In Part 1 of this blog series, we hope we helped alleviate any apprehensions about embracing automation in your AP department. Now let’s explore in Part 2 the many ways that your job will not only remain intact, but will become more meaningful, interesting, and even fun.
First, with all of your freed up time, take a longer lunch! (Okay, maybe not every day. Just the first day your solution is up and running to celebrate.)
More productivity and less time-wasting: On a more serious note, automation means the ability for a single payables team member to process almost 3,000 additional invoices per month compared to a completely manual process. Staggering! Even better, all with virtually no margin of error. This means that other members of your AP team can be freed to do more value-added tasks.
More visibility and less stress: Members of manual AP departments have no efficient way of keeping track of where invoices might be in the approval process. Consequently, they have to physically track them down, find out if they have been approved, and forward them to the appropriate manager. That takes a lot of time…and raises your blood pressure!
Once you automate with a cloud-based solution, you can access documents stored in the Cloud, anytime, anywhere. See where the document is in the approval process, then electronically forward to the appropriate person to approve and push to the next stage. All with a couple of clicks.
More security and less risk of data theft: With all of those paper documents lying around, manual AP departments risk sensitive information falling into the wrong hands or leaving private data unsecured. Automated departments can assign specific permissions to managers with secure logins to access documents, leaving data fully protected. Managers also have the ability to see a history of who accessed the documents in case of any question.
More interesting tasks and less drudgery: Once your AP team members are able to process a higher volume of invoices in a much shorter amount of time—only taking an average of 3 days to process a document1—it allows for a greater degree of growth while maintaining existing staffing levels. AP staff is energized about performing more strategic and value-added tasks, such as negotiating supplier pricing, setting standard processes, and developing best practices.
Contribute more while spending less: In addition to saving money with a cloud-based AP automation solution—the average cost of processing is reduced to $3.202—your AP team enjoys a combined benefit of avoiding late payment fees and being able to take advantage of early payment discounts. Not to mention the significant cost savings on consumables that most companies don’t factor into the cost of processing an invoice.
Be the hero in your company when all of those savings apply directly to the bottom line.
1–2IS YOUR AP PERFORMANCE TOP TIER? HOW TO USE KEY METRICS TO CHART YOUR AP IMPROVEMENT JOURNEY, 2017, Institute of Finance Management (IOFM), Diversified Communications