3 Rudimentary AP Automation Considerations

One of the keys in growing a successful business is that these business owners always seek ways to innovate, reduce costs and become more efficient. Automation is that mystery key, which unlocks an opportunity for efficiency gains in every department in a company. The AP department is no exception. An AP automation or document management solution could streamline paper-based process with workflow approval automation, data extraction, routing and indexing, reduce operational cost and speed up invoice approvals. There are some important considerations when choosing a solution to transform your AP process:

1.         Paper is the enemy of automation

Paper is the enemy of process efficiency and visibility while automation is the key to enhance efficiency and visibility. Imagine when you have a piece of paper floating around in the process and no one else knows exactly where it is. Then providers call to get a payment status you do not know how to check where the invoice is in the review and approvals process. How terrible is that? Such an issue not only wastes much of your time, but it also increases the probability of paying an invoice twice.  When a company successfully eliminates paper from their life they have realized that their business had changed for the better. 

2.         AP automation is the key step for improving financial management

‘Automation – the solution to efficient financial management’ – a recent Aberdeen report has found that 42% of respondents identified automation as a key step for improving financial management. In fact, AP automation goes beyond saving time and money, it could enable businesses to expedite the entire AP process, from invoice capture, to payment execution. Thanks to AP automation, human errors, late payments and fraud can be eliminated, which gives managers and decision maker’s clearer visibility and control over company’s financial situation. Businesses, therefore, can begin to take advantage of corporate and early payment discounts to increase return on investment.

3.         Find a solution that fits the size of your business.

Although no one can deny the benefits of document management software to the AP process, but you should resist on trying overly complex AP automation software that does not fit your business size. An overly complex AP Automation system can actually slow down your payment cycle. To be most effective, a system must have a straightforward, clear design that integrates with your enterprise resource planning software. Otherwise, you could miss opportunities to maximize your efficiency. The right system can grow with your needs.

If you wonder which Automation Solution is suitable for your business, contact our sales team today to receive useful advice and choose the best compatible software for your needs.

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