Why Automate AP and Payment Processes?
New KwikTag Whitepaper Discusses the Future of Automation
Manual AP processes usually involve lots of paper and lack of visibility into invoice and payment processes. Paper-based, manual invoice and payment processes introduce inefficiencies such as lengthy invoice approval times, lack of visibility, data entry errors, and poor data management. These can lead to payment errors and lost payments.
The pandemic has worsened these challenges because it introduced additional challenges that come with complex work environments. With some team members continuing to work from home, AP and finance teams struggle more than ever with collaboration, communication, and productivity.
Despite this, many companies still do not see AP automation as a necessity due to business size, budget, or other factors. However, with shifting work environments and recent technological advances, automation is now more important than ever.
Implementing an AP and payment automation solution can help improve efficiency and visibility into the financial audit trail – no matter where team members are located. Many organizations plan to keep some elements of remote work in place for the foreseeable future, even when some return to the office. Because of this, they look to automation to ease the burden of manual processes.
To learn more about the future of AP and payment automation, and why automation is so important in a post-pandemic world, download the whitepaper.
KwikPayables Accelerate for GP is the cloud-based AP and payment automation solution from KwikTag. It is designed with invoice workflows based on industry standards and best practices to provide a completely digital AP process from invoice capture to payment processing.
KwikPayables Accelerate leverages intelligent data extraction (ktIQ) and artificial intelligence with a real-time connection with Dynamics GP to validate relevant invoice data and automatically route invoices for review and approval. Upon approval, purchasing and payables transactions are automatically created in GP. Once transactions are created in GP, KwikPayables Accelerate completes the AP cycle with a payment batch review and approval process. Upon approval of payment batches, the payments are issued electronically and the payment data will be visible in KwikPayables Accelerate.
To learn more about how KwikPayables Accelerate streamlines the AP and payment processes, watch the video below.
If you want to learn more about an AP and payment automation solution for your business, fill out the form at the bottom of this page.