All businesses, no matter what your size, experience high overhead if manually processing invoices, and can be overcome with the time and resources spent on dealing with a paper-based AP system. By automating the process, businesses of any size can eliminate errors that come with manual data entry, expedite the approval process, create effective workflows, collaborate more easily with co-workers, and lots more.
Studies show that with AP automation, up to 10% of businesses can process an invoice for under $2!
Here are 5 reasons why you should consider AP automation for your small business:
- Reliable Technology – Larger organizations have served as the guinea pigs for automation technology and found it to be proven and reliable. Now it’s time for smaller businesses to jump on the band wagon and take advantage of the benefits gained through automation.
- Lower Costs and Better Accessibility – Small businesses don’t need to invest great amounts of time and resources to support software management. There are many cloud-based solutions available which eliminate the need for a dedicated IT staff, and competition has increased, driving costs down. Mobile functionalities allow authorized users to access information online, so even if not in the office, users can keep the invoice flow going and approve from virtually any location. This also facilitates increased communication by having the ability to work remotely.
- Money Management – Good vendor relationships are important to foster reliability and trust, which leads to favorable financial negotiations. There may be times when a small business requires extended payment terms or special pricing. There is also the opportunity to gain discounts by paying your invoice early, which benefits you and them. You save money and vendors get their payment sooner. Small businesses typically don’t have large cash reserves, so the ability to take advantage of discounts encourages you to submit payments early, providing an immediate ROI.
- Analytics – Automation provides your company with the data necessary to make timely decisions with accurate information. Invoices are highly visible and easily accessible by any authorized user in your organization. Time is no longer spent on trying to locate pertinent information necessary to make informed decisions.
- Scalability – Automation solutions were first created with larger organizations in mind, so they may have a lot of bells and whistles that don’t need to be employed when first automating. Smaller organizations can start off slowly and implement only portions of the solution, growing into the entire solution as time goes on. By the same token, you can specify the components you want to integrate at the present time and purchase other components later. This is helpful when working with a small budget.
Automation allows you to free up your employees from the manual processing of invoices and allow them to focus on tasks that more directly impact your bottom line.
Berkheimer OneSource (BerkOne) offers a variety of AP automation solutions through our AP|Connected suite of products