The accounts payable process is a vital cog in the machine that is the accounting department. It’s the process whereby all money paid to outstanding service providers and suppliers, is closely and routinely monitored to align with the invoices and bills that are outstanding.
The thing is, though, the accounts payable process is tedious, time-consuming, and prone to the very costly reality of human error. But that’s where automation comes in, to streamline that vital process – a process that’s here to stay – and save time and money.
But how do you go about automating your accounting processes as a whole?
Well, if you’re reading this, you have an SAP Business One enterprise resource planner (ERP) in place, and so you’re already automating your business processes to an extent.
The good news is that with competent accounting automation software, you can take it all to a new level, and by simply plugging the software in, automate accounts payable so that the entire process is quicker, cheaper, and more accurate.
Introducing, DOKKA – the accounting automation add-on that gives your financial department superpowers. Let’s talk more here about what DOKKA can do when integrated with your SAP Business One ERP.
The accounts payable process
So, yes, accounts payable is a crucial step. Here’s a quick overview of the AP process, and the workflow required:
- Invoice received – An invoice is received for money owed on goods or services.
- Review – The invoice is reviewed, with the vendor being checked, line items cross-referenced, and totals and invoice dates checked.
- Approval – The invoice is approved by the accounts payable department.
- Record – The expense is recorded in the business ledgers for reference.
- Payment – Payment is authorized and completed.
With DOKKA, this entire process can be automated. Here’s how.
Automating accounts payable in SAP Business One
DOKKA plugged into your SAP Business One ERP enhances the automation of the process. However, before we continue, it can be tempting to automate every step of the accounts payable process – this may be a little too far removed.
There does need to be a modicum of human involvement remaining, and luckily with DOKKA’s customizable infrastructure, you can cherry-pick the most important parts of AP in your processes, to streamline and make them more efficient through automation.
Here’s what you should focus on in the process:
Human error in processing invoices can be very costly and throw the entire process off from the start. Machine learning here will ensure accuracy in invoice processing from the get-go.
Many fingers in many pies, when it comes to invoice approvals, can lead to stops and starts along the way to getting the invoice paid on time. But approvals are still key – automation here will keep the relevant parties in the loop when it comes to every stage of an invoice’s lifecycle so that nothing is missed.
Data entry is critical in AP – how else would the invoice get into the system? But when it’s manual, data entry is the biggest snag because it can be the most susceptible to error. Not to mention the fact that it’s time-consuming.
DOKKA’s smart AI automatically uploads invoices as they come into the system, and sets them up onto a cataloged, easy-to-read, and highly communicable dashboard. Small tweaks to these invoices will be fixed in the next iteration, as the DOKKA software learns and adjusts in perpetuity.
With DOKKA’s seamless integration into the SAP Business One ERP, discrepancies between payments and invoices, and bogus or fraudulent bills are detected and flagged automatically. The system smartly aligns and cross-references amounts with invoices every step of the way, so that you’re only paying for what you agreed on, and what was delivered.
Simply put, automating the accounts payable process in SAP Business One, adds a new level of agility to your financial processes. This frees up your accounting professionals, so that they may tackle more strategic tasks for the business. What’s more, it eliminates the errors and inefficiencies in a department that is so vital to a business’s money recording. So, sign up with DOKKA now, let us plug into your accounting processes, and simply make them better.