Letting Go with AP Automation
Within the world of Accounts Payable, sticking with the familiar can see an organization fall behind and struggle to compete with market rivals. For those enterprises which have been around a long time, it is surprisingly easy to fall into certain habits. While not all habits are bad, even the best ones become damaging if there is no impetus to make room for growth and innovation. Paper invoicing although outdated, is still in use for far too many organizations.
The Future of Commerce is Paperless
The reality is that accounts payable automation is starting to dominate the accounts payables industry. It increases efficiency of supplier/vendor transactions, significantly lowering the risk of costly errors while giving businesses the chance to grab bonuses with early payment discounts through dynamic discounting.
The value of electronic invoicing is not difficult to explain or to understand. If you imagine the journey which a paper invoice has to take, you can immediately start to see the benefits of an automation solution.
Reduce Effort, Maximize Resources
It’s nearly impossible to actually keep track of where checks are, whether they have reached their destination and how quickly they are likely to be paid. In fact, by the time that you have been notified of an issue with a lost check or invoice, the payment could already be past due.
The good news is that accounts payable automation has never been as easy to implement as it is now. The number of electronic invoicing software options has soared over the last decade to suit almost every kind of budget, industry, and size of business.
Letting Go of Habits of the Past
It is important to understand that the future of commerce, must involve the eradication of paper invoicing. With E-invoicing software, it has become easier to track and monitor e-invoices as they are generated.
Most companies prefer to hedge their bets and wait for the benefits to make themselves clear. Yet, when a trend is truly ‘tried and tested’ (like AP automation), it simply makes sense to become fully automated and letting go of habits of the past.