The operational and strategic benefits of invoice-to-pay automation are proven.
Yet many counties and municipalities still rely on paper payment processes that cost too much, take too long, result in too many errors, provide inadequate visibility, and frustrate suppliers.
It’s not that counties and municipalities don’t want to automate. Improving business processes is the top priority of accounts payable professionals at counties and municipalities, IOFM research finds.
It’s that most of them don’t know how to get their proposal for automation approved.
The good news is that cloud-based invoice-to-pay solutions, including the solution from ACOM Solutions, address the barriers preventing counties and municipalities from automating:
- Little to no burden on internal resources: Best-in-class invoice-to-pay solutions offer buyers and suppliers an easy migration from paper checks, without a significant IT burden. The supplier enrollment services offered by some technology providers identify, contact, educate and enroll suppliers to accept electronic payments. What’s more, advanced electronic payment solutions offer flexibility for meeting supplier payment preferences.
- Streamlined payment operations: Invoice-to-pay solutions reduce costs by using a single file upload to initiate payments to all a county or municipality suppliers; instructions are parsed, and payments are remitted in all payment methods. This eliminates the need to log in to multiple banking systems and cuts the cost of printing, handling and mailing paper checks.
- Fewer errors: Invoice-to-pay solutions dramatically reduce the chances of costly errors. Uploading a single file to initiate payments eliminates error-prone manual processes. Payment data is sent electronically from a county or municipality ERP platform.
- Low upfront and ongoing expense: Counties and municipalities have limited technology budgets. Cloud-based invoice-to-pay solutions can be implemented without significant upfront investments in hardware and software. And the solutions provider is responsible for software maintenance and upgrades, making the technology even more economical.
- Revenue opportunities: Accounts payable has traditionally been viewed as a cost center. But invoice-to-pay solutions can transform the function into profit center. For starters, with invoice-to-pay solutions, counties and municipalities can earn cash-back rebates for supplier payments made with a card. And the accelerated invoice approval cycle times provided through invoice-to-pay automation enables counties and municipalities to capture more early-payment discounts. Even the standard early-payment discount of 2 percent adds up fast!
- Manageable change: Best-in-class invoice-to-pay solutions can be seamlessly integrated with existing ERP and accounting systems without changing the way users work.
All this makes it fast, easy and cost-effective for counties and municipalities to automate.
Want to learn more? Contact us today!