Accounts Payable has not received the same benefits from automation as Accounts Receivable. That’s changing, though as technologies for routing and handling workflow and approvals continue to boost performance for AP departments in more dramatic ways. What’s more, accounting and technology experts expect automation within AP environments to grow more quickly in the coming years.
In an article at Capterra’s blog, Steve Smith lays out some of the possibilities.
Automation in AP processing, whether accomplished using a company’s own resources or by outsourcing to an established provider, will bring the benefits of reducing reliance on paper, streamlining accounting processing and increasing compliance, security and efficiency. Companies and their employees will, Smith stresses, not be able to fight the trend toward accounts payable automation, and there’s no reason they should. In such a high-compliance field as AP processing, the human element can’t be completely replaced by machines, meaning automated methods will work hand-in-hand, and the result will be cost-effective, accurate result.
However, the changeover period could pose difficulties, Smith warns, and employees at all levels will face learning challenges as they incorporate increased automation into their daily work.
With increased automation, the article continues, comes increased reliance on digital processes, especially in regards to authorization and security. The authorization process is going to rely less on actual, handwritten signatures and more on technology that can record individual signatures through various methods, including passcode-enabled approvals and stylus-recorded signatures. Companies that embrace this technology across their departments will find additional ways to increase both efficiency and security.