Streamline Your Business with Accounts Payable Automation and Virtual Cards. Managing business expenses, especially paying bills, can be a time-consuming and error-prone task. Every month, a pile of supplier invoices demands attention, and manually processing each one contributes to increasing operational costs. But there’s a smarter, more efficient way to handle this: Accounts Payable (AP) automation with virtual cards.
How AP Automation Simplifies Your Workflow
By incorporating virtual cards, AP automation transforms tedious manual tasks into a streamlined, automated process that saves time, reduces errors, and cuts costs. Here’s how the AP automation process works:
- Invoice Receipt and Data Entry: When an invoice arrives, it’s scanned and converted into digital data using Optical Character Recognition (OCR) technology. This eliminates manual entry, drastically reducing errors and speeding up the process.
- Invoice Categorization: The system automatically categorizes the invoice and assigns appropriate general ledger codes, ensuring consistency and accuracy in your financial records.
- Three-Way Matching: The software verifies that the invoice matches corresponding purchase orders and receipts. If discrepancies are found, they’re flagged for review. Accurate invoices are processed directly into your general ledger.
- Approval Workflow: Invoices are automatically routed to the correct department or manager for approval. This customizable workflow can even auto-approve low-risk invoices based on predetermined criteria, saving more time.
- Payment and Reconciliation: Once approved, the system takes care of payment through virtual cards and notifies your vendors of the payment status and method. It also handles bank reconciliation, ensuring your internal records align with your bank statements.
The Benefits of Virtual Cards in AP Automation
Using virtual cards in your accounts payable process brings additional benefits:
- Enhanced Security: Virtual cards are unique, one-time-use credit card numbers that significantly reduce the risk of fraud and chargebacks. Each card is tied to a specific transaction, offering more control and security.
- Automated Payments: Virtual cards streamline the payment process by eliminating the need for physical checks or bank transfers. You can make instant, secure payments to suppliers while reducing processing time.
- Improved Cash Flow: Virtual cards allow for extended payment terms and more flexibility, giving your business more control over its cash flow.
- Earn Rebates: One of the key financial advantages of using virtual cards is the opportunity to earn rebates on transactions. Depending on the volume and your card provider, these rebates can significantly offset costs.
Why Automation is Essential for Modern Businesses
Automating your accounts payable process is essential for enhancing business efficiency. It reduces manual workload, lowers operational costs, minimizes errors, and accelerates productivity—all while improving your cash flow.
Do you have questions about accounts Payable Automation and Virtual Cards or want to see a free demo of our virtual card solution? Reach out today to see how much time and money you could be saving.
Call us at 888-790-3450 or email us at info @revolution-payments.com for more details!