#STANDARD ACCOUNTS PAYABLE PROCESS SOFTWARE#

The most common accounts payable errors are overpayments, duplicate payments, unused credit notes and unclaimed discounts. With less human interaction and effort involved in the purchasing and invoice processing, there are naturally fewer mistakes made, those that are made are usually easy to spot before they even become an issue.

#STANDARD ACCOUNTS PAYABLE PROCESS SOFTWARE#

Automation software is far more accurate, less labour intensive and infinitely easier to track. More and more businesses are now beginning to automate their accounts payable process.

Accumulating errors results in time and money being lost in trying to identify where the problem occurred, gathering all the associated data and trying to rectify the mistake. The numbers are actually likely to be far worse than these, as not everyone would have responded with any data and the reported figures are only the mistakes that have been identified, many mistakes go unnoticed for long periods of time, some are never even noticed, or when they are noticed they are swept under the rug because of the time and effort needed to correct them. One of the most fallible processes in any business is the accounts payable cycle, which is responsible for processing and managing invoices.Īccording to a survey by the Institute of Management and Administration, 75.8% of vendors and 59.5% of businesses reported accounts payable errors of at least 1%, while a little over 14% of vendors and just under 3% of businesses reported error rates of at least 5%. Mistakes can be costly and even detrimental.

In businesses you simply can’t afford to make any mistakes or accounts payable errors, the goal is to maximize profits and, where possible, reduce/streamline efforts and processes.

Standard accounts payable process