Most small to midsize business leaders are familiar with paper-based accounts payable processes. To better understand the benefits of automated AP solutions, it’s important to look at the similarities and the differences between the two methods for handling AP. This comparison also helps you identify bottlenecks in your process automation can eliminate.
In some cases, the invoice is approved for payment by default and the cash goes out the door. This is a huge risk to the company because any invoice that shows up can get paid whether it’s accurate and approved or not. If approval is mandated by the company, then that’s the next step in the workflow. It’s important to validate that each invoice is genuine and approved by someone with the right authorization level before it is paid.