Skepticism Around Automating Accounts Payable Is Real, But Is It Reliable?
Skeptics beware, we are busting myths today! Like anything that sounds too good to be true, we wonder is this valid? Could I really reduce costs by 50%, eliminate manual processing time, capture approvals quickly and earn my investment back?
Let’s dive into some common myths:
MYTH #1: Our AP process is extremely efficient.
The team knows the way they do things now and simply cannot envision another way. Let alone another way that is better. Within the Accounts Payable (AP) department, if your current process is still manual, then your processes are not as efficient as they could be.
MYTH #2: Our CFO likes signing checks.
I get it. Our CFO likes to sign checks too, or perhaps not. Many CFOs are spending time performing tasks related to accounts payable processes when that time could be spent on more value added projects.
MYTH #3: Isn’t this something our accounting system can do?
Many professionals feel that because they have an ERP in place, they don’t need to add any additional software into the mix. However, while your ERP platform is a robust system for managing your operations and G/L, the functionality around accounts payable automation specifically are simply not built-in.
This post is an excerpt from ‘The 10 Most Common Myths About AP Automation’. Download the paper in its entirety here.
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