Chances are, you’ve heard about the advantages of moving toward an automated accounts payable (AP) process.
Most people will know the benefits of eliminating as much paper and as many manual processes, such as:
- Electronic invoicing and purchase order processing cost less, are processed faster and result in fewer errors than paper-based purchase orders and invoices.
- Electronic invoices and purchase orders can be monitored securely in real time.
- With automated accounts payable, finance and accounts professionals can better utilise their time.
But there are still numerous businesses that haven’t gotten to AP automation yet and are still using paper-based processes. According to an AP Automation Study conducted by The Institute of Financial Operations (IFO), businesses still receive more than 90% of their invoices by paper. And although many large companies have implemented automated accounts payable systems, many companies in still have not automated AP.
There are many reasons why businesses have not yet moved forward with AP automation. Some of the most popular are:
- They don’t have the cash flow to invest in software.
Many businesses think that buying and implementing software is too much of an invest. Bear in mind that time must also be allotted to training staff on the software as well. That is why, we at Compleat, have developed a self-service invoice data capture and processing platform with competitive pricing. It allows businesses to simply implement the software in just a few hours and at a cost that will not affect cash flow.
- Other businesses might think they don’t receive enough invoices.
If businesses don’t have a lot of invoices, they might feel like they don’t receive enough invoices. It might be true, but it’s not sustainable to growth.
- In other cases, the executive team might not want to change.
Without management buy-in, it’s nearly impossible to move forward with any automation.
Whatever the reasons your businesses have for not moving towards AP automation, the advantages are clear and overwhelming. Please contact us at email@example.com to hear how your business can move towards an AP automation processes with ease and simplicity.