Why You Should Be Looking to Automate Accounts Payable Now

Have you thought about automating your Accounts Payable process, but keep pushing it further and further down your list of priorities?

Let’s talk about why you should be looking to automate your Accounts Payable process now.

Before 2020 rears its ugly head.

H2 is the best time to be looking to automate.

If your company is moving into the start of H2, this is most likely the best time to implement an automated solution.

Have the project finished by the start of the next financial year and you will be in a much better position to set a budget.

Even if implementation hasn’t started yet, once you sign on the dotted line you will know how much you will have to spend on AP operational expenses.

With cloud systems, subscriptions are taken monthly, meaning you won’t be dipping into Capital funds to process your invoices.

Any issues with staff turnover throughout the upcoming year can be eased by not advertising jobs with immense amounts of data input.

Use up that last little bit of 2019’s budget.

Before it gets taken away – or even reduced for next year – find a use for that left-over budget.

Even if you don’t think you have enough to pay for a whole solution, as I mentioned, cloud tech has allowed companies to offer scalable solutions with scalable pricing.

Paying monthly will also allow you to get the ball rolling before Christmas and build the rest of the payments into your budget for next year.

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Why are you waiting in the first place?

It’s 2019, why has it taken you this long to look to automate your AP?

Time? Money? Experience? Luckily for you, as technology gets more and more advanced, automation becomes readily accessible for most businesses.

Better yet, those issues can all be solved through automation!

If you read my blog about time management you may be comfortable with the idea that investing in planning can reap massive benefits rewards.

Automation is no exception, since a little planning of processes can evolve into a lifetime free from tedious, and time consuming, data input.

A Return-on-Investment everyone can agree with.

It’s easy to see benefit when investing in automation.

Obviously, automating processes will mean a reduction in staff costs.

This can come simply from a reassignment of staff to more beneficial tasks.

Tasks such as arranging early payment discounts and supplier relationship management.

Other cost benefits could include the elimination of duplicate, or fraudulent, payments.

Even if you have already automated, look again.

I regularly say, you update your mobile phones, tablets, computers, even TVs every few years, because technology is always evolving.

Why would business automation be any different?

We are all seeing news stories on how AI, Machine Learning, Blockchain etc are advancing many industries.

Moore’s Law theorises that computer processors are doubling in capacity year on year.

Meaning an increase of speed and technological real-estate.

Automation is as advanced as it has ever been and will only continue to grow.

The faster you re-evaluate and implement, the faster you can reap the benefits.

Don’t get left behind with a historic template-based capture system, and upgrade to intelligent capture.

This will drastically minimise time spent on mundane data input and correction!

To conclude.

Whether you have or haven’t automated AP before now, you should be looking at least once a year at how technology has moved on.

As I have heard frequently across the industry, Digital Transformation should really be known as Digital Evolution.

By the time your company has completed a Digital Transformation project, depending on the size of your organisation, it may be time to go back and upgrade the first things that were transformed.

Not only may tech have moved on.

But your teams understanding of a streamlined process, and ability to successfully create efficiencies, will only grow with each project.

Even if you are still under contract, if your solution is cloud based you should be up to date with the latest tech.

If you are not, I suggest a quick call to your supplier…

To put it bluntly, it’s always the best time to be looking to automate your accounts payable.

The sooner you start, the sooner you finish.

The sooner you can kick back, relax, and save your department’s fingers from frustrating typing of data into your ERP.

Download our Capture-as-a-Service White Paper Today!

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Post by Rory Coleman-Smith,
Marketing Project Manager

Rory has been working with ITESOFT since early 2017. He has placed himself as a thought leader, educating finance departments on the latest advancements in technology in Financial Process Automation.

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