ACCOUNTS PAYABLE AUTOMATION SERVICES, SYSTEMS & SOLUTIONS
  • HOME
  • SERVICES
    • ACCOUNTS PAYABLE AUTOMATION
    • BUSINESS PROCESS AUTOMATION
    • DATA TRANSFORMATION
    • SPEND MANAGEMENT
    • SUPPLIER PAYMENTS
  • ACCOUNTING SYSTEMS
    • AS400
    • EPICOR
    • EPIC EHR/EMR
    • INFOR
    • JD EDWARDS
    • LAWSON
    • MEDITECH INTEGRATION
    • MS DYNAMICS 365
    • MS DYNAMICS GP AP AUTOMATION
    • MS DYNAMICS NAV INTEGRATION
    • MS DYNAMICS INTEGRATION
    • NETSUITE AP AUTOMATION
    • ORACLE INTEGRATION
    • PEOPLESOFT INTEGRATION
    • QAD INTEGRATION
    • QUICKBOOKS INTEGRATION
    • SAGE INTEGRATION
    • SAP INTEGRATION
  • INDUSTRIES
    • AGRICULTURE
    • CONSTRUCTION
    • FOOD & BEVERAGE
    • HEALTHCARE
    • HIGHER EDUCATION
    • HOSPITALITY
    • LIFE SCIENCES
    • MANUFACTURING
    • RETAIL
    • TECHNOLOGY
    • TRANSPORTATION
  • RESOURCES
    • Evolution of Invoice Processing: Tracing the Shift to Automation
    • The Costly Pitfalls of Manual Invoice Processing
    • Maximizing Cost Savings: How CFOs Can Leverage Invoice Process Improvements
    • A Day in the Life of an Payables Department: Unveiling the Essentials
    • The Significance of Three-Way Purchase Orders: Enhancing Efficiency and Accuracy with AP Automation
    • Revolutionizing Efficiency: The Comprehensive Benefits of Implementing Accounts Payable Automation in Organizations
    • The Power of Efficiency: Calculating Time and Cost Savings in the Accounts Payable Process with AP Automation
    • Vision360 Enterprise: Transforming Controllers' Roles and Why They Love It
    • Why BlueCreek Software: A Game Changer for Efficiency with Vision360 Enterprise
    • Revolutionizing Accounts Payable: The Power and Potential Concerns of AI Invoice Processing
    • Navigating Reluctance: Understanding Why Companies Hesitate to Implement Invoice Process Improvements
    • How AP Automation Transforms Finance at Every Level
    • Getting Started: Steps to Streamline and Optimize the Entire AP Process
    • Unlocking Efficiency and Savings: The Benefits of Invoice Optimization
  • CONTACT
    • LETS TALK
    • TRUST & SECURITY
    • SUBMIT RFP
    • SUPPORT
    • ABOUT
    • CAREERS

CFO's: What's Holding You Back From AP Automation?

8/11/2016

0 Comments

 
There are a lot of misconceptions when it comes to accounts payable automation, fallacies that hold companies back from embracing new technology that could make a real difference in the cost-effectiveness and efficiency of their accounts payable operations. The purpose of this article is to dispel those misunderstandings and provide realistic advice you can use to get started on the path to enhanced productivity through accounts payable automation.


What’s the holdup?
The current environment is rife with new advances in technology, much of which has been brought to market within the last few years. Interestingly, much of this technology is being used in and focused on the accounts payable function. No longer being relegated to a secondary position, the accounts payable process is now front and center when it comes to advances and enhancements offered to the business community. 

That’s great news for those looking to upgrade or enhance their current accounts payable processes. Unfortunately, there are some misconceptions that hold organizations back, keep them from taking that next all important step towards proficiency improvements.

The Reality vs. The Myth
What follows are some of the more common mistaken beliefs when it comes to accounts payable automation along with a discussion of the related issues.

Myth # 1: Fear

The Reality: It is natural to fear. The reality is that AP Automation is not an unknown, it's been proven now for many years. AP Automation is simply a much more efficient way of processing supplier invoices and should be embraced, there is no reason to fear it.

Myth #2: Accounts payable automation is complicated

The Reality: It’s not that complicated. Anyone currently running or working in an accounts payable operation already knows half of what they need to know, and that’s the hard part. Automation is simply a different way of handling invoices and it’s not convoluted. 

Myth #3: It will take a long time to implement

The Reality: That might have been true five or ten years ago but the new AP automation products currently available can be implemented in a very short period of time, sometimes in as little as four to six weeks. 

Myth #4: AP automation is beyond our pocketbook; it will cost a fortune

The Reality: This is another holdover that might have been true ten years ago but is no longer the case. There is an affordable solution for companies of all sizes, not just the giants. Looking at it from the payback standpoint, most automation projects will have paid for themselves in less than six months.

Myth #5: Our processes are unique so we’d have to spend a lot of money customizing any automation product on the market

The Reality: While every organization has a few idiosyncrasies that make them different from the masses, those differences are not as great as you might imagine. What’s more today’s automation products are not one-size-fits-all as in the past. Most are configurable with a number of different options. The end result is many firms are able to use the out-of-the-box solution with little or no customization. 

Myth #6: We’ll need to hire consultants who charge exorbitant fees to get the software up and running

The Reality: AP automation products on the market today are designed to be set up and used by the business owner, not a consultant. There is no need to hire a consultant to get the project off the ground and hence, no outrageous fees.

Myth #7: We'll need to let people go

The Reality: While AP automation will certainly make the AP process more efficient, it will not do away with the need for an AP staff. For starters, staff will be needed to deal with discrepant invoices. Unfortunately, discrepancies caused by inaccurate invoices submitted by vendors won’t go away. What’s more, there’s a whole raft of new responsibilities coming to accounts payable and management is unlikely to add staff to handle them. By making your process more efficient through AP automation, you are in a much better position to handle them. 

So now that we’ve dispelled any misconceptions that you might have about the realities of AP automation, let’s take a look at some of the other benefits that might accrue to a company who takes advantage of it. A few of those include: 
  • Elimination or error-prone manual processes
  • Greater data accuracy due to fewer errors
  • Streamline invoice workflow and approvals
  • Create touchless processing
  • Automate invoice matching processes
  • Fewer duplicate payments
  • Fewer late payments
  • Visibility to 100% of supplier invoices
  • The ability to earn more early payment discounts
  • The ability to easily identify rogue purchasers and use of non-preferred vendors
  • Simplify monthly, quarterly and annual closes
  • Improvement in regulatory compliance
  • Improvement in fraud prevention
  • Improved morale in the AP department 

As you can see from this short piece, AP automation is a very realistic approach for every organization. The benefits are too numerous to ignore. Are you ready to start exploring the option of AP automation for your organization? 
About Vision360 Enterprise and BlueCreek Software: BlueCreek Software is the developer of industry leading accounts payable automation system, Vision360 Enterprise. Vision360 Enterprise provides accounts payable automations services, systems and solutions to leading companies across the United States and Internationally. For more information about our Vision360 Enterprise accounts payable automation solutions please contact us www.Vision360Enterprise.com or call (603) 437-1400.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Author

    Vision360 Enterprise  Accounts Payable Automation Solution by BlueCreek Software reduces time wasted chasing down paper invoices by automating invoice approvals, eliminating manual data entry, eliminating paper invoices and reducing processing costs.

    Categories

    All
    Accounts Payable Automation
    Accounts Payable Automation Quote
    Accounts Payable Automation Systems
    Accounts Payable Best Practices
    Accounts Payable Fraud
    Accounts Payable OCR
    Accounts Payable Processing
    Accounts Payable Quote
    Accounts Payable ROI
    Accounts Payable Workflow
    Accounts Payable Workflow Quote
    AP Automation
    AP Fraud
    Eliminate Data Entry
    Fraud Prevention
    Great Plains
    Happy Vendors
    Important Accounts Payable Metrics
    Invoice Automation
    Invoice Ocr
    Month End Accounts Payable
    MS Dynamics
    Prevent Fraud
    Preventing Fraud
    Stop Ransomeware
    Vision360 Enterprise

    Archives

    September 2023
    June 2023
    November 2022
    August 2022
    July 2022
    May 2022
    March 2022
    February 2022
    December 2021
    October 2021
    July 2021
    March 2021
    January 2021
    December 2020
    April 2020
    March 2020
    September 2019
    June 2019
    May 2019
    April 2019
    January 2019
    July 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    October 2017
    August 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    October 2015
    August 2015
    May 2015
    April 2015
    March 2015
    February 2015
    March 2014

    RSS Feed

    See AP Automation Live!
All Rights Reserved 2025 Vision360 Enterprise® is a registered trademark of BlueCreek Software.   
​
Privacy

  • HOME
  • SERVICES
    • ACCOUNTS PAYABLE AUTOMATION
    • BUSINESS PROCESS AUTOMATION
    • DATA TRANSFORMATION
    • SPEND MANAGEMENT
    • SUPPLIER PAYMENTS
  • ACCOUNTING SYSTEMS
    • AS400
    • EPICOR
    • EPIC EHR/EMR
    • INFOR
    • JD EDWARDS
    • LAWSON
    • MEDITECH INTEGRATION
    • MS DYNAMICS 365
    • MS DYNAMICS GP AP AUTOMATION
    • MS DYNAMICS NAV INTEGRATION
    • MS DYNAMICS INTEGRATION
    • NETSUITE AP AUTOMATION
    • ORACLE INTEGRATION
    • PEOPLESOFT INTEGRATION
    • QAD INTEGRATION
    • QUICKBOOKS INTEGRATION
    • SAGE INTEGRATION
    • SAP INTEGRATION
  • INDUSTRIES
    • AGRICULTURE
    • CONSTRUCTION
    • FOOD & BEVERAGE
    • HEALTHCARE
    • HIGHER EDUCATION
    • HOSPITALITY
    • LIFE SCIENCES
    • MANUFACTURING
    • RETAIL
    • TECHNOLOGY
    • TRANSPORTATION
  • RESOURCES
    • Evolution of Invoice Processing: Tracing the Shift to Automation
    • The Costly Pitfalls of Manual Invoice Processing
    • Maximizing Cost Savings: How CFOs Can Leverage Invoice Process Improvements
    • A Day in the Life of an Payables Department: Unveiling the Essentials
    • The Significance of Three-Way Purchase Orders: Enhancing Efficiency and Accuracy with AP Automation
    • Revolutionizing Efficiency: The Comprehensive Benefits of Implementing Accounts Payable Automation in Organizations
    • The Power of Efficiency: Calculating Time and Cost Savings in the Accounts Payable Process with AP Automation
    • Vision360 Enterprise: Transforming Controllers' Roles and Why They Love It
    • Why BlueCreek Software: A Game Changer for Efficiency with Vision360 Enterprise
    • Revolutionizing Accounts Payable: The Power and Potential Concerns of AI Invoice Processing
    • Navigating Reluctance: Understanding Why Companies Hesitate to Implement Invoice Process Improvements
    • How AP Automation Transforms Finance at Every Level
    • Getting Started: Steps to Streamline and Optimize the Entire AP Process
    • Unlocking Efficiency and Savings: The Benefits of Invoice Optimization
  • CONTACT
    • LETS TALK
    • TRUST & SECURITY
    • SUBMIT RFP
    • SUPPORT
    • ABOUT
    • CAREERS