Why Biotech Companies Should Be Automating Accounts Payable
When it comes to accounts payable, even the most innovative biotech companies are still plagued by the same challenges other rapidly growing industries face.
When making the most of every resource counts, it doesn’t make sense to occupy or hire additional people to manually handle data entry, ad hoc invoice approvals, manage separate processes for different payment types, and ensure it’s all being properly tracked for auditing purposes.
AP automation benefits all industries, but is particularly beneficial to biotech because you can:
- Get payments approved/signed when executives are out of the office, especially when they are traveling with anytime/anywhere accessibility
- Build up and grow very quickly with a scalable and repeatable process that is not dependent on a manual complex process or a few individual’s knowledge of how the process works
- Manage complex invoices with dozens of line items with invoice capture feature
- Under tight scrutiny/auditing from both an investor as well as compliance perspective, all invoice and payment authorization and tracking is now one
Ready to cure your accounts payable pains with automation? Request a demo now!
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