Accounts payable automation may be the linchpin to corporate growth. That’s according to a survey reported on by the web site ITWeb. The survey also found that businesses take a big risk by relying on manual accounts payable processes.
Among the challenges that companies face from manual accounts payable processes:
- Lack of backups of information and data
- Reliance on labor-intensive processes
- Delays caused by one person manually working on a single document
What’s more, without automation, an increase in sales (under normal circumstances, a positive development) forces an organization’s accounts department to grow in order to deal with the increase. This makes the company larger and more unwieldy, resulting in difficulties implementing any sort of accounts payable automation.
All of this is why companies that rely on manual accounts payable processing should consider automating, sooner rather than later.
The best part is that automation delivers nearly immediate benefits to accounts payable:
- Lower costs
- Faster processing time
- Quick resolution of exceptions
- Opportunities for early payment discounts are taken more quickly
- More accurate internal and external audits that are less disruptive