Do you work in an AP team, or have you dealt with the complexities of an account payable process? So, you have looked up an alternative option and have discovered that AP automation can save the accounts team from the tedious process and benefit in ways that the traditional methods can't scale at any given moment. But the problem has propped up when the C-suites have resisted AP automation or an end-to-end invoice automation solution.
As per a recent survey, 60% of businesses are still following the traditional invoice processing and payments. On the other hand, AP automation can help with issues like time-consuming invoice data entry, duplicate payments, and burdensome approval processes. However, convincing the senior management of the companies about the necessity for AP automation might be difficult. Although we believe the CFOs and other senior professionals and decision-makers are aware of the advantages of an automated solution, the cases of others being reluctant to transform are not rare at all.
So, let us first trace why the upper management must be reluctant to automate the AP process.
· The notion that the current arrangement is sufficient
The notion that current processes is working effectively is the most common reason organizations have not invested in AP automation.
While providing an invoice automation solution and transferring the AP process of businesses with advanced tech, we at Skyscend can say the reality is the opposite.
The senior executives may receive this idea if they scan analytics without context, such as their finest AP specialist not missing an early payment discount date in two years. However, when senior management comes to accounting, they might notice personnel frantically inputting invoice data or gathering around a table debating how they'll track down an elusive paper purchase order to match with an invoice and receipt report.
A bustle of activity must signify productivity; in the accounts department, why would require a change at all? But you have accessed the difference and are aware of the truth, so how do you present the comparison to the management.
Let us help you build a strong business case with easy deployment, a setup time of approximately 24hrs and an AP process time, and how much more productivity the team can score instead of matching data from invoices.
· The perceived cost of an AP automation software
The second most common reason for organizations not investing in AP automation was a lack of budget, or more so perceiving that the cost of deploying an AP automation software would be high for the enterprises.
Even in the best of times, executives may be concerned about the cost of AP automation these days. But, again, on-premises accounting system implementations in the past weren't inexpensive, especially when considering staff time and continuing IT support expenses. Even if a corporation hasn't gone through this, it may know someone who has Budgetary concerns, however, can be unfounded, as we'll see later because cloud computing makes AP automation affordability easier than ever to demonstrate in a business case. Moreover, while deploying AP automation software does come with a charge, it also transforms the AP process into a cost-efficient one by eliminating extensive paperwork, reworks in case of mistakes or lost invoices, and saving from expensive manual mistakes.
· The complication of the AP process
The fear of a company's AP process being too complex was the third most common reason for resisting automation. Because of the complexities of the current AP process, management tends to believe that automation cannot be implemented effectively. Alternatively, the C-suite may be sceptical that AP automation can accomplish everything it claims, with executives questioning how complicated workflows the program's AI and machine learning components can handle.
However, a solid AP automation business case is equipped to run efficiently regardless of the current procedures and rules - no matter how basic or complex they are. Furthermore, it can swiftly assist in their optimization.
Instead, with the automated billing process, automated invoice scanning and other features based on a cloud-native set of technologies are the correct answer to the complex AP processes. Skyscend optimizes its capacity as per the needs of the business and offers a seamless solution.
It is crucial to understand that Skyscend is not just another invoice processing company; we are more than that; we are also a bridge between the supplier and the buyers. We are the continuation of established trade relationships and a support system for enterprises in the rapidly growing digitalized society.
Want to make an exceptional business case to the upper management – connect with us. Our experts will help you draw a data-based comparison. You can also request a demo to obtain a clear picture of how Skyscend can transform the AP process and leverage the accounts team.