Is it Time Automate AP and Payment Processes?

Manual processes involve a lot of paperwork, and there is usually a lack of visibility about the status of the invoice and payment. Manual billing and payments are expensive and time consuming. These processes lead to inefficiencies such as long billing approval periods, bottlenecks, data entry errors, and poor data management. This can lead to payment errors and missing invoices or payments.

Although AP and Finance departments struggle with this tedious paper-based process, automation is still not a high priority for many organizations.

However, over the past few years, technology has advanced and work environments have changed. Automation has become a necessity.

The pandemic has exacerbated each of these challenges as it has introduced additional challenges that come with complex business environments. With team members working from home, AP and Finance teams are struggling more than ever for collaboration, communication, and productivity.

Implementing a payment and payment automation solution can help improve efficiency and visibility in the financial audit pipeline – no matter where team members work. With many organizations planning to keep at least some elements of remote work in place for the foreseeable future, they have looked to automation to erase the burden of manual processes.

The future of AP and payment automation

As a result of this pandemic, the demand for more powerful and intelligent AP automation solutions has increased exponentially. In order to keep pace with demand, service providers are now creating AP automation products that are able to simplify and speed up operations more than ever before.

One thing that has led to more efficient AP automation solutions is the development of OCR technologies. Traditional OCR usually requires system training and extensive preparation of vendor invoice template with frequent human intervention for maintenance, which makes implementation and maintenance time-consuming. Newer products, such as the ktIQ module offered by KwikTag, take advantage of artificial intelligence and data mining to index invoices and validate data directly from the ERP – without the user having to lift a finger. This not only makes the process more efficient, but also makes data entry more accurate.

Cloud considerations

As remote work environments continue after the pandemic, moving to the cloud can provide businesses with benefits such as improved security, efficiency, and collaboration with anywhere access to billing, payments, and data. According to a recent study by Levvel Research, 80% of organizations said they are looking to move their back office operations to the cloud to increase efficiency.

The increasing influence of cloud-based access point and payment automation solutions is likely to change the nature of these projects.

With cloud-based platforms, product deployment is faster and often less expensive, even for total cost of ownership. There is no need to purchase servers, pay for system or software upgrades, and no burden on individual IT teams to configure the solution. Overall, AP automation makes it more attractive to many companies that you might not have thought of before.

The parallel growth of AI and cloud-based services is making AP automation platforms more powerful, which will continue to become faster and smarter in the future.

AP Automation with KwikTag

Now with over 20 years of experience in the Dynamics community, KwikTag helps organizations go paperless AP and Payment AutomationAnd document managementand robust integrations within Microsoft Dynamics GP, Dynamics 365 Business Central, and Dynamics 365 Finance as well as the rest of the Dynamics ERP suite.

KwikTag offers AP and payment solutions designed to provide a completely digital, touchless workflow from invoice capture to payment processing. Our AP automation solution, KwikPayables Accelerate, is a cloud-based (SaaS) solution built using industry standard invoicing workflows and is ideal for AP employees, budget owners, and finance executives, as well as IT staff.

With KwikTag, the impact of your digital transformation is immediate. Your business will see measurable results such as: reduce paper costs by 90% and bill processing costs by 80%. The complete KwikTag solution is designed to eliminate paper, save time, and help businesses gain visibility and control of their AP and the entire payment process.

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