Allaying 6 Common Accounts Payable Automation Myths
As companies look for ways to streamline their processes and become leaner and more productive, accounts payable is a common target for improvement.
Historically a world of paper invoices and human error, accounts payable is ripe for automation software. But many companies are hesitant to automate their AP departments, worried about things like cost of implementation and loss of control.
Although AP automation requires an initial investment and time commitment for implementation, the long term benefits and ROI are enormous.
Here are 6 common myths that persist about AP automation, and why these myths should hold no cause for concern.
Myth 1: Invoices will be completely hands off
Automated accounts payable isn’t completely devoid of the human element. In fact, it’s about providing your AP department with the tools that will help them be more productive and efficient.
Rather than relying on paper or email invoices, AP automation allows vendors and suppliers to input data electronically and automatically. There will be times when errors occur, and you may need to make adjustments and corrections manually. AP automation doesn’t inhibit your ability to track and modify invoice data—it improves it.
Myth 2: Accounts Payable automation has more security risks
News stories about high profile hacks and data loss lead many business owners to distrust technology. While security has always been a top priority, the old systems of manual data entry and paper invoicing were actually much more prone to security risks and human error.
With automated AP, password protection and encryption protocols provide several layers of security, and you get complete control over who has access to your AP system.
Myth 3: You’ll lose control over Accounts Payable processes
Some companies mistakenly believe that AP automation will take over their entire process, resulting in a loss of control. In fact, the opposite is true. AP automation software gathers and streamlines information, putting it in front of you and making it easier to compile, monitor, and analyze data. Adjustments can be made in real time, and past invoices and documents are easy to review and scrutinize.
Perhaps the biggest benefit of automated AP software is that it puts you in the driver’s seat. It puts everything at your fingertips so that you spend less time on mundane tasks and more time planning and strategizing.
Myth 4: Accounts Payable automation is too expensive
It’s true that AP software is an investment, but it’s an investment that pays for itself quickly and gives you immediate results. Doing everything manually is expensive, costing you in time-consuming tasks and preventable errors.
There are many ways to implement AP automation software, and with cloud-based solutions the costs are lower than ever.
Myth 5: We’re too big/too small for Accounts Payable automation
Your company doesn’t have to fit a designated mold in order to benefit from AP automation. In fact, a larger organization needs automation to help process large quantities of invoices, and to be able to effectively organize and analyze them. A smaller company, with a limited staff, would benefit immensely if the employees who were tasked with mundane data entry could be assigned to more strategic positions.
The size of your company doesn’t dictate whether you need AP automation software or not—your needs do. And many companies, big and small, simply cannot afford to continue with outdated accounts payable departments.
Myth 6: Implementation is too long and complex
Without a doubt, making changes to an integral part of your company is a challenge. How do you continue with business while your old system is transferred over?
Thankfully, effective AP software will optimize the implementation process so the transition is smooth and painless. For example, APex Enterprise Suite supports 810 Standard Invoice EDI Transfers, with imaging options available as well. Additionally, NextProcess support staff is always on hand to guide you through the implementation process.
Smart and Effective Accounts Payable Solutions, Without the Hype
Automated accounts payable software isn’t a magic bullet—it’s simply a tool to add to your tool belt. And it’s a tool that will help you avoid costly errors while offering valuable insight into your business processes.