This video describes the Accounts Payable Workflow in Activity Factory.

Accounts Payable Automation: Ensuring Compliance, Efficiency, and Timely Payments 

 Accounts Payable (AP) automation transforms invoice and payment management by replacing manual processes with automated systems. It streamlines invoice processing, approval workflows, and payment execution, reducing manual data entry and errors. This not only accelerates the invoice-to-pay cycle and ensures timely payments but also improves accuracy and compliance with company policies.

 According to a 2023 survey by the Institute of Financial Operations & Leadership (IFOL), 56% of AP teams spend over 10 hours each week on manual invoice processing, highlighting the need for automation.

Main Objectives:

• Streamline Approvals, Check Preparation, and Payments: Automate processes to enhance the speed and accuracy of approvals, check preparation, and payment execution.

• Enable Instant Document Access: Offer real-time access to all accounts payable documents, boosting visibility and operational efficiency.

• Optimize Payment Control and Timing: Provide tools to strategically manage and time payments, improving cash flow and financial planning.

Additional Benefits:

• Enhanced Transaction Transparency: Automation creates a detailed audit trail, ensuring every transaction is documented and accessible. This promotes transparency and helps prevent errors and fraud.

• Regulated Check Disbursements: Automated workflows enforce stringent approval protocols, ensuring check payments are thoroughly reviewed and authorized before disbursement.

• Efficient Record Retrieval for Audits: Centralized documentation and instant access facilitate easy retrieval of records during audits, simplifying the audit process.

• Comprehensive Documentation Checklists: Integrated checklists at each workflow stage ensure all necessary documents are collected and processed, reducing the risk of missing information and enhancing completeness.