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3 mins read

AP Automation

Once You Implement AP Automation, Then What?

by Yooz Team Member, Jemiel on 12.10.2019

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In spite of the many benefits that AP departments experience from automating their invoice and payment processing departments, AP staff, including managers, might still be worried that if they adopt this new technology, their jobs will become obsolete.

 

That’s understandable. There is a natural human tendency to fear, or at least be apprehensive, of the unknown. This can be especially true in the workplace. For AP professionals who are used to manually processing paper invoices—even with all the drudgery that goes along with it—moving towards a completely automated process can be a little scary. “Will I be able to learn the technology?” “How do I look for a document in the system?” “Is a software system that can process invoices from beginning to end going to replace my job?”

 

Let’s help alleviate these concerns in Part 1, then explore in Part 2 the many ways that your job will not only remain intact, but will become more meaningful, interesting, and even fun.

Here at Yooz we offer several tools and resources that we think will help you with a smooth transition from a manual AP workflow to an automated one:

  1. Client Success Stories: We understand that you might rather hear from a peer in your industry when you are investigating a new solution or solution provider. We have many clients that are happy to share their journey towards AP automation. You may download a number of client success stories on the Yooz website, attend one of our educational webinars featuring a client champion, or ask us for an introduction and give them a call!
  2. Thought Leadership: Access any one of our thought-leadership articles, such as this one about why AP automation will help, not replace, the AP professional
  3. Research-based Industry Reports: Request a research-based industry report and learn from subject matter experts.
  4. Comprehensive checklist: Download this complete step-by-step guide on how to prepare for AP automation and choose the best provider for your business needs.

 

More productivity and less time-wasting: On a more serious note, automation means the ability for a single payables team member to process almost 3,000 additional invoices per month compared to a completely manual process. Staggering! Even better, all with virtually no margin of error.

 

This means that other members of your AP team can be freed to do more value-added tasks.

 

More visibility and less stress: Members of manual AP departments have no efficient way of keeping track of where invoices might be in the approval process. Consequently, they have to physically track them down, find out if they have been approved, and forward them to the appropriate manager. That takes a lot of time…and raises your blood pressure!

 

Once you automate with a cloud-based solution, you can access documents stored in the Cloud, anytime, anywhere. See where the document is in the approval process, then electronically forward to the appropriate person to approve and push to the next stage. All with a couple of clicks.

 

More security and less risk of data theft: With all of those paper documents lying around, manual AP departments risk sensitive information falling into the wrong hands or leaving private data unsecured. Automated departments can assign specific permissions to managers with secure logins to access documents, leaving data fully protected. Managers also have the ability to see a history of who accessed the documents in case of any question.

 

More interesting tasks and less drudgery: Once your AP team members are able to process a higher volume of invoices in a much shorter amount of time—only taking an average of 3 days to process a document1it allows for a greater degree of growth while maintaining existing staffing levels. AP staff is energized about performing more strategic and value-added tasks, such as negotiating supplier pricing, setting standard processes, and developing best practices. 

 

Contribute more while spending less: In addition to saving money with a cloud-based AP automation solution—the average cost of processing is reduced to $3.202—your AP team enjoys a combined benefit of avoiding late payment fees and being able to take advantage of early payment discounts. Not to mention the significant cost savings on consumables that most companies don’t factor into the cost of processing an invoice. 

Be the hero in your company when all of those savings apply directly to the bottom line.

Sources

[1]

IS YOUR AP PERFORMANCE TOP TIER? HOW TO USE KEY METRICS TO CHART YOUR AP IMPROVEMENT JOURNEY, 2017, Institute of Finance Management (IOFM), Diversified Communications