Is AP Automation Right For You? Rank Yourself!
If you’re a CFO, controller, or work in Accounts Payable in any capacity, you constantly hear about AP automation and how you must adopt a solution immediately or get left behind. But before you go searching amongst the seemingly endless solutions, you must ask yourself: do I even need AP automation?
Evaluating the cost and benefit of adopting a new solution for a business is a critical task, and AP automation is no exception. To help you on your path, use the following scorecard to rank yourself and determine whether or not your business is ready to move to an automated solution.
For each category, give yourself the number of points corresponding to your answer. For example, if your company
- Uses NetSuite (5)
- Makes 75 payments per month (3)
- Pays 50% of payments by check (4)
- Takes 1 week to process an invoice (4)
- has 5 AP employees (2)
Your total score would be 18 points.
How did you do? The results table will give you a recommendation based on your score.
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