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Accountspayable automation can eliminate manual tasks, reduce processing time, and improve accuracy. An accountspayablespecialist , manager, and clerk play critical roles in managing the department. This includes processing invoices, verifying their accuracy, and ensuring timely payments.
In layman’s terms, accountspayable reconciliation is the recurring checks and balances of your company’s finances. Each month, before month-end , it’s a good measure to double check all of the paid and unpaid invoices and their verified payments based on how your company’s financial procedures are set up.
Long gone are the days of running from desk to desk with stacks of invoices waiting for approval. For most finance departments, invoice approval workflow automation isn’t the next big thing. Approval administrators like Cindy Romeis are happily trading in antiquated approval workflows for invoice workflow automation.
She opened invoices with a letter opener, dealt with paper jams in the check printer and oversaw two employees whose full-time role was filing. While some organizations have at least partially updated these manual processes, others are resistant to change and may feel like the effort involved in digitizing processes is not worth the risk.
This is one key reason why AccountsPayable was reported as the top digitization priority for the back office for the last two years. Visibility into the payment process Without AP automation, it can be difficult to discern where an invoice may be in the payment cycle. With MineralTree, teams benefit from 99.5%
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