When it comes to managing monetary funds, expenses, and invoices concerning colleges and universities, every move your accounts payable staff makes is crucial. There are several invoices to be processed, a piling stack of papers to be shuffled, and other critical tasks to be taken care of, which can quickly become taxing. Unfortunately, performing all these tasks manually only adds to the stress and difficulty. Automating invoice processes of your institution can help take care of these challenges, also making sure that the right amount of time, effort, and money is spent on the right things.
The Importance of Accounts Payable (AP) Automation
Time is money. Universities around the globe are making consistent efforts to cut down on costs and improve their efficiency by using various AP automation tools. With the right AP automation solutions, colleges and universities can achieve their goal of streamlining their accounts payable workflow, eradicating rote manual tasks, and acquiring better control and transparency into important financial data.
1. Increase Productivity
Automating your accounts payable operations let’s university/college staff easily carry out complex tasks and significantly reduces the average time they take to process each invoice. The saved hours can then be utilized for other critical tasks. AP automation also helps take tedious tasks off your staff’s plate and empowers them to attend more strategic and engaging tasks.
2. Deplete Invisible Costs
A major chunk of colleges around the globe say that they haven’t been able to improve their efficiency in their budgets for the past few years. Paper invoices that need to be processed rest on desks for months together, leading to an increase in invisible costs like wasted time and non-compliant spending that leaves institutions more susceptible to the draining of personnel, budget, and other significant resources.
3. Prevent Fraud
Fraud and waste of funds are some of the biggest challenges that are faced by the decision-makers in universities. The generation of paper checks also makes these institutions more vulnerable to fraud. Difficulty in management of emails, spreadsheets, and other paperwork, opens the door to many errors, fraud, and wastage.
Now an employee may have noticed that a product has been purchased, but its PO or Purchase Order has not been approved. Therefore, there may be an unauthorized purchase done to ‘save time’. All this will be negated by the use of accounts payable automation software because there will be an efficient method of checking if invoices have been collected in the right form.
Why Should Colleges and Universities Automate their AP?
With AP automation, you can ensure that your institution is making the most of every dollar spent. A fully automated accounts payable workflow will help your institution
- Eliminate Paper
- Decrease reimbursement wait-times
- Gain better transparency with your financial data
- Reduce the risks of fraud, waste, and abuse
- Empower its staff to invest their time in non-mundane tasks
Various AP automation vendors like Easy Access, with their customized AP automation softwares, can help you eliminate extensive paperwork & manual effort from your institution’s AP workflow. While ensuring your faculty is more focused on strategic tasks, Easy Access helps you build an efficient Ap workflow in the most cost-effective way.