Accounts Payable Working Remote: Efficiency

Businesses are more inclined to Work from Home (WFH)

Recent events have rendered the world at a standstill; as more employees are urged to work from home, the majority of businesses are moving their workflows online. And as the situation progresses, many businesses find themselves looking for online solutions, and among them – AP Automation.

As work from home is generally increasing in popularity among businesses, the value of AP automation is more apparent than ever. According to a recent study, over 60% of businesses still utilize outdated processes, resortIng to the inefficiencies of offline AP. This provides insight on how much potential workflow can be streamlined when implementing automation.

AP Automation Allows For:

  1. Workflow Efficiency/Flexibility
  2. Time Savings

 

Workflow Efficiency/Flexibility

While certain occupations allow for flexibility for working from home during these times, many departments in the backend office (Accounting, HR, etc) find themselves not able to perform their jobs remotely because of their outdated AP systems. In fact, there are many instances where even the CFO has to drive into the office just to approve a single invoice, which seems ridiculous when considering the other projects that they could potentially be working on.

In light of this information, you may be wondering what AP Automation means for the backend office during these critical times. The efficiencies of automated accounts payable allow for those working in the backend office to easily access their workflows online, as well as providing a lot more flexibility for invoice approvers. With AP being accessible remotely, many accountants find themselves being able to perform their responsibilities from home. The benefits of this are very clear – backend office positions are now able to work from home just as efficiently as they can at the office. This provides more flexibility for employees, and consequently, the productivity and efficiency of the business.

Time Savings

Automated AP means time savings – a lot of time savings. Automation has proven to improve operational efficiency by 80%. This alleviates a considerable amount of workload for back-end office employees, allowing staff to focus on more value-generating projects.

This time savings is felt across various positions. From the Accounting Manager (who will feel it the most), to the CFO, and even managers and directors who are approving the invoices. A paper-based process eats up days; and in today’s climate it could bring things screeching to a standstill. By automating your AP workflow you can push notifications and approvals digitally and avoid that hassle.

WFH & Keep your AP Productivity/Efficiency at Peak

Automated AP fully supports working remotely; in fact, it allows employees to work just as efficiently as if they were in the office physically. Especially now, when working from home is so important, workflow efficiency and productivity is key. AP Automation is able to provide businesses with the ability to effectively manage their AP remotely while saving back-end office employees a strenuous workflow process.

MineralTree

We're transforming accounting by automating Accounts Payable and B2B Payments for mid-sized companies. Our award-winning solution has helped over one thousand businesses transform accounts payable from a source of inefficiency and fraud risk to a secure and strategic profit center that provides visibility into key cost drivers.