AP Automation: Fact or Fiction? Busting 5 Common Myths
Perhaps you have a “good enough” supplier invoice process. Invoice data is captured on spreadsheets and inputted into your ERP (eventually). But could the process be more streamlined than it is today? Perhaps you suspect it could, but for a number of reasons, you think switching to AP automation will be more painful and tedious than the process you have in place today.
There are five common misconceptions we frequently hear that hold the finance team back from truly building a high-performing AP function.
- I can’t afford to automate: Heavy upfront costs and lengthy contracts mean you’re tied into a big software bill – exactly the costs you’re trying to drive down. Could AP automation be more cost-effective than you think?
- The cloud is for big companies: As a small business, you can make do with pre-installed spreadsheets and similar programs on your computer, right? Could setting up a scalable solution now set you up for success in the long-term as you grow?
- Email is the same as automation: You may think once you send and receive invoices via email that your process is automated. It may be digital, but true automation makes data capture and approval processes simple.
- Automation can’t fix my challenges: Whether your challenge is the time spent capturing invoice line items, or weeding out duplicate invoices, or chasing approvers for sign off – from end to end, automation solves a range of challenges.
- Automating invoices doesn’t help our employees: True automation doesn’t just help the finance team – it helps employees too by making the process simple and painless. A handy mobile app lets employees approve invoices on the go so suppliers are paid promptly.
Take a look at our free guide to these 5 common AP myths and how automation can help solve a range of efficiency, compliance and visibility challenges you may be experiencing with a manual process in place.