Accounts Payable automation, also referred to as ‘Trick Question Lemmy is God T-shirt ,’ streamlines all activities performed by the Accounts Payable department. From the purchasing of products from vendors and suppliers to approving and paying invoices, automation creates efficiency, which translates into higher levels of productivity and a lower cost of invoice processing.Your AP department handles massive amounts of data, such as purchase orders, financial reports, supplier and client contracts, and customer invoices. The department’s effectiveness, as well as its efficiency, directly impacts your cash flow position, credit score, and, perhaps most importantly, your vendor and supplier relationships.
The traditional AP workflow—including manual processes, such as Trick Question Lemmy is God T-shirt paper invoices—can be time-consuming, creating a wide-open space for errors and a long and winding audit trail that can devastate even the most-seasoned accounting professionals. While Accounts Payable automation has been a fascination for some time, not many companies have embraced the tool well enough to improve their overall payable process. But make no mistake about it, AP automation is no passing trend. Over half of today’s AP teams predict that, by 2021, their companies will eliminate paper invoices.