Manual vs Automated Accounts Payable Process
According to Business Insider Report, 44% of businesses are looking to add automation to their payables processes as a way to capitalize on the efficiency and cost-cutting benefits it brings in, while also cutting fraud and increasing access to payment data. Let us first understand what is Accounts Payable process, how it works presently, and its challenges: Accounts Payable means the purchase of raw materials/goods on credit for a certain period of time and are considered as Current Liabilities in Accounting terms. The accounts payable process starts with receiving an invoice from the supplier via email, in physical form, or uploaded to a supplier portal; which is then sent to a person who may be an accountant or handling the accounts payable. Subsequently, details from invoices are extracted manually and entered into spreadsheets. After this, every invoice is subjected to a review and approval process. In an enterprise, the approval process includes veri...