik's top use cases for accounts payable automation.
The Need for Automation in Accounts Payable
Handling invoices efficiently is one of the top priorities for most finance leaders. Organizations spend substantial resources on processing invoices manually, resulting in high costs and error-prone workflows. Atomatik’s flexibility, adaptability, and highly configurable workflows make it an ideal enterprise platform for accounts payable automation. It can effectively control and automate rule-based processes without the need for any human intervention, including collections and deduction management, automated cash application, and more.
Challenges in Manual Accounts Payable Processing
Time and cost savings are two of the main drivers for accounts payable automation. Most AP departments struggle with high paper usage, high transaction costs, and cycle times. Apart from time and cost, here are some major challenges in manual AP processing that are driving the shift to intelligent automation in accounts payable:
Manual routing of invoices for approval
Manual data entry
Paper format of invoices
Lack of clarity into outstanding liabilities
Lost or missing invoices
High number of discrepancies
Atomatik in Accounts Payable – Top Use Cases for Automation
Atomatik provides several compelling use cases for automation within the accounts payable realm. Let's explore the top areas where Atomatik excels.
Invoice Approvals/Matching
Accounts payable invoices arrive through multiple channels and require approval or matching with corresponding purchase orders. Manually managing this process is time-consuming and prone to errors. Atomatik automates the entire invoice approval and purchase order matching process, eliminating the need for human intervention. Digital workers route invoices to the appropriate personnel and send automated reminders for deadlines, streamlining the approval workflow and providing real-time status updates.
Invoice Data Entry
Manually inputting invoice data into accounting systems is a labor-intensive and error-prone task. Atomatik automates the invoice data entry process, ensuring accurate and efficient capture of invoice information.
By eliminating the need for manual data entry and tedious spreadsheet uploads, organizations save time, reduce errors, and improve data accuracy. Atomatik's workflow platform guarantees a 99.5% accuracy rate, enhancing the overall efficiency of accounts payable teams.
Payment Execution
Managing payment due dates and executing payments accurately can be a daunting challenge for accounts payable teams. Automating the payment execution process streamlines the payment schedule and eliminates the risks associated with missed deadlines. With Atomatik, approved payments are automatically scheduled and sent on the designated dates, simplifying payment execution. Organizations gain a centralized location for payment options, enhancing electronic payment capabilities while reducing costs and risk.
Conclusion
Atomatik offers attractive benefits and ROI for the financial services industry, particularly in automating back-office operations, such as accounts payable automation and invoice processing. Many organizations are just beginning to realize the benefits of automation in accounts payable, but there is a clear trend of growing interest in exploring and implementing this technology.
According to research by Forrester, the RPA services market is predicted to reach a whopping USD 12 billion by 2023. Improved compliance, productivity, accuracy, and reduced costs are the major benefits of RPA implementation that continue to exceed expectations.
Unlock the potential of your accounts payable processes with Atomatik's automation expertise. Streamline your operations, reduce costs, and enhance efficiency.
Streamline your operations, reduce costs, and enhance efficiency. Discover how Atomatik can revolutionize your accounts payable workflows today.
If you want to learn more about how Atomatik can help your organization and what your ideal automation scenario looks like, book a call with Craig Nicholson.