The official business definition of a Paperless Accounts Payable System is a digital system that automates the entire accounts payable process. This system eliminates the need for manual data entry, paper documents, and manual checks. Instead, it streamlines the entire process by automating the flow of data from the invoice to the payment. This system can be used to automate the process of invoicing, payment processing, reconciliation, and reporting. By automating the process, it reduces the amount of time and resources required to manage accounts payable, resulting in improved efficiency and cost savings. Additionally, it can help to reduce errors, improve accuracy, and ensure compliance with government regulations. In short, a Paperless Accounts Payable System is an efficient and cost-effective way to manage accounts payable.
