Why supplier payment automation makes life ten times easier
Finance departments often handle the brunt of slow-moving manual tasks in a business. One of the main culprits is supplier payments – a notorious time drain. But there’s good news, as this previously clunky procedure has found a serious upgrade in automation. The unenviable job of scouring through invoices and purchase orders will soon be consigned to history, as AI-powered solutions step in to modernise supplier payment management for good.
The traditional supplier payments process
Managing supplier payments has traditionally involved a (slow) set path. An invoice arrives, it’s manually recorded, manually tracked, and manually processed. For an organisation dealing with a high volume of transactions, this means sifting through a mountain of paperwork or digital records to make sure every supplier gets their payment correctly, and on time. Naturally, this takes up a lot of employee time that could be better spent elsewhere, and it’s a prime example of where automation can be most effective.
Current challenges with manual supplier payments
Manual supplier payments cause plenty of headaches for those working on the finance side of operations. To start with, keeping track of what has been paid and what hasn’t is a problem on its own. It’s very easy for missed payments to fall between the cracks and not be caught until unhappy suppliers start chasing them.
They’ll also be in touch if the payments are incorrect, which unfortunately can often happen with error-prone manual data entry. This not only strains your relationship with suppliers but results in more time spent correcting the mistakes.
These problems become more prolific as your business grows. The more payments that are coming through, the harder it is to scale operations to manage them manually, placing excessive pressure on your team to keep up.
The transformative power of supplier payments automation
Thanks to the arrival of supplier payments automation, you can say a not-so-fond farewell to manual woes. The difference really is night and day. Instead of a human having to handle each payment manually, an automated system processes transactions in a fraction of the time.
Automation brings precision, speed, and efficiency to the table. It liberates your team from the drudgery of manual processing, so they can focus on the work more worthy of their skills and time.
How supplier payments automation works
The old manual system for supplier payments meant extensive data entry, constantly cross-checking invoices and payments, and significant human oversight to manage discrepancies. Now it’s out with the old and in with a new supplier payments solution that automates everything.
The system does the work for you, matching invoices to purchase orders and payments, flagging discrepancies for human review, and processing payments without the need for manual intervention. Let’s go through how this all comes together.
First, data inputting is simplified, as you upload invoices and let the system take care of the rest. The AI then checks all the details and monitors the process from start to finish, quickly notifying the right person if any problems arise.
Needless to say, everything gets done in a fraction of the time and mistakes are drastically reduced. There’s no need to have a large team dedicated to supplier payments, saving your business money and resources, which can then be directed elsewhere.
Supplier payment automation is coming soon with Enate
Enate’s easy-to-integrate system takes care of tedious and repetitive tasks for you. Workflow orchestration allows you to manage fragmented processes in one place, from beginning to end. Enate AI automation capabilities slash the time you spend on manual tasks, with supplier payments soon to be added to the roster. Our AI-enabled platform makes automation as simple as possible, reducing the complexity and cost of introducing it into your operations.
