Back in April 2017, we discussed the importance of considering Accounts Payable automation as a way to streamline tasks and increase efficiency for nonprofits. In our review of potential AP automation options, it became apparent this field is rapidly expanding.
Over the next few newsletters, we will be providing you with information regarding automation options, similar to the examples we’ve provided on our Abila MIP Fund Accounting™ Add-On Software page.
These options include Microix, ACom, AvidXxchange, Nexus and possibly others. We are striving to provide information on the features, pricing, value points, as well as feedback from some of your fellow nonprofits who are currently using these options.
Before we take a look at some AP automation options, let’s redefine what AP automation is. AP automation expands the tasks of processing vendor invoices and payments beyond the borders of the accounting department, essentially outsourcing all or part of the processes involved (i.e., entry, approval routing, payment, and reconciliation).
Accounts Payable automation allows organizations to save time and funds by:
- Capturing more vendor discounts and rebates
- Providing continuity of operations due to personnel turnover
- Obtaining consistent and documented approvals
- Improving accuracy and timeliness
- Strengthening data security
- Paperless document retention
- Reducing internal personnel costs
- Increasing awareness for all team members
Check back next month, as we continue our deeper dive into AP automation. Until then, feel free to visit this article from Abila’s blog, Forward Together, to learn how AP automation cuts costs and increases efficiency.