Lightyear has been a lifesaver for my clients. Saves so much time, and the approval process is fantastic.
The Challenge Of Manual Accounts Payable
Manually managing accounts payables can lead to mistakes, missed opportunities and processing costs as high as £25 per invoice in the UK.
Rushing the process may result in mistakes such as late payments, missed discounts, supplier dissatisfaction, and damage to your client's business reputation.
Fortunately, automated accounts payable solutions like Xero's preferred partner, Lightyear, offer a smarter and more efficient solution.
The Benefits of Accounts Payable Automation
1. Reduced Errors
AP automation eliminates the need for manual data entry by automatically extracting information. Lightyear’s unique software uses embedded metadata and AI to extract line-item and summary data from electronic invoices, scans and pictures with 100% accuracy.
2. Streamlined Approval Process
When using automated accounts payable software, your client can set up a workflow for all invoices to follow, and then the software does the rest. Lightyear allows your clients to use familiar workflows with 80% more efficiency. The software automatically reconciles statements and 3-way matches invoice documents, sending them to the correct approvers, making month-end tasks a breeze! Since Lightyear is cloud-based, approvals can be done remotely on their mobile device, eliminating the need to be physically in the office.
3. Early Payment Discounts
A study by the Institute of Financial Operations revealed that nearly half of businesses fail to take advantage of early-payment discounts. By implementing AP automation, your client can reduce processing time and take advantage of early-payment opportunities. This can help them secure discounts and build better relationships with their suppliers.
4. Enhanced Security
Utilising software for payments offers a significantly enhanced level of security. Funds are securely transferred to the creditor online and generate a traceable record of the transaction for easy review. Lightyear is currently one of the only AP automation solutions within the UK to acquire ISO27001, making your client's data more secure than ever. Automated supplier bank details checker reduces fraud, and our sophisticated auditing creates a traceable record that can be reviewed at any time.
5. Improved Cash Flow Management
With paper-based payments, it's not always easy to see what a client's cash flow looks like. Lightyear's reporting provides real-time insights into cash flow that will help you identify your clients potential cash flow issues in advance. This is your chance to highlight any potential upcoming challenges and offer guidance on optimising their cash flow structure, boosting their confidence when making critical business decisions.
Switching Your Clients onto AP Automation
Don't under-estimate the difference you can make to your clients business by introducing a solution like Lightyear, which can automate the entire payables process.
Your clients will immediately experience how automation can save them time, reduce stress, and provide valuable insights, helping them to better understand their businesses.
If you'd like to learn more about how Lightyear can benefit your clients, click below to book a 30-minute demo with our team of experts.