As organizations continue to adapt to the new normal and remote work environments, 80% of them are looking to automate and move their core applications and business processes to the cloud. Going digital can provide better access to processes and information while many AP and finance teams continue to work from home. This has led to an increase in demand for cloud-based
Here are just a few of the benefits AP automation can offer your business…
Eliminate Manual Processes & Increase Efficiency
It’s no secret that manual AP processes involve lots of paper and minimal visibility into invoice and payment processes. In fact, 74% of AP professionals state that manual data entry is their #1 process challenge. Manual, paper-based invoice and payment processes can introduce inefficiencies including lengthy invoice approval times, data entry errors, lack of visibility, and poor data management. These bottlenecks make it difficult to keep business processes running smoothly, especially when coupled with a full or partially remote workforce.
Implementing an AP and payment automation solution can help improve efficiency and visibility into the financial audit trail – no matter where team members are located.
Save Time & Resources
As a result of the pandemic, AP team members now spend more than 50% of their workday searching for misplaced invoices. This time could be better spent doing high value work. AP automation places digital invoices and workflows right at your team’s fingertips and can reduce your AP cycle time from 45 days to just a few hours.
In addition, cloud AP automation can be benefits in just a matter of weeks, so your team can realize the right away. Plus, it eliminates any heavy IT workload because the environment, application, security and all necessary updates, are managed by the provider. This offers peace of mind that your AP automation system will always be up and running.
Beyond the invoice workflow process, payment automation is a closely related process, that often presents similar challenges. Once an organization sees the efficiency gains of invoice automation, the logical next step is to add vendor payment processing. The ability to pay vendors quickly, securely, in the most optimal method for the business decreases the number of checks issued and significantly reduces the risk for fraud.
Promote Scalability and Growth
AP automation improves more than just invoice and payment processes. It helps prepare your company for growth and business continuity, as it improves visibility in your AP and finance departments. Complete AP automation can transform your invoice process from manual to modern while providing security, peace of mind, and complete system management.
Here are a few statistics to consider:
- Invoices cost an average of $23 each when processed manually
- Lost invoices cost $125 to find and $225 to replace
- Payment fraud costs nearly $19 billion annually
- 75% of businesses in the US experience check fraud every year
Going digital is about more than convenience and efficiency, it’s about money too.
With AP automation, your business can see measurable results such as invoice processing costs reduced by 80% and a 40% reduction in the number of paper checks written per month. And, many businesses that implement a cloud AP automation solution can achieve ROI in less than a year.
AP Automation with KwikTag
KwikTag by enChoice organizational digital transformation as the one system for invoice and payment automation. KwikTag helps organizations go paperless with AP automation and document management with powerful integrations with the Microsoft Dynamics ERP systems.
With 20+ years of experience in the Dynamics community, KwikTag offers AP automation solutions that provide a completely digital, touchless workflow for payables and purchasing related invoices. Our AP automation solutions for Dynamics GP and Business Central are cloud-based and designed using industry standard invoice workflows. AP automation with KwikTag minimizes data entry, saves time and increases efficiency by automating invoice and payment processes.
Read more from KwikTag on ERP Software blog here.
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