Too Many Other Priorities: The accounts payable department is often times low on the totem pole when it comes to priorities. So many times there are too many other initiatives that bump accounts payable automation from the priority list due to availability of resources and funding.
Accounts payable automation has been a proven method of reducing operational costs, improving cash flow and eliminating non-essential manual tasks. There are many resources available to support a business case in favor of accounts payable automation including studies from Paystream Advisors, The Aberdeen Group and many more! Also, many systems today are deployed as SaaS, Web Hosted or Cloud which require very little IT resources and have less up-front costs than traditional software or OCR based systems.
It's Too Confusing: There are so many systems, acronyms, solutions and choices that it is too confusing to know which is best for us.
When selecting an accounts payable automation solution provider it is always important to look at experience, scalability and cost of ownership. In-house vs Out-Sources and Cloud vs Software. Many providers offer a multitude of solutions that can fit a wide variety of needs. Be sure to speak with references as they will be willing to share their experience with accounts payable automation.
Fear of Change: Accounts payable automation has been around for many years now and is not a new concept by any means. One of the fears of AP Automation is, loss of jobs. If you're an AP manager you might be thinking, "Will have to let people go?" If you're an accounts payable clerk you might be thinking, "Will they no longer need me?" The reality is that the accounts payable team will be much more productive and be able to focus on financial tasks, spend control and analysis that will further save the company money rather than chasing invoices for processing.
The best way to plan for change is to listen to those that have done this before you. Chances are you may know someone in a peer group, someone in a similar role at another company that can share their experiences that will help you in the planning process.
There is an endless amount of available resources to help you sort through the myriad of available solutions including Aberdeen Group, Paystream Advisors, Linked Groups, White Papers and AP Webinars. Do you your homework, build your case and don't let fear of change stop you from achieving you goal of Accounts Payable Automation!
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.