The Truth Behind 10 Common AP Automation Myths
The goal for your business’s Accounts Payable (AP) process should be to achieve maximum efficiency and speed at the lowest cost. While that may sound simple, most AP professionals acknowledge that automation is required to achieve this. As interest in automated financial technologies continues to grow among organizations of all sizes, so do misconceptions surrounding AP automation. To help set the record straight, we created a whitepaper on The 10 Most Common Myths Surrounding AP Automation, which debunks each of the following commonly-held myths:
- Our company’s AP process is extremely efficient.
- Our company’s CFO likes signing checks.
- This is something our company’s accounting system can do.
- This is something our bank can do for the company.
- We will have to use intermediary accounts for check payments.
- OCR technology, or data capture technology, is not very reliable.
- Having another system integrated into my company’s accounting platform will result in mismatched data.
- AP is not a strategic part of the business – just a necessary evil.
- I’d lose control by automating our company’s AP, and it would take more time.
- AP automation is an added cost, not a savings.
Read the full whitepaper to find out why each of the above claims are in fact myths, and as we confirm that as more companies look for ways to improve efficiency across their organization, AP automation is high on their list.
It’s time to arm yourself with facts about AP automation so you can derive as much value from your finance department as possible. Make sure to evaluate all your options. Avoid solutions that utilize intermediary accounts or rely solely on OCR technology, and be sure to find a solution that integrates with your business’s existing accounting system and bank.
To get the facts on AP automation, check out the full whitepaper online here.
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