Accounts Payable (AP) Automation is here!

Only available with Opera 3 SQL SE…
Pegasus has announced the long-awaited, and highly sought-after, AP Automation application for
Opera 3 SQL SE is now available. Automating your Accounts Payable function provides the simplest way of capturing and processing invoices. It gives you complete visibility to process invoices quickly and make smart budgeting decisions. It will change the way you run your business.

8 benefits of automating your AP function

Accuracy

Accounts payable is a department where many manual errors can occur due to the multiple data input processes that personnel go through – incorrect invoice headers being added, errors inline data or a mismatched PO can add costs to the invoice process and create significant delays.

Cost savings

Reportedly it costs up to £15 to process an invoice manually but this can be reduced by 60-80% using automation systems. For businesses processing 500 invoices a month, that is an eye-watering annual saving of £78,000!

Time savings

It is no secret that AP processes are time-consuming and arduous, with numerous stages to go through before an invoice can be paid and often, invoices sitting on desks or waiting in inboxes to be paid. By automating your accounts payable you are speeding up the process enormously as invoices are automatically sent to your software where they can be approved electronically anywhere, anytime. A study by the Aberdeen Group has found automating AP processes can reduce approval time from 20.8 days down to 3.8 days on average – a staggering 17-day difference!

Visibility

AP automation software gives you a clear, real-time insight into the lifecycle of each invoice and lets you see their instant status and who to contact in the case of any delays or problems. Knowing this information gives you visibility into your cash flow to make key budgeting and buying decisions.

Compliance

It is recommended you keep financial records for seven years for tax and compliance purposes, which can add up when you consider the costs of storing that many records. Not to mention the risk of losing them, or records being destroyed by natural disasters, and the time in which it takes to find what you are looking for. Meeting compliance needs is easily done with automated AP software as invoices can be stored electronically in the software and be recovered quickly and easily at the click of a button.

Integration

AP automation software that can integrate with your existing business and accounts ERP solution is critical as your AP department no longer works as a standalone function, but instead becomes visible and integrated with the rest of your business, for seamless operations.

Supplier relationships

If there is one certain way to build good relationships with your suppliers, it is by paying your invoices quickly, which can be achieved with the click of a button using AP automation software. Good relationships with suppliers are essential for business owners to secure good rates, minimal disruption to your stock and supply chain, greater availability of products and fewer quality issues.

Fraud protection

£609.8 million was lost to businesses in the first half of 2022 due to fraud payments, research has found, and 81% of businesses have been targets of fraud in the past. AP automation offers a layer of security against fraud by restricting which employees can view and process invoices, and approval workflows mean you can build an approval process with as many approvers as you like, to increase the likelihood of fraudulent invoices being flagged before they are mistakenly paid.

Final thoughts…

Arguably one of the biggest advancements for businesses for many years, and a huge technological leap in terms of automation, there are endless reasons that make AP automation a business must-have in 2023. Automating your AP function will bring many benefits if your business is looking to make investments in that area. Cost savings, time savings, improved accuracy and better visibility are among some of the biggest benefits that can be achieved by automating AP.

For more information about AP Automation in Opera 3 SQL SE then please contact us to discuss your requirements with a member of our team.