Automated processes tighten up with time.
Now that everything is automated and in place, what’s next?
After a celebratory happy hour with everyone involved in the massive undertaking, it is important that you don’t forget about your new system and assume everything is working perfectly. There is always more to do, including deciding how to use the newly freed up time your staff has recently been granted.
Start by focusing your staff on other AP tasks and responsibilities, including projects that can improve overall efficiency and profitability. Your team can discover and work with new features of your AP system, like spending controls, vendor controls, and early payment rebate programs. Instead of just handing out costs, your AP team can generate revenue for the company.
As new processes become more familiar, your team can scale even further. While some savings are immediate, other cost savings through automation come further down the road as the company grows and achieves new efficiencies.
As invoice volumes grow in the future, you won’t need to hire new staff to handle it. You can just use your already-optimized staff and systems to take on the growth without sacrificing cost or quality.
A recent study from the Institute of Finance and Management found that only one-third of companies surveyed use document capture and only a quarter take advantage of e-invoicing. This shows that many companies are still stuck in the past with paper processes and manual invoice handling.
What are the biggest reasons why?
Many companies feel they are just too busy and don’t have the time or budget to upgrade. But now that you know how much your company can save from automated AP, you have a new question to answer: How can we afford not to automate our AP?
There is so much time and money that can be saved with automation that there are few excuses to maintain antiquated accounts payable practices in your office.