It’s really just a matter of tailoring a solution to a company’s size and specific needs. Every company, from local mom-and-pop shops, to high-ambition startups, to enormous multinational corporations with tens of thousands of employees, can and/or already have automated AP. The real question is, “why wouldn’t you?” Who benefits from AP automation?Īutomation isn’t a luxury reserved for large enterprises with big budgets. Given the obvious and numerous upsides to automation, the question isn’t why should you automate AP. You’ve just learned that there’s a way to save 80% on each one. Think about how many invoices you process in a single week alone.
Plus, if you compare the cost of automating to the time and expense of continuing to do AP manually, the return on your investment is easy to see.Ĭonsider this: The Institute of Finance Management (IOFM) puts the cost of manually processing a single vendor invoice at $10 to $23 per invoice automating vendor invoice management can reduce the cost of processing one invoice by up to 80%. Which means that you easily could argue that companies can’t afford NOT to invest in automation.
That said, in today’s fast-paced, always-shifting business environment, organizations that don’t automate will struggle to compete and miss opportunities for growth. True, upgrading to an automated system requires an investment like any new tool. Increase policy compliance and strengthen vendor relationships.Uncover data that will help you make informed decisions.
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Reduce errors and duplications that come from manual data entry.Attract and retain top AP talent (if you offer automation rather than manual processes, it’s far more likely that staff will love their jobs and stick around).Boost employee morale and give staff more time or strategic tasks.Control costs and reduce unnecessary spend (like invoice processing costs and check fees).To give you an idea, here are a handful of ways that automation can help: It would be difficult to overstate how significantly AP automation contributes to an organization’s overall success. Get the guide Why should you automate accounts payable? Our guide will help you lay the groundwork to plan, write, and present a business case that you can sell into your business leaders.
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