Accounts Payable automation simplifies the accounts payable process by allowing companies to digitally pay and process supplier invoices. To process invoices, AP automation software, like SignUp Software’s ExFlow, employs scanning software to read invoice data within a matter of seconds.
With this technology, manually entering AP data is now a thing of the past. AP automation software, supplemented by OCR (commonly known as Optimal Character Recognition which extracts data from scanned documents, images, and pdfs), automatically uploads invoice data, saving companies time and money. Intelligent AP automation solutions such as ExFlow are embedded directly into ERP systems like Microsoft Dynamics 365 Finance and Operations, which completely streamlines the invoice approvals. With these solutions, companies have much greater control over their AP process. This technology has countless benefits but why have companies decided to switch when it means changing their current process and training their team on completely new software?
Companies at the forefront of technology trends have recognized the gradual shift to digitalization but the COVID-19 pandemic has prompted companies more than ever to use automation after seeing the countless benefits of digitalization of work processes. Now, companies who desire to have a competitive edge are seeing automation as an avenue for cutting-edge growth. According to a recent McKinsey study, a majority of companies have realized their business models will no longer be economically viable if they do not employ automation. As a result, more companies will shift to automatizing work processes as more digital solutions will arrive on the market.
With the rise of working autonomy as a part of the new wave of digital transformation, there is a pressing need for configurable end-to-end automated systems that learn from your companies’ behaviors so that teams can be freed up of manual processing work. Through this technology, teams can now complete predictive maintenance of their banking and treasury management systems, which enables them to make great strides in optimizing their business processes. Financial automation has given companies the tools to outpace their competitors and has allowed for the building of a sustainable digital ecosystem, which can connect to larger hyperconnected networks.
Not only will switching to automation keep companies in pace with their competitors, but it will also save them from high labor and operational costs of manual, paper-based invoice processing.
Here are four reasons why companies are making the switch now more than ever.
Significant Cost Savings
After switching to AP automation, companies have seen sometimes dramatic reductions in costs related to invoice processing. Costs per invoice go down dramatically when using AP automation since it reduces the time processing the invoice. According to 2021’s State of ePayables Report from Ardent Partners, companies with little or no automation spend as much as $10.95 per invoice processed versus companies who are using invoice automation spend $2.25 per invoice or less.
These costs may vary per industry but nonetheless, companies save significantly when switching. Your company will face upfront costs of buying an automation solution. However, over the long term, your company will save thousands of dollars. Many AP Automation solutions are now increasingly offering subscription-based payment models, which may be beneficial to companies looking for a more budget-friendly option.
Increased Efficiency
For many companies, manual AP processing has weighed down productivity since employees have to dedicate time to pore over countless invoices. Companies who have made the switch have streamlined their business processes since Accounts Payable automation entails seamless processing without human intervention. Its 24/7 operating system means that at any time of day, your team can process invoices. In the background, an AP automation solution gathers copious amounts of data to learn how your company’s behavior. This is so that it can better anticipate your company’s interactions with vendors.
Error Minimization
Manual processing makes it incredibly difficult to identify errors easily. For some teams, this process can take hours, hindering teams from focusing on more value-added activities. This tedious process is automatically streamlined with automation. Intelligent invoice capturing utilizing OCR, such as ReadSoft, dramatically minimizes errors. This system is supplemented with line-item matching, which is used to ensure accuracy.
Total Full Spend Transparency
Comprehensive capturing of invoice data gives teams full access to money spent on vendors or suppliers, which helps companies with strategic sourcing. This intelligent overview of your spending allows your company to reduce overpayments or late payments since your team can track the invoice cycle at any moment.
So How Do You Make the Switch?
To complete the switch to automation, you must choose solutions that are configurable and embedded in formidable ERP systems. With SKG and ExFlow’s optimized AP Automation modules, we have the right solutions for you! SignUp Software’s ExFlow solution can meet all AP automation needs through creating a truly end-to-end, embedded user experience in your Microsoft Dynamics 365 Finance and Supply Chain environment.
Here are some notable features of ExFlow:
- Robust reporting to power your automation insights
- Best-in-class processing rates
- Complete transparency of Accounts Payable process
- Built with the latest technology for optimized processing
Utilize a high-end automation solution like ours to save significant costs, reduce redundancies, and increase team productivity!
Talk to our sales team today to see how you can deploy AP Automation today!
