Let’s face it, the challenges that often plague AP departments are definitely not new, but as companies are reeling from the effects of the inefficiencies and sky-high costs of manual AP processing on their bottom line, they start to see how necessary Accounts Payable Automation can be. And, AP Automation paired with Enterprise Resource Planning applications can complement your company’s ERP, giving you the superior automation and control of everything from human resources and IT to Electronic Invoicing that you need to stay on top of your game and ultimately one step ahead of your competitors.
Accounts Payable on Auto-Pilot
So, why is all of this automation so crucial? Because raw data doesn’t necessarily connect integral departments to any form of practical insight into what’s going on with the data in any given department but especially in accounting. Sure, finance and accounting departments have plenty of data, especially with all of the information these days that is at their disposal. But, what’s important is getting that data processed and sent to where it’s needed and doing it on auto-pilot.
Delivering Data Efficiently
The fact is that, if your company isn’t using ERP in conjunction with AP Automation, your people simply can’t be getting the necessary data fast enough to be truly effective. And, the major takeaway from all this is that having to sit and wait for the availability of key pieces of information to be available can drive any analytically-inclined decision maker in your company crazy and ultimately slow everything down. This clearly avoidable breakdown in data delivery can then result in an unavoidable hit to your bottom line.
How to Get Information on Time
Research has shown that companies that use analytics, especially ERP and AP Automation, are 41 percent more likely to be getting important information on-time. This has also been found to be closely tied to quicker decision-making. In addition, top automated companies have also been proven to be more effective at closing their books on-time. The ability to find the necessary information in a timely manner can easily enable across the board productivity increases as well as more seamless reporting for assisting in the acceleration of all financial processes. And in the end, that means that ERP and AP Automation together can bring about tangible positive business results as a natural outcome, namely in the area of profitability and the ability to continue exploiting additional business opportunities as they come your way.