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However, the traditional manual approach to AP can be time-consuming and error-prone, meaning AP teams are spending valuable time on tedious tasks such as dataentry, reconciliation, and chasing approvals. True Bi-Directional Syncing It’s important for your AP solution to sync data with your ERP or accounting system in real time.
Has the manual effort of the invoicingprocess turned into daunting tasks that are resulting in errors and revenue loss? According to research, conducted by Levvel Research , 50% of businesses regardless of size (SME, mid-market, enterprises) have yet to automate their accounts payable (AP) processes. If so, you’re not alone.
By implementing spend management software, businesses can streamline their spending processes and maximize the value obtained from their expenditures. This is achieved by integrating all activities related to sourcing, contracting, purchasing, supplier management, invoiceprocessing, and payments.
Some of these are: DataEntry A huge time-consuming task for the accounts payable department is manually inputting all invoicedata , receipt information, purchase orders, and any other paper document that must be processed to make payments. Or worse, an invoice that is misplaced in a stack of papers.
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