In today’s highly competitive marketplace, companies of all sizes face operational challenges that require a re-think of how to effectively streamline certain key processes.
One workflow that easily comes to mind is the accounts payable (AP) process. To this end, companies need to evaluate automation solutions to improve their AP workflows. Despite expert advice, many companies still hesitate to make the automation jump.
So why do companies push back on automating their AP? What are the top ten excuses for not moving forward?
Here are some commonly held misconceptions:
- It costs too much!
- There will be too many errors without human intervention.
- It won’t allow me to comply with audit requirements.
- What if it doesn’t talk to my ERP system?
- What if my suppliers don’t want to support it?
- What if the business rules supported by the solution are cookie-cutter and don’t allow for exceptions?
- It probably does not support early pay discounting.
- It may not be able to three-way match PO’s, invoices and receipt of goods.
- What if my AP employees react adversely to the new system or fear losing their jobs?
- I do not have the necessary skillsets to support an AP automation implementation.
Rest assured when you are shopping around for an automated AP solution, that you will encounter a select set of vendors who are able to counteract most if not all of the objections listed above. Be very particular in your vendor selection. The ideal one will be able to address your concerns by demonstrating a solid business case for AP automation which reveals real cost-savings coupled with other operational benefits including but not limited to: a reduction in processing errors, audit compliance, supplier accommodation, implementation support and much more.
AP automation is becoming a reality for many companies who realize its inherent operational and business benefits. If you are thinking about incorporating an AP system into your accounting department, be proactive about selecting a vendor who can be your strategic partner and support your objectives.
To learn more about how we can help tailor a solution for your company contact us by filling out the form on this page.