Have you ever wondered why seemingly forward-thinking and innovative organizations would choose not to implement an accounts payable automation solution? It appears there are some serious misconceptions around the notion of automation. These unfortunate—and often incorrect—AP automation myths result in management teams deciding to forgo automation solutions and their significant and immediate benefits. Let’s examine some of the most prevalent AP automation myths and see why businesses choose to cling to inefficient, manual, paper-based processes.
Myth #1: “Automation Is Way Too Expensive and Time-Consuming To Implement”
One of the most common AP automation myths we see floating around is the idea that automation technology is expensive. In fact, a cloud-based AP automation solution requires no in-house servers, no additional infrastructure, no hardware or equipment to install, and no dedicated IT department to manage the system. Software updates and functionality upgrades are also included as part of the license fee and users can access the software anytime and anywhere they have an Internet connection. If anything, companies that implement cloud-based accounting tools will stand to reduce their IT costs substantially compared to an on-premise solution.
Myth #2: “Only Big Companies Should Be Automating”
No company is too small to save money. Better yet, any company that chooses to automate their accounts payable process will end up saving their accounting team plenty of time too. Rather have your team chasing down invoice approvals, they can set aside repetitive tasks and shift their focus to more strategic, business-building activities. Regardless of whether you’re a startup or a Fortune 500 company, you’re never too small or too big to save money. Implement strategic processes and build your business for where you want to be, not where you are now.
Myth #3:“We Would Lose Too Much Visibility Over The AP Process”
Automation gives you greater control and visibility over your entire accounts payable workflow. AP automation software providers like Beanworks work with you to set the workflow rules around matching, categorization, and approval, which effectively accelerates the entire process and minimizes invoice handling time by your employees. Gone are the days when invoices become lost-and-never-to-be-found on a manager’s desk. Cloud-based AP automation software provides you with real-time insight into the status of all invoices and associated data as soon as they enter the system. This means your accounting department will always have an accurate snapshot of outstanding liabilities at any point in time.
As you can see, automating your AP has never been easier or more beneficial. There are plenty of other AP automation myths out there, but the result is always the same: accounting teams succeed when they’re given the right tools for the job and AP automation is an incredibly powerful tool. Find how you can get started by scheduling a demo with our team today.