Automating Accounts Payable Operations for Healthcare Businesses with IDP

Traditional Challenges Faced by Accounts Payable Departments

Here are some common challenges that arise due to a lack of AP automation.

Slow Document Processing

The accounts department is responsible for maintaining records of all financial transactions, paying bills, and taxes. It also handles payroll and handles other functions related to finance. To do this effectively, the accounts department has to deal with a lot of paperwork daily.

Accounting Errors

The accounts department is responsible for matching payments with invoices and ensuring everything gets accounted for. If you don’t have automation in place, your staff will be spending a lot of time doing them manually. It can lead to errors, which means more time spent correcting them and less time on other things.

Non-Compliant Purchases

If your accounts payable process is fraught with delays, there are good chances your internal teams do not follow the appropriate buying procedures. Your teams may want to evade the complications related to accounts payable.

Missing Invoices

You may think that your accounts department has the tools needed to keep track of everything — and maybe they do. But with manual processes, you will lose some records if not handled well.

Incorrect Payment Schedules

If your accounts payable team has too much work, it will often want to finish as much work as early as possible. At times, they may end up paying for the invoice even before receiving the goods or services.

Double Payments

When it comes to double payments, there are two main culprits: lack of automation and manual data entry. Your accounts team can find it difficult to keep track of payments. Also, when they are busy with several other tasks, it’s easy to miss a payment — or even pay twice.

How IDP Helps Your Accounts Payable Team with Automation

Here’s how your IDP is beneficial for AP automation.

Improves Productivity

IDP improves the productivity of your accounts payable team by quickly identifying the information they need. The IDP software analyzes documents and automatically extracts the relevant data. You don’t have to spend time sorting or manually extracting information from invoices and related documents.

Reduces Processing Costs

Invoice processing is a vital part of any business. Organizations spend anywhere between $3.62 and $15.97 to process an invoice manually. IDP is a way to reduce invoice processing costs. It allows for faster and easier ways to manage your invoices.

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