Show your boss how AP automation eliminates costs of paying suppliers, enables better cash management, and generates revenue.
The era of digital transformation has affected all segments of businesses, and workers at every level – including top level executives – are continuously adjusting to a constantly changing landscape. CFO’s, for example, have traditionally been responsible for overseeing and maintaining the company’s financial health. Today, with the evolution of financial technology, they must also strategize, innovate and manage financial decisions largely driven by digital information.
Whether or not to automate Accounts Payables is one of those decisions, even though research shows time and again that the benefits of AP automation far outweigh the costs. The key is to show your boss why it makes sense to streamline your processes with accounts payable automation. Here are some of the top selling points to share with your boss, and begin the liberating process of digital transformation.
AP Automation Defined
Start with the basics by making sure your boss knows that when you refer to AP Automation, you’re talking about streamlining the AP Department. That means your manual processes will be reduced – along with department costs – and your operational efficiency will improve.
AP automation is about more than just ease and efficiency. It impacts your organization’s bottom line, and affects the visibility into finances and growth of properties.
The Cost of Manual AP Processes
Accounts payable is the most labor-intensive finance and administration function. Paying your suppliers manually is literally costing your company time and money. In fact, research consistently shows that paying with paper checks:
- Costs more than 30 times as much as electronic payments
- Takes eight times longer than electronic payments
- Means you’ll experience over 10 times as many fraud incidents as electronic payments
Accounts Payable Can Be a Profit Center
By automating your supplier payments, you will eliminate the cost of paying suppliers, enable better cash management, and generate revenue from rebates on AP spending.
With the right B2B solution, you can transform your Accounts Payable into a profit center and:
- Capture early-payment discounts
- Take advantage of supplier offered dynamic discounting
- Use optional supply chain financing
- Forecast outbound cash flows with 98% accuracy with real-time reporting
- Extend your Days Payables Outstanding by weeks
Digital Transformation Doesn’t Have to Be Complicated
Your AP automation solution will integrate with your ERP and accounting software without changing the way you work. By partnering with the right provider, you will experience the following benefits:
- A platform that integrates with Dynamics GP, Sage, Abila, and many more
- A virtually seamless process for receiving and sending data
- An integration that extends your costly investment of accounting software
- Automated invoice approvals and reminders.
- Better reporting and big data
- Assistance with onboarding your suppliers to your new payment platform
A Comprehensive Payment Automation Approach Pays Off
A comprehensive approach to paying suppliers electronically allows you to manage your cash better with intuitive real-time disbursements dashboards, and:
- Connect multiple bank accounts for funding supplier payments
- Automate the review of suspicious payments
- Reconcile supplier payments automatically
- Securely pay suppliers via check, ACH or card using a single file
- Automated creation and transmission of remittance
Your Final Prep Work
Before you sell automated supplier payments to your boss, talk to an AP automation expert at ACOM. One of our specialists can help you with questions about:
- Accounts Payable Payment Automation
- Supplier onboarding
- ERP/Accounting Software integrations
- Best payment practices for your business
We can also explain how you can make the most of your accounting system, AP automation solution, and current processes.
Ready to build your case? Request your free payments analysis today.