This video describes the Accounts Payable Workflow which is part of the Small Business Subscription.
Increase Efficiency and Control with an Automated Accounts Payable Workflow
Finance departments deal with fluctuating volumes of invoices on a daily basis. Despite the availability of accounting tools in the market, a lot of businesses haven't adopted a solution that could address inefficient manual approvals, eliminate errors and lost documents, and effectively manage compliance.
This is where workflow automation comes in. Automating accounts payable is proven to be beneficial for companies of all sizes, especially when the automation tools are integrated with your existing accounting system. It gives companies the opportunity to greatly reduce the cycle times, reduces the cost of invoice processing, introduces efficiencies in managing documentation, and allows transactions to be traceable throughout the organization.
Automation of approvals, check preparation, and payment processes.
Provide instant access to all Accounts Payable-related documents.
Help business owners control and time the release of payments
Aside from the efficiency that Accounts Payable Workflow Automation can bring, businesses can also realize the following benefits:
- With instant access to all documents and processes, searching for records during an audit becomes a thing of the past, making audits easier.
- Makes transactions transparent and well documented.
- Check disbursements are regulated and approved by management.
- Addresses all compliance requirements from different regulatory bodies.
Activity Factory is a workflow automation tool that allows companies to build consistent and auditable compliance and operational workflows, ensuring that the right processes are followed at the right times while staying compliant.