The business environment has always been highly competitive of course, and since COVID-19, the stress to maintain business continuity with profitability has increased significantly. Businesses have responded to the pandemic with increased interest in modernization and digital transformation. We’ve heard it before and it’s as important as ever, “adapt or die.”
Level Research has noted, “Every back-office process has been forced to adjust to the COVID-19 global pandemic–especially Accounts Payable (AP), which plays a critical role in ensuring organizational financial wellbeing.”
Identifying and implementing processes and technologies that effectively help your organization stay lean, reduce risk, and strengthen its financial condition is crucial for your continued success. Accounts Payable (AP) automation is an important component in helping you achieve your financial objectives.
Here are six reasons for transitioning to AP Automation:
#1. Greater Transparency and Analytics
Your business needs actionable insights to make fast, well-informed strategic decisions. Retrieving and sharing accurate information on demand with appropriate decision makers depends on having the right digital resources in place. An automated AP solution can aggregate paper and electronic invoices, extract and validate invoice data, digitally route invoices for approval no matter where the staff works, seamlessly upload approved invoices to your ERP and provide current analytics for decision making.
#2. Better Protection Against Fraud
The need to protect sensitive data has never been greater. Automation solutions have built-in features to define digital policies that address fraud risks and compliance demands. For example, an AP automation solution can identify duplicate payments, enforce strong AP processing controls, and spot suspicious transactions.
#3. Better Vendor Relations
Switching from manual to automated AP processing gives your vendors more confidence that their agreements and transactions are being honored. Vendor accounts are paid in a more timely manner, building on those relationships by providing the environment for continuously smooth transactions.
#4. Fewer Errors and Faster Processing
Automated digital processing is faster and less error prone than manual processes. Its predictable reliability means that authorized people have immediate access to all invoice-related information at any time and can easily authorize and complete payments electronically.
#5. Lower Costs and Better Resource Utilization
Your organization can take advantage of vendor discounts & rebates and reduce costly delays of manual processing. At the same time, you can utilize staff in more productive areas of the business.
#6. Fewer Audits
No CFO wants to hear the word “audit,” although it often points to important concerns. But by using automation, the inherent risks of audits can be reduced. AP automation records all transactions providing an historical record of when an account was paid, who authorized payment, and what the payment was for. The “paper trail” has been replaced with immediate access to the electronic record.
Seizing the AP Automation Advantage
Our world class solution enables companies to significantly lower their invoice processing costs and enhance their financial management. How? By applying decades of experience in document and content management. NEdocs provides expertise, technology and support services to assist you in streamlining your accounts payable procedures and capturing discounts to improve your cash position.
To learn more about how your organization can take advantage of AP Automation and get the support you need to make the transition, contact New England Document Systems online today or call us at (603) 625-1171.