Do you have concerns about automating your accounts payable?
It’s understandable. After all, the accounts payable department is one of the most critical parts of any company. Why would you want to risk implementing changes or introducing automation when everything is already working fine as it is?
However, the list of reasons supporting accounts payable automation is increasing rapidly. Now the question is no longer if you should consider the project, but when will you introduce these processes to your company.
If you need some compelling reasons for your business case, then here are some accounts payable automation benefits that your company could realise if you put the project on your roadmap.
Reduction in Costs
Financial benefits can be a powerful and persuasive reason to implement an accounts payable automation process. The most significant cost savings come from the reduction in needing someone or a team of people to manually process every single invoice that comes into the office. Depending on the size of your department and your operational processes, the savings can be up to 80% in many cases.
There are also additional cost savings on top of the reduction in labour costs. If you’re still using paper files, then you’ll save money on storage. Accounts payable invoice automation also reduce the costs associated with human error, which can be significant given the size and experience of your team. You also won’t need as many people signing off on the invoice as you will have implemented a more efficient approval process.
It’s even possible for the accounts payable automation solution to keep track of deadlines to ensure you pay on time and avoid late fees. With these improved processes, you may be able to negotiate early payment discounts saving you even more on your bottom line.
Reduce Organisational Risks
Much like accounts payable, compliance is also a critical part of any company. Scanning invoices for accounts payable is a step in the right direction. However, implementing an automation solution reduces other organisational risks such as fraud.
Accounts payable invoice automation is configured to detect duplicate payments and includes a process for incomplete or incorrect invoices. It’s also possible to set up custom tolerances to flag accounts that exceed a specific dollar amount, so they have to be processed by a human.
Perhaps the most crucial factor is that automation provides your company with a robust disaster recovery and business continuity plan. Suppose for some reason your employees can’t enter the office or your internal systems crash. In that case, you’ll have peace of mind knowing that you’re still able to make payments through your accounts payable automation solution regardless of how long you’re out of action.
Improve Staff Engagement
The talk of accounts payable invoice automation around the office might cause some concern with employees as they might think that their jobs are no longer required. But this couldn’t be further from the truth. One of the most important accounts payable automation benefits is the increase in staff engagement, as your employees will have more time for high-value tasks instead of spending their day completing data entry chores.
The stress caused by human error haunts accounts payable team members. Automation eradicates this fear. They may need to run their eyes over a few invoices for approval, but they won’t need to concern themselves with accidentally adding an extra zero when processing one.
With more free time on their hands, accounts payable team members can provide thorough analysis on where your money is going as well as offer recommendations for strategic decisions. The improved processing times also mean that employees will be able to access the necessary information in real-time without having to wait until a specific time in the month.
Provide Opportunity for Growth
If you’re in a growth phase, you’re likely trying to scale up your workforce to handle the ongoing demand. One team you won’t need to advertise positions for is the accounts payable department.
Accounts payable invoice automation can meet the demands of your business, whether it’s a quiet time of year or your peak period. You don’t need to worry about staff members on sick leave or taking holidays. In fact, you’ll be able to give your staff more time off than they’re probably used to as they won’t be handling the majority of paperwork coming through the office.
With your operational costs more predictable, you’ll have better visibility of planning and budgeting as well as greater control over growing pains and scalability issues.
Easy to Implement
One of the biggest concerns many businesses have when implementing an accounts payable automation solution is the fear that it’s not compatible with existing software and will take months to get up and running.
Fortunately, instigating an accounts payable automation process has become a lot easier. There are organisations that can automate integration into Pronto, SAP, MYOB, Xero, Quickbooks, and many more.
There is also minimal downtime as you transition to scanning invoices for accounts payable. A simple solution can be up and running within weeks and more complex options within months. You even receive ongoing support during this time to ensure the benefits are realised sooner rather than later.
Looking for an Accounts Payable Automation Solution?
Reduced costs, happier staff, simple implementation, and the ability to scale your business faster without additional operational costs. These are just some of the accounts payable automation benefits that many companies have already realised.
You’re also not on your own when implementing an accounts payable automation solution. Provided that you choose the right vendor, you’ll receive advice, guidance, and support to help you get started and ensure that the process is personalised to your organisation’s requirements.
Want expert advice and help with your Accounts Payable Automation project? Through its Digital Transformation Solutions Division, Compu-Stor helps maximise the accessibility and flow of information within organisations through such solutions as Accounts Payable Automation. With offices across Australia, Compu-Stor works with its customers to provide cost-effective solutions tailored to their needs.
Contact us today for a free initial exchange to see how we can help you: 1300 559 778.