In the context of the economic downturn, tight credit, and declining margins, AP automation is considered as a powerful tool in reducing costs and bolstering bottom lines. As prevalent as it is, there are lots of misconceptions regarding the benefits of automation. But not to worry! I’m here to dispel the 5 common misconceptions about AP automation.
1. Loss of Control
Many companies believe that converting to AP automation may lead them to lose control over their businesses processes. In reality, AP automation can make it easier to monitor and control the process than traditional paper-based AP departments. It gives better visibility to all users through an electronic workflow and customizable dashboards. As a result, anyone with administration can access invoices 24/7/365 ensuring that the proper procedures are taking place and invoices are never left unattended.
2. ‘Our Company Is Too Big Or Too Small’
Many small and medium-sized enterprises think that only big companies benefit from AP automation while large corporations suppose that AP automation cannot handle the volume of work within their organizations. All such suppositions are unwarranted! In fact, in small business whereas the accounting staff may be limited by time and resources AP, automation can fill that gap. For larger companies, AP automation can reduce manual data entry errors and get the entire system more organized.
3. Automation Is Expensive
Many companies hesitate to purchase AP automation software due to initial expenses. But they do not realize that when investing in AP automation, they can make their money back in 2 ways. Firstly, they reduce paperwork by 90-95 percent, which ultimately leads to a healthy productivity boost. Secondly, they can maximize their ROI in many ways as I mentioned in detail in the previous post.
4. It Takes Too Long to Implement
While some solutions may take months to fully implement, others like inFORM’s iCapture for Invoice Processing and AP Automation solution are usually able to be fully functional within a week. Bottom line is to choose a suitable solution which offers rapid project go-live through a simplified IT infrastructure.
5. AP automation heighten security risks
You may be afraid of security risks such as hardware failure or stolen data when utilizing an automated system to streamline your AP process, but actually, you’ll discover how much more secure your data truly is. AP automation could help by accurately extracting data from invoices, and securely archiving documents with 24/7 strictly protected access.
If you are interested in learning more about AP Automation, email us now!
Website: www.informdecisions.com/
Keywords: Sharepoint workflow software, Document automation solution, Ap automation benefits
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