A few unknowns arise when trying to consider Accounts Payable Automation. Are you a good candidate? Here are some factors that may keep you from taking the next step:
- Isn’t it too expensive? What you may have not considered is to roll out the initiative in phases with a 2-3 month ROI.
- Why should we change? Just because your current process is working, doesn’t mean you shouldn’t consider process improvements. What percentage of invoices do you receive via paper vs. electronic?
- Where would we begin? It may seem daunting to decide which component should be tackled first. I.e. procurement and PO systems, AP systems, automated payments. Each area should be examined carefully to determine how to get the most optimal results with the least amount of dependencies on your organization.
- What if we lack the technical resources? There are solutions available to you that will require limited IT involvement.
If you’re having these thoughts, then you may be interested to read on…
Accounts payable outsourcing offers many benefits to businesses including:
Reduction in labor costs – companies report up to an 80% reduction in labor and its associated costs
Fast, seamless implementation into your existing enterprise systems
Custom configuration for your business – systems can be cloud-based, installed locally at your location, or a combination of the two
Improved accuracy – businesses have reported paying up to $50-55 to handle each invoice error. A strong outsourcing partner uses sophisticated error identification and correction systems to reduce errors and costs.
Complete audit trails and instant record and reporting systems
Routing of invoice deviations via smartphones or web browsers
An automated, accounts payable solution can be a tremendous boost to productivity, accuracy and your company’s bottom line. It’s critical to choose a partner with the expertise to craft the solution that works best for your business. Whether it’s insourcing or outsourcing or any combination thereof…