May 10, 2018
“If it isn’t broken, then don’t fix it” – It’s an adage that we hear all too often in businesses all over the country, particularly when it comes to conversations about processes and workflows. It stems from a mindset that’s rooted in the idea that if you do what you’ve always done then your outcomes will remain the same. It’s a warm safety blanket that gives us the comfort that everything will be okay if we just keep on doing things the same way.
However it’s also a dangerous idea as it can lead to complacency, it can prevent innovation, and in the modern business environment it can allow you to lose the competitive edge you have over your competition.
When it comes to AP Automation the idea of sticking with the status quo for conventions sake is an idea that’s fraught with risk and if you catch yourself thinking along these lines then that should jolt you into action. Don’t get me wrong, I’m not advocating you keep your business in a constant state of flux. However declining opportunities to learn about how innovative technologies can help your business is a fast way to be outpaced. What was once ‘common practice’ in past years is fast becoming the anecdote of a dying era.
AP Automation is more than just taking away manual data entry. It’s an end to end business process that can deliver multiple benefits. As an example, here are 4 benefits you could realise in your organisation:
Having multiple levels of sign off in an AP Process is fairly common, however often this makes it more difficult to keep track of the individual transactions. With AP Automation the various documents can be tracked in real time so you have current information when you need it. You can also generate reports to find those road blocks in the approval process and come up with solutions to them.
Approvals and routing can happen at the speed of a mouse click. No more misplaced invoices to chase down, no more wasted time searching for a misplaced document, and no more wondering whose desk an invoice is on waiting to collect a signature. Having a single system control the flow of AP Invoices means not only will invoices get processed quicker, but it also means each individual action item can be addressed faster as well.
Avoid the risk of paying an invoice twice. Sometimes suppliers will resubmit an invoice due to a correction or even as a payment reminder. AP Automation can compare the incoming invoices to the ones that have been already received to check to see if you are dealing with a duplicate. Even if a double payment or over-payment is eventually discovered, it can be a time consuming process to correct.
Electronic audit trials make auditing and fraud prevention simple. No-one can approve things beyond their delegated authority levels and every action can be captured in a full audit trial to show each step an invoice went through on its way to payment approval.
Next time you find yourself thinking or saying “If it isn’t broken, then don’t fix it” or something along those lines, it might be time to take another look because you might be falling further behind than you thought.
If you’d like some fresh eyes to take a look at your AP Processes, get in touch with us as we’d be only too happy to help
If you have any questions or would like to have a chat about how we can help, please contact us today.
Solution Sales Executive