Over the past decade, technology has integrated into every aspect of business and life. From artificial intelligence in the workplace to working on a tablet in transit, automation is fueling all types of tasks. Corporate management recognizes the power of harnessing technologies to accomplish work faster and more efficiently in crucial departments, such as accounts payable. Discover how the C-suite uses AP automation to improve operations.
Attract Top Talent
Millennial professionals expect corporations to provide the latest tools and technologies. Conversely, experienced older workers also rely on technology to handle routine tasks while they process more thoughtful ones. Companies that adopt AP automation can attract top talent, improving the function and image of the accounts payable department and the business at large.
Support Working Remotely
Cloud AP automation supports remote workers who can make and view crucial financial updates in real-time. Traveling managers instantly gain insight into the overall financial picture. AP team members working at home can seamlessly vet vendors, pay invoices, and more. Professionals can work from any location, using a computer, laptop, or mobile device.
Touchless Processing
The manual AP processes of yesterday were tediously time-consuming. Attention to detail was crucial to avoid costly data entry errors. AP automation solutions provide touchless approvals of invoices and more. Tasks that once required days or weeks to complete, such as invoice payment and quarterly reports, are now done without human hands.
Improve Collaboration
The recent pandemic has shown how people work remotely, and how important it is to find ways to communicate. Virtual meetings have become a new standard. With AP automation software, team members from the AP clerk to the CEO can stay in touch and access the latest financial data in seconds. Collaboration in the cloud means team members can work anytime and anywhere and be connected by the same data.
Reduce Fraud
Unfortunately, fraud is an inescapable cost of doing business. Technologies such as AP automation reduce fraud, proving their value as a corporate investment. AP automation instantly detects inconsistencies, such as duplicate invoice payments, to stop fraud before it becomes costly. Also, AP automation establishes accountability because everyone has access to financial data to spot fraudsters immediately.
Eliminate Errors
Mistakes are part of being human but can add up to lost revenues for businesses. While it is impossible to avoid human error, AP automation handles routine tasks with optimum accuracy. Late payments and late fees become problems of the past as all of this work get done automatically while the AP team focuses on more thoughtful projects.
Save Money
Investing in AP automation software ultimately helps companies save money over time. The AP team has time to focus on cultivating positive supplier relationships and finding money-saving opportunities. For example, some vendors may offer discounts to companies that pay invoices early.
The C-suite recognizes the continued ROI for implementing AP automation solutions and other advanced technologies. and, millennial and senior workers are presenting their cases for the adoption of AP automation, making it the global standard today.
