In recent years, many investments have been made in businesses, but more than half of the companies still rely on manual data entry processes for their finances or funding.
It’s been observed that most of the invoices are received digitally for processing. Yet, companies scan and reprint those details present on the documents to their PC or system. This way of working has room for mistakes and makes a dent in the revenue, that too millions of dollars, in the form of money, time and resources.
What is Accounts Payable (AP) Process?
The AP process is responsible for the payments made to the suppliers and goods the company procures. Generally, AP processing handles the incoming invoices of the company but might handle further tasks depending on the needs.
Why is AP Automation Essential?
Evaluating Current Processes
It’s important to blend with the trend and stay up to date with what the market demands. Every employee in an organization has a unique working style – some use shortcuts/innovative works, some have their way of addressing problems or by rules, while others might take the hard way in completing the task. Hence, one cannot rely solely on staff feedback for evaluation. Reviewing the organization based on facts is essential before laying hands on automation.
When equipped with the digital copy of the processes, organizations would better understand the metrics and insights to understand the differences in the company and how automation could lend a hand in their upliftment.
Creating a Great User Experience
One of the major reasons for the failure of technologies is the lack of engaging user experience. As a result, it’s hard to achieve desired results. Manual tasks might make the employees feel burdened, and it becomes critical as there are chances of losing skilled employees. AP automation benefits employees and employers by improving user experience that provides intended results and achievement of goals.
Determine your Expected Results
The result you expect has to be determined earlier. Some influential organizations have higher success rates, e.g., 80% faster processing, 90% invoice reduction costs and 4x increase in employee productivity. To achieve these kinds of results, companies should equip themselves with the latest technologies and automation processes. In addition, companies need to focus on superior platforms for existing operations. For example, with no-code/low-code options, companies can automate AP processes that increase operational efficiency and growth, thereby saving time.
Manually entering invoices into AP belongs to the past and it’s high time we prioritize automating the accounts payable processes to reap their benefits in full. For more details on AP processing and its functionalities, please visit https://www.rannsolve.com/.