by Craig Nicholson, Chief of Strategy
Managing the accounts payable (AP) process is no easy feat for businesses across industries. Manual and repetitive tasks, such as data entry and paper invoice processing, lead to inefficiencies and missed opportunities. Atomatik is the gateway to streamlining operations and driving efficiency.
With its powerful capability in accounts payable, Atomatik revolutionizes the way organizations handle invoice processing, offering a range of benefits that streamline operations and drive efficiency.
In this article, we will explore the top 9 benefits of Atomatik's capability in accounts payable and how it simplifies processes, eliminates errors, and empowers AP professionals to focus on higher-value tasks.
Streamlined Capturing and Matching of Supplier Invoice Data
In a traditional, manual accounts payable environment, capturing, inputting, and matching data from supplier invoices is a time-consuming process managed by data entry staff. This often leads to delays in invoice processing, especially in decentralized accounts payable teams where there is no mechanism to ensure that invoices have been received at the correct location.
Atomatik in accounts payable can completely transform this process.
By leveraging digital workers, Atomatik replicates the task of capturing accurate data from invoices and matching it against other datasets, such as purchase orders or supplier master data. This significantly speeds up the process and ensures accuracy.
Better Compliance
Manual AP processing can place significant pressure on the staff responsible for creating purchase orders (POs), leading to delays in the overall process due to forgotten confirmations of goods or services receipts. Atomatik implementation allows companies to automate alerts, ensuring that the PO creator receives automatic notifications in case of any missing POs. This minimizes hold-ups and improves compliance with internal processes.
Error Removal
The manual data capturing involved in the AP workflow is monotonous and labor-intensive, often resulting in mistakes during data entry. Atomatik substantially improves this process through automated invoice data capture, significantly reducing error costs.
The digital workforce within Atomatik is trained to identify specific information and operates on an error-free basis, making it an ideal solution for such tasks. With accurate and relevant data captured during the invoice process, exceptions are minimized, and invoices can be smoothly passed on to the approval stage without delays.
Faster Account Reconciliation
Reconciling and closing accounts books is a laborious process requiring multiple employees' inputs. Atomatik in accounts payable streamlines this process by leveraging digital workers to automate data transfer, minor decision-making, and troubleshoot inaccuracies. This reduces the chances of human errors and makes the accounts payable process faster and more accurate.
Scalability
One of Atomatik's advantages is its workflow capability, which can be easily reused across different departments and locations, making it completely scalable. Whether an organization is experiencing ongoing growth or ad hoc fluctuations in the accounts payable workload, Atomatik's digital workers can be reallocated quickly to busy queues, adapting to an organization's individual circumstances.
Improved Supplier Relations
Atomatik's workflow technology plays a crucial role in improving the speed of invoice approvals and reducing the chances of issues with suppliers. In manual processes, payment delays often lead suppliers to resend invoices, assuming they were misplaced or lost. This causes confusion and may result in duplicate payments.
By implementing Atomatik, the invoice cycle is shortened, reducing the chances of such instances. Additionally, greater transparency is achieved as both the procurement and accounts payable teams, along with suppliers, operate within the same system, allowing easy access to the status of an invoice.
Cost Savings
Implementing Atomatik's enterprise capability enables organizations to achieve significant cost savings by automating multiple invoice data entries and responsibilities previously outsourced. Furthermore, Atomatik reduces the typical invoice lifecycle, enabling organizations to benefit from early payment discounts offered by many suppliers. Automating these tasks also helps avoid late payment penalties, which are more likely to occur in manual operations.
Enhanced Customer Experience
Atomatik's enterprise capability ensures uninterrupted accounting services throughout the year, unaffected by non-working days or sick leaves. This allows organizations to deliver enhanced customer service, gaining a competitive advantage in the industry.
Smooth Financial Closing and Reporting
Atomatik simplifies tax entry processing by automatically integrating spreadsheets received from business units into financial tools like QuickBooks. This eliminates the need for manual copying and data transcribing, streamlining financial closing and reporting processes.
Conclusion
Atomatik's capability in accounts payable brings numerous benefits to organizations, allowing them to optimize their AP processes, drive efficiency, and achieve significant operational benefits. By leveraging Atomatik's innovative automation technology, businesses can revolutionize their accounts payable workflows, streamline operations, and free up valuable time for higher-value tasks.
Discover how Atomatik can transform your accounts payable processes and drive efficiency by booking a call with our sales team today.