Have you heard about accounts payable automation for your business? There are a lot of misconceptions about automation, which is a shame because this prevents companies from taking full advantage of this useful technology.
There are many benefits of AP automation, and it could make a big difference to your company. So here’s a guide to what you need to do to get over your hang-ups and take full advantage of it.
What is Accounts Payable Automation?
AP automation is the process of using a specialist system to automate the accounts payable process as much as possible to streamline it.
The idea is that automating the process will save businesses lots of time and resources that they are currently wasting.
Why Are Some Businesses Unsure About It?
Many businesses are unsure about using AP automation because they don’t know enough about the technology, or they have misconceptions about how it works, and as a result, they end up avoiding it.
Even though it may well be more efficient, it is also something new and different, and often the idea of implementing a big change is off-putting.
Some businesses have the misconception that it is very complex, even though this is no longer the case. Automation is simply a way to handle invoices and streamlines the AP process to make it quicker and easier for everyone.
Cost is probably one of the largest barriers preventing businesses from taking full advantage of the benefits of AP automation. Many businesses assume that because of the benefits it provides, it must be expensive. However, automation has become a lot more affordable in recent years. While it was expensive once, now it is affordable even for smaller companies, and it is also something that is likely to pay for itself in the savings you make.
Another common misconception is that it will take a long time to set up an automation system, but this isn’t usually the case. It can be set up in as little as a few weeks in many cases, which is much quicker than many people realize.
Benefits of AP Automation
Despite all of the misconceptions surrounding automation, there are many benefits that you can enjoy in your business by implementing a specialist system.
One of the most important benefits is that it will lead to time savings because you can streamline the whole invoice workflow. All businesses want to save money, and there are many ways to do this, including AP automation.
In addition to saving time, you are also likely to save money by saving on resources like paper, which can help to boost your business’s profitability.
Another benefit is that you are likely to make fewer mistakes. Mistakes are inevitable without specialist systems, and automation can provide much greater efficiency without the errors such as duplicate payments and late payments.
In addition, you can take more advantage of supplier discounts so save even more money by ensuring that you always pay sooner.
How to Get Started
To get started with an AP automation system, the first thing you will want to do is take a long look at your existing process. How do you currently handle your invoices? Look for problem areas and speak to your accounts payable team to find out about their frustrations. You’ll then have a better idea about the solution that you want to implement.
Next, find a provider. Check out DataServ.com/solutions/ap-automation for a good option that provides tailored solutions for your business, and make sure you ask lots of questions.
You will also want to read reviews online and find out about user support. Also look at the features provided because all the products are different.
How efficiently does it scan paper documents and digitize them? Does it include Optical Character Recognition (OCR)? What about email notifications and reporting? Does it provide training? Is it one-off training or ongoing? What about upgrades, are these provided? Does it provide document retention and destruction? These are all important features to consider.
Once you have chosen a product, the provider will help you to implement the system, so make sure you put aside a few weeks to get it up and running. Then you can start taking advantage of all the benefits.
Automate Your Accounts Payable Today
As you can see, there are many benefits to be had from automating your accounts payable, so don’t let misconceptions about the technology get in the way. While there are many myths about AP automation, that fact is that it can make a big difference to businesses both large and small, so start looking into your options today and soon you could be taking advantage of all the benefits automation provides.
