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Accounting is often Considered to be a dull job that requires a substantial amount of tedious data entry. While accountants do perform higher level analysis which requires extensive consideration and thought, these activities can only be achieved after the data entry portion of their work is finished. One of the most tedious areas of accounting entails the accounts payable process which involves the recording of a broad number of invoices and expense transactions. Automating a number of those processes can provide people with the ability to significantly lessen the amount of work required and provides for the ability to do more comprehensive analysis.

Advantages of Accounts Payable Automation

The time savings and Ability to decrease the number of employees in a company (with wage savings) is the primary reason why companies automate portions of the accounts payable process. However, this is far from the only reason why accounts payable is automated. Accounts payable automation reduces the capacity for human error and enhances the accuracy of the accounting records. Additionally, it enables companies with the ability to join with their vendors and produce more meaningful relationships with them which may lead to discounts on charges from these vendors.

Types of Automation of Accounts Payable

Companies can automate Accounts payable in many different various ways. Some Companies integrate Their purchase order procedure with accounts payable and have people request Purchases which are subsequently approved and automatically uploaded as accruals for a Company depending on the cost date of the transaction. Then, when invoices Are received, the accounts payable automation solution will scan the invoice And automatically match it up into the accrual. Expenses are classified by kind And posted to the company's trial balance. In addition, choices exist for these Accounts payable automation software programs to do analysis and analytics On payables and assist a business to optimize them. E.g. accounts payable software comparison.