4 Ways AP Automation Can Help Your Business Succeed Post-Pandemic
Prepare for Modernization, Growth, and the “New Normal”
As organizations continue to adapt to the new normal and remote work environments, the demand for cloud-based AP and payment automation solutions has increased. AP and finance teams struggle more than ever with collaboration, communication, and productivity.
Industry research suggests that 80% of organizations are looking to automate and move core applications to the cloud in order to provide better access to processes and information while AP and finance teams continue to work from home.
Here are just a few of the benefits KwikTag AP automation can offer your business…
Eliminate Manual Processes & Increase Efficiency
74% of AP professionals claim that manual data entry is their #1 process challenge. Manual AP processes usually involve lots of paper and lack of visibility into invoice and payment processes. Paper-based, manual invoice and payment processes introduce inefficiencies such as lengthy invoice approval times, lack of visibility, data entry errors, and poor data management. These can lead to payment errors and lost payments. This makes it nearly impossible to keep businesses running smoothly, especially when team members are working in multiple locations.
Implementing an AP and payment automation solution can help improve efficiency and visibility into the financial audit trail – no matter where team members are located.
Save Time & Resources
With manual processes, AP team members typically spend more than 50% of their day looking for lost invoices. That’s time that could be better spent doing high value work. AP automation places digital invoices and workflows right at your team’s fingertips and can reduce your AP cycle time from 45 days to just a few hours.
Cloud-based AP automation can be deployed in just a matter of weeks, so your team can realize the benefits right away. Plus, it eliminates any heavy IT workload because the expert KwikTag team will manage the environment, application, security and all necessary updates, giving you peace of mind that your AP automation system will always be up and running.
Check out this short video to learn more about how cloud AP automation saves your company time and resources.
Promote Scalability and Growth
AP automation can improve more than your invoice workflow. It can help prepare your company for growth and business continuity as well as improve visibility in your accounting and finance departments.
A cloud AP automation solution prepares your business for modernization, growth and ongoing adaptation to the “new normal.” AP automation can transform your invoice process from manual to modern while providing security, peace of mind, and complete system management.
Consider the following:
- Invoices cost an average of $23 each when processed manually
- Lost invoices cost $125 to find and $225 to replace
- Payment fraud costs nearly $19 billion annually
- 75% of businesses in the US experience check fraud every year
Going digital is about more than convenience and efficiency, it’s about money too. Manual processes cost your business money.
With AP automation, your business can see measurable results such as invoice processing costs reduced by 80% and a 40% reduction in the number of paper checks written per month. And, many businesses that implement a cloud AP automation solution, such as KwikPayables Accelerate, achieve ROI in less than a year.
Implementing an AP automation solution like KwikPayables Accelerate prepares your business for change, growth and ongoing adaptation to the “new normal.” It is affordable and can be quickly deployed. Plus, it provides the sense of security that all your invoices are available to those who need them, whether they’re working in the office or at home. It enables business continuity so that your teams can stay safe and work from anywhere. Finally, it pays for itself quickly, typically in less than one year. There’s no time like the present to get started on your AP automation journey.
To learn how KwikPayables Accelerate can work for your business, fill out the form at the bottom of this page.