Automating Invoice-to-Pay: The Business Case
Technology is changing the way we work. As businesses look to integrate innovative technology across their departments, the adoption of financial technology (fintech) continues to increase. Still, most finance departments continue to rely on manual methods to process invoices and payments.
Traditional accounts payable (AP) processes are both labor and time intensive, plagued with inefficiencies like delayed payments, keying errors, lost invoices, processing delays, and deciding who should receive the invoice first. These Inefficient methods not only put businesses’ security at greater risk for fraud, but also drain valuable business resources – from the cost of paper checks to the time wasted tracking down signatures for approval.
In order to speed up the invoice-to-pay process while reducing the number of errors associated with manual data entry, businesses must invest in automation.
We often hear from finance and accounting professionals that already have comprehensive ERP/accounting systems but want to integrate automation into their AP process, that they struggle to really build a case for bringing automation into their own work environment.
To help accounting and finance professionals effectively communicate the need for AP automation to workers outside the finance department, we worked with Proformative to develop a white paper, Automating Invoice-to-Pay: The Business Case. In this paper, we explore:
- An overview of how AP performs today with a manual-based approach
- A checklist for evaluating vendors and establishing requirements
- What your business case should include
As an accounting and finance professional, It’s critical that you’re able to educate management and key decision makers on the overall business value that automated AP solutions can provide. Check out our previous blog post on how to prove the ROI in AP automation and visit us online to request a personalized ROI assessment today.
For detailed tips on how to get sell key decision makers at your businesses on AP automation, view our complete whitepaper online here, and join our March 24 webinar on AP Automation in 30 to see the latest version of MineralTree in action.
- What: “MineralTree AP Automation in 30”
- When: Thursday, March 24, 2016 at 11:30 AM – Noon Eastern
- Registration link: http://ow.ly/ZTaMV
- Description: Have you seen the latest version of MineralTree in action? Now here’s your chance. During this 30 webinar session, we will fully explore, LIVE, how easy it is to capture invoices, process them, approve for payment and execute the payment in a seamless, automated workflow.
- *Bonus: we are previewing our Spring 2016 Release!