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Why Finance Executives Are Prioritizing Automation within Accounts Payable

By definition, automation means to employ some automatic process to reduce human intervention. In turn, this makes automation a strategic tool to a business and it empowers individuals to do their jobs more efficiently while keeping errors to a minimum.

Businesses strive to achieve maximum growth, and in order to grow, a business must make sure its operations are scalable. Best-in-class organizations know that automation is not a “nice to have,” rather a “must have.” Often, a counter argument develops when evaluating an automated solution: “I don’t want to eliminate any staff members.”

Best-in-class organizations know that automation is not a “nice to have,” rather a “must have.”

For a business to thrive and achieve better outcomes, automation must be paired with staffers so that employees are no longer allocating 100% of the time to tasks that can be automated, and as a result, their teams are more productive.

By definition, automation means to employ some automatic process to reduce human intervention. In turn, this makes automation a strategic tool to a business and it empowers individuals to do their jobs more efficiently while keeping errors to a minimum. For a growing business, it is important to establish key benchmarks to evaluate the success of any project. Automation is a best practice for scaling and efficiency, so in the evaluation of solutions, it is important to measure the impact of the solution on employee’s time.

Automation can be best measured by the ability to:

  • Reduce occurrences of errors
  • Refine deliverability and accuracy of reports
  • Enhance visibility and accessibility of operations
  • Decrease time spent on daily, weekly, monthly, and quarterly tasks
  • Shorten decision times
  • Increase consistency and accuracy of Accounts Payable

This post is an excerpt from ‘The Strategic Advantages of AP Automation’

You can read the entire whitepaper here

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