It’s 2020. A new decade and a milestone year for calendar watchers who like to measure progress by decades and centuries.
This applies not just to science but to business analysts, which means now is an excellent time to consider one of the areas where science and business cross paths: our computerized, digital world and your accounts payable department.
That’s right. In this second decade of the new millennium, no area of business stands to benefit from digitalized systems better than AP.
Now, this might not seem obvious at first, especially to those departments still using last century’s clunky paper-invoicing systems. After all, paper invoices and paper checks still get the job done, right? While it’s true, the better question is, at what cost?
One way to measure that cost is in terms of the benefits your department is passing up. Here are some of the many benefits an automated AP department can look forward to in the brave new business world of 2020:
Fast Invoice Processing – any AP manager who has switched to AP automation will tell you it saves enormous time. Studies have indicated that your staff can expect to process invoices as much as 500% faster and more using AP automation.
Reduced Errors – automation means less human interaction, which means less human error. That saves time and headaches.
Fewer Labor Hours – faster work and fewer errors lead to less hands-on work. Now your staff is freed up to do other, more productive things.
Money Saved – faster processing means faster payments. The result is no more late fees. Better yet, you can earn early-pay discounts from vendors that offer them.
A Team Approach – AP automation allows every person and department with a stake in the process to look up information in real time and react to issues instantly. Even vendors have access to their account.
Data Access and Processing – no more sifting through file cabinets, physically matching up records and all the rest of that nightmare. Records are easily retrieved, matched up and analyzed far faster than before.
Fraud Detection – a sophisticated automated system raises red flags when something untoward is going on long before the damage becomes critical.
What does all the above add up to? Substantial savings. Fewer headaches. Safety. Confidence. Better employee relations. Happier vendors. And above all, it means the automated AP department can contribute to—rather than detract from—a healthy business environment, not to mention a healthier bottom line.
It’s 2020 and it’s time to look into AP automation.