After more than a year of the COVID-19 pandemic and the havoc it has raised on businesses of all sizes, business owners and executives continue looking for ways to shore up cashflow and availability of critical resources to ensure growth continuity. CFOs, who in the past have been reluctant to embrace big technology changes, are now adopting Accounts Payable Automation (AP Automation) because of its ability to decrease human error, increase process and payment efficiencies, and provide greater security.
Today’s automation solutions reduce the cost and ease of transitioning from legacy and error-prone manual procedures to more resilient and reliable automated workflows.
Why Change Now?
In the past, many CFOs have been reluctant to adopt new technology solutions, including automation, for a number of reasons, including:
- Disruption of the status quo – Will our staff be able to efficiently use the new tools and processes?
- Upfront investment and cost versus value – How do we know if this can work better than our current processes and provide a return on our investment?
- Misinformation about advanced technology – What about all the technology “solutions” that have come and gone?
Times and attitudes have changed which is obvious from the massive disruption caused by COVID-19. The innovations and time savings that AP automation can offer your organization could be an imperative part of your financing operations. If your competitors are already taking advantage of this proven technology, your business could be at a disadvantage to scale, grow, and attract new accounting talent.
AP Automation replaces the manual processing of invoices with 100% data accuracy and touchless automation. You can process invoices faster (in seconds instead of days) and take advantage of every early payment discount and rebate.
Is Automation a Business Necessity?
CFO Dive notes, “Finance and IT executives are taking on increasing responsibility to prepare their companies for growth. Yet many finance teams are unable to dedicate their efforts to planning for growth because these teams continue to use manual processes to complete routine accounting tasks.”
Research compiled in a 2019 report on Globe Newswire suggests that AP automation market size is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0%. The major incentives driving this growth are:
- Reduction in the number of delayed payments
- Improvement in the compliance rate with critical corporate controls
- Controlled user access and credentials
- Reduced fraudulent transactions
How to Implement AP Automation
The best practice for transitioning from manual to automated AP processes is to work with an experienced company that specializes in AP automation and digitized processes. With a focus on providing “best in breed” solutions, NEdocs brings you industry leading software solutions for automated invoice processing and payments. Coupled with NEdocs’ AP Mailroom service for receiving, digitizing and processing invoices, companies significantly lower their accounts payable costs and improve overall financial management.
With decades of experience in document and digital content management, NEdocs offers the ideal combination of experience and technology to assist you in streamlining your accounts payable procedures, reducing costs and redirecting valued talent toward revenue enhancing functions.
Have you been looking into or learning about AP Automation? Why delay another year by studying the cost/benefit analysis when you can ask experts your questions any time? Simply contact New England Document Systems online today or call (603) 625-1171 to learn more about how our clients are improving their bottom lines with AP Automation.