When managing accounts payable (AP) for a business, there are two main options: using an Accounts Payable Automation Solutions of your own or outsourcing the work to a third party. While both have pros and cons, the best option for your business will depend on your specific needs and goals.
Esker Accounts Payable Automation is an AI-Driven solution that streamlines the AP process by automating many of the manual tasks typically associated with it. AI-driven automation solutions can help businesses increase efficiency, reduce errors, and improve their overall AP workflow. Some of the features that are commonly included in accounts payable automation solutions include:
- Electronic invoice processing
- Automated data capture and entry
- Automatic three-way matching of invoices to purchase orders and receipts
- Integration with existing financial systems
- Reporting and analytics capabilities
One of the main benefits of using an automation solution like Esker is that it can save your business time and money by reducing the need for manual data entry and other labour-intensive tasks. Additionally, it can improve accuracy by automating many calculations and other processes associated with AP.
On the other hand, Outsourcing is hiring a third-party provider to handle some or all of your AP tasks. Some everyday tasks that businesses outsource include:
- Data entry
- Payment processing
One of the main benefits of Outsourcing is that it can free up your internal resources to focus on other tasks however, you will not have full control of the process from start to end. Additionally, Outsourcing can help improve efficiency by giving your business access to the specialised skills and expertise of an experienced provider.
When deciding between Accounts Payable Automation Solutions and Outsourcing, there are several factors to consider. If you’re looking to automate your AP processes and gain greater visibility and control over your AP workflow. An automated system like Esker Accounts Payable Automation may be the best choice. Outsourcing may be the better option if you’re looking to free up internal resources or if you don’t have the option to have an internal tool.
Automation and Outsourcing have advantages, but the best approach will be to find the perfect balance between the two that suit your business needs. Automation allows businesses to increase efficiency and improve the AP workflow. In contrast, Outsourcing provides access to specialized skills and expertise, thus creating a perfect balance for your business to reach its goals.
Enhance Your Business’s Accounts Payable With Esker
Regardless of your technical expertise, geographical presence, or product diversity, Esker is here to deliver game-changing results to your company. Contact us for a demo and find out how we can enhance your business’s Accounts Payable with our Esker solution today.