As a controller, you’re all about streamlining processes, reducing operating costs and creating efficiencies. But how can you focus on these high-level tasks when inefficient, outdated processes are wasting your time?
According to a recent survey by PayStream Advisors, there has been serious movement in recent years toward electronic payments and other forms of AP automation technology. Automating accounts payable processes can significantly improve your organization’s overall financial operations, but how does it affect you, the controller?
See how it benefited Keven Cottle, Controller for Mountainland Applied Technology College:
You’re a controller. Naturally, you like to be in control. One of the common myths of AP automation is that controllers lose control in the process. Actually, automation provides more control over and increased visibility into the payment process. With a few clicks of the mouse, you can search for and retrieve invoice and payment information at any time and from anywhere you have access to the Internet.
AP automation also makes the payment approval process easier and more efficient for controllers. Personalized business rules automate the routing, matching and circulation of invoices, which are configured to your company’s specific needs.
Once your workflow is established, the invoice is automatically routed to the appropriate people for approval when it’s received into the system. The approver then looks at the invoice within the portal, and can either approve it or dispute it. Not having to review each transaction individually gives you more time to focus on important tasks such as:
- Analyzing data
- Researching industry trends
- Securing early-payment discounts
- Negotiating vendor contracts
- Reducing late fees
- Ensuring accounts payable audit compliance
- Planning for the future
In addition to faster processing times, greater accuracy, and better compliance with tax laws, AP automation provides you with the peace of mind that you’re in control of not only the accounts payable department but the financial health of your organization.
The effects of payment solution technology reach far beyond just the AP department. Automating accounts payable processes allows for increased visibility into cash management.
This means your CFO can assist the CEO in high-level decision-making that will help the organization grow and become more profitable, such as mergers and acquisitions, capital improvements, launches of new products and services, geographic expansion, and increases in staffing.