Top 7 reasons to add AP Automation to the mix

Sales & Marketing
|
March 23, 2021
2 min read

Last Sunday I caught up with my friend Nirav Bajoria - who looks after Finance and Corporate Affairs at NSW Agency for Clinical Innovation, for a stroll to get some fresh air, have a bit of chit chat (read: a lot of chit chat!), and have a play with his 2 years old son - Rishi. Amongst other things, we talked about work. Nirav is a finance and accounting professional (it feels to me as if he was truly born to be a finance guy!) and with myself now working in intelligent automation at ACMO, I was curious to ask him "What appeals to you personally, and would also appeal to a finance and accounts business unit when it comes to implementing an AP Automation solution?

"After some brainstorming (while juggling to keep the toddler entertained) - we came up with a few findings, some from his personal observations and some real-life examples. I noted them down and decided to put them in today's blog post to benefit any companies who are debating adding AP automation to the mix. I hope you enjoy reading this top 7 list and possibly putting AP Automation into practice at your work.

Our Top 7 reasons to add AP Automation to the mix:

1. Cost Efficiency

It helps save money and time with lower invoice processing costs and a faster processing cycle.

2. Accuracy

It lowers exception rates by helping find their source and reduces the "human-error" rate.

3. On-hold for Approval Report

OHR provides the finance team total visibility with a list of the unapproved invoices, details of users with invoices parked, and pending approvals.

4. Compliments Business growth and protects from staff turnover

A well-designed system is much more sustainable during business growth. An AP solution means that management can focus more on strategic and value-added tasks. Staff training is also improved when workflow processes are streamlined and not "manual input heavy". While in case of the events of staff turnovers, AP handover process is simplified and shortened.

5. Enables AP team members to play an integral part in the business

Reducing manual invoice processing empowers AP team members to help build the business better, understand the business more, and discover value-add by performing new tasks - such as participating in trend analysis projects, developing better internal stakeholders relationships, and vendor management.

6. Provides Management with more data to perform Expenditure Trend Analysis

With this, management could have more visibility on categories of expenditures - then review, revise, and restructure them in their operating revenues. Acting on this analysis may leave businesses with a pleasant surprise as to how a small but significant change can add additional revenue.

7. Approve Anytime, Anywhere With the new normal and quick evolving times, access to information needs to be on-demand to action tasks on the go.

Written by

Ekta Desai

Former Business Development Manager at ACMO

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