Why You Should Automate Your Accounts Payable Processes with Sage Intacct
In the modern landscape of business, efficiency and accuracy are paramount to maintaining a competitive edge. One of the key areas where healthcare organizations can significantly improve their operations is the accounts payable process.
When there is so much to oversee, and only so much time to get things done, automating the accounts payable process can be a real game-changer for healthcare companies. Accounts payable (AP) automation can provide significant relief to healthcare organizations of all types and sizes, namely through greater operational efficiencies, cost savings, revenue generation and opportunities to optimize working capital.
Using an automated accounting software like Sage Intacct is a great way to streamline and optimize your financial operations. Here are just a few of the benefits your healthcare company can enjoy by automating the accounts payable process.
- Improved Productivity
If you’ve heard the saying, “Work smarter, not harder,” there’s a lot of truth in it. With an automated accounts payable process, healthcare staff can greatly improve their level of productivity with easier document retrieval, improved cash flow management, and the reduction of errors, to name a few.
In general, better productivity leads to higher-quality service for patients, and a well-run company that generates higher output without the need for increased levels of input.
- Easier ERP Integration
Automated accounts payable systems generate standardized and structured data formats for invoices, payments, and related documents. ERP systems rely on consistent and organized data to function effectively. When the data from the accounts payable process is standardized, it becomes simpler to map and integrate with the data structures in the ERP system.
Additionally, automation reduces manual data entry and associated errors. Accurate data is crucial for ERP systems to generate meaningful insights and support decision-making. Clean and accurate data from automated accounts payable processes aligns well with the data integrity requirements of ERP integration.
- Reduced Manual Data Entry
Manual data entry is time-consuming and prone to errors. Automating the accounts payable process eliminates the need for employees to manually input invoice details, reducing the risk of typos and inaccuracies. This saves valuable time that can be redirected towards more strategic and pressing tasks, such as striving to meet high standards of patient care.
- Manage Finances in Real-Time
Automation provides real-time visibility into the status of invoices and payments. Employees can easily track where an invoice is in the approval process, whether it has been paid, and whether there are any discrepancies. This eliminates the need for time-consuming status inquiries and manual follow-ups, and also empowers teams to make well-informed financial decisions on behalf of the company with full knowledge of its financial standing.
Automating your accounts payable process can greatly improve the way your healthcare company operates. Contact us to learn more.