Why are companies investing in AP automation - because they are smart! Now that is the right and only answer, and ideally, we would not need to require a whole blog to explain that. However, after noticing that there are loads of confusion and misconceptions. Thus, after detailed research on this situation, we found it mandatory to write about AP automation and its perks as traced by the company's seeking success.
A well-defined financial management is essential for organizational growth, and so is cash flow management. However, the process involved in sturdy cash flow management doesn't come easy. Thus, after comprehending the situating, businesses are increasingly transitioning from manual automation of the accounts payable process. As a result, AP automation is now no longer a digital luxury but a necessity to remain competent and relevant in the current and the future times.
Needless to say, AP automation software improves accounting efficiency by automating all processes and by cutting down human errors. Furthermore, it saves money and relieves the accounting team of tedious work. If you have no clue how to go about AP automation or the latest invoice management solutions, ask us out. We at Skyscend are always eager to help the business grow and transform.
Now, let us break down the three primary reasons attracting organizations big and small to opt for AP automation.
· Avoid the paperwork hassle.
Invoice processing and all other steps included in the AP process devour a good amount of paper. About 35% of businesses have adopted AP automation because the paperwork consumes way too much time.
At a time when the world is racing towards digitalization and more, why would you ask your AP team to conquer the Everest of papers every month? Sure, you and your team must have dealt with missing invoices, lost files, documents, etc., at some point in your business's journey.
Therefore, going the smarter way, businesses are now ditching the heaps of paper and replacing all the paper deeds with digital documents and files. Consequently, invoice management also takes the easy route, and so does the storage of all these files for future reference- secured and systematic.
·Streamline the workflow management
33% of businesses have accepted that integrating AP automation can manage the bottlenecks in workflow management.
One of the main drivers of AP automation and its adoption by the companies is its ability to streamline the otherwise tangled workflow, delaying the final outcome and expelling the bottleneck that often adds to the process. Starting from extracting the invoice data to closing the payments in the given timeline, AP automation is the solution to helping your team become smart along with being hard workers.
While working on our AP automation software, we have engaged with businesses, noted their difficulties and the recurring bottlenecks, assessed the situations, and have finally arrived at possible solutions. However, we know how even the trivial errors can cost you a loss, and therefore we have worked to develop an end-to-end automated process.
· Avoid the time spent on non-value-added tasks.
29% of businesses have found AP automation useful in eliminating the many non-value-added tasks involved in the process and consuming time that can be invested in something more meaningful.
Stacking the files, arranging them in the proper order, retrieving the correct documents, extracting and inserting data from paper documents, proofreading the documents to be sent, amending the mistakes, following up - how many more such non-value-added tasks can you name? We have a list of them.
With AP automation, your team can focus on more productive and value-added tasks contributing to the company's growth. They can delve into market research or enhance their financial knowledge to benefit the investment and expenses of the business. They can help you strategize the budgeting and other such prospects rather than exhausting themselves in the invoice processing and payment procurements.
Apart from these three primary causes, here are a few more points of highlight that have attracted the interests of the businesses.
· Cut down the cost.
Based on the above points, it can be deduced well that a lot of cost reduction is in your favor. Businesses are taking advantage of cost reduction and utilizing the saved resources for growth opportunities.
· For better control
The AP automation software provides complete control of the process with minimum human intervention, reduced chances of manipulation and corruption, and also with easy tracking.
·Remote working made easy.
Remote working is not evading away anytime soon; instead, it will remain a crucial part of the modern-day work culture; thus, AP automation is the solution.
"A quarter of a century ago, Steve Jobs proposed that we have to start with the customer experience and work back towards the technology. This simple spark inspires Skyscend engineers today as they develop easy, seamless, and transparent solutions for all actors in the supply chain ecosystem." - Steve Roach, CEO of Skyscend.
So, if you, too, are looking for a smart tech-based solution for your accounts payable process and the tedious invoice processing and management, here is the cue.