By Shannon Kreps, Product Marketing Manager, Medius
The Covid-19 pandemic highlighted the need for businesses to equip themselves with robust strategies to ensure efficiency and productivity. Now, more than ever, companies are increasingly investing in financial digital transformation. However, when considering accounts payable (AP) automation, many are still relying on manual processes, with chasing invoices and awaiting approvals the mundane aspects the job that AP clerks have simply accepted. As we continue to transition to remote or hybrid working, companies already using cloud AP automation are seamlessly adapting, but for those still using manual processes, it’s much harder.
Manual AP is susceptible to numerous errors such as incorrect PO numbers, line items not matching, missing VAT numbers, delays, and duplicate payments. Paper invoices can easily be forgotten about if stored in drawers or cabinets. These avoidable errors not only impact business efficiency but also frustrate employees.
Addressing AP bottlenecks is crucial as businesses recover from the impact of pandemic. AP automation transforms bottlenecks into opportunities, that save time and money. Seamless operations in AP rely on a fast and efficient invoice service that ensures timely payments – all the time.
As humans, we all can make mistakes. Digitising AP automation ensures your staff have time for what really matters: capturing AP in a range of file formats, eliminating manual transfers, capturing paperless invoices, and eradicating the possibility of human error.
Investing in AP automation provides lots of opportunities, saving time, money and effort that can all be channelled into bigger and better things for your business. It lifts you out of a digitally stagnant pre-pandemic era and thrusts your business into the future and the ever-evolving digital transformation. As we strike a balance between office and home working, AP automation provides businesses and staff with increased flexibility. Investing in AP automation today supports the growth, well-being, and efficiency of businesses in a competitive post-pandemic world.
