Are you in the process of deciding to automate your invoice and payment processing (AP) workflow? Maybe you’re even in the final stages of choosing a provider. If not, you likely will be soon. In fact, according to a recent special report* by the Institute of Finance Management (IOFM), seventy percent of finance leaders surveyed, say their AP departments have already automated their invoice and payment processing. And more than fifty percent anticipate that they will completely eliminate the paper invoices they currently receive from suppliers.
There’s no question why AP departments are automating. Increased efficiencies and better staff productivity are cited as among the biggest benefits in this same report. The question is, for those companies that have not already digitized, why not? Fear of change or the unknown, maybe. Budget restrictions (or so they think), another.
Concerns about security? Definitely. Here at Yooz, there might appear to be a dichotomy between what we boast as an AP automation solution that is both transparent and secure. A dichotomy because typically when we think of secure, we imagine of things like being locked in a file cabinet, stored in a bank vault or safe, accessed by only certain people with biometric verification. That doesn’t sync up with something that is transparent—fully visible and easily accessible.
But actually, transparency and security overlap more than you think…when it comes to Yooz AP automation.
Find out how in Part 2 of this blog series.