No Mountain Too High, No Business Too Small
AP Automation Benefits Every Business Size
One of the biggest misconceptions when it comes to AP automation is that a business is “too small” to go digital – either they don’t have enough team members or don’t process enough invoices. In some cases, these businesses genuinely believe they are managing their invoice process in the best way for their business. That’s not necessarily true.
The truth is that, regardless of size or invoice volume, most businesses can benefit from an AP automation solution. A study by Levvel Research shows that 74% of AP professionals state that manual data entry is their #1 daily challenge. Manual AP and payment processes are expensive, can have slow invoice approval times, introduce considerable risk of fraud, and are an overall inefficient use of company resources.
Here are a few statistics to consider:
- 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
When time and money are at stake, no company is too small to go digital.
In addition, the COVID-19 era and transition to remote workforces highlights the need to increase efficiencies in every possible area of the business. Complex work environments can cause challenges with collaboration, communication, and productivity, especially with the additional factor of remote team members. With employees potentially working in several different locations, the manual AP processing and limited visibility in the AP department has become a monumental hindrance – with employees spending as much as 50% of their time searching for invoices that could be in the office or at someone else’s home office.
Despite all of this, some businesses still do not believe they have the time, money, or resources to automate.
KwikPayables Accelerate overcomes each of these challenges and makes AP automation more attainable with a reduced time to solution and total cost of ownership.
KwikPayables Accelerate is a completely cloud-based AP automation platform that functions with designated invoice workflows based on industry standards and best practices. It features the most common invoice indexing and approval processes, including multi-entity management support and intelligent data extraction. It provides a digital, automated AP process from invoice capture to payment processing.
The solution leverages touchless data extraction (ktIQ) and artificial intelligence with a real-time connection with GP to validate relevant invoice data, prevent duplicates and accelerate invoice indexing. Invoices are routed for online or email review and approval and, once approved, purchasing and payables transactions are automatically created in GP.
Once transactions are created in GP, KwikPayables Accelerate completes the AP cycle with a payment batch review and approval process. Upon approval of payment batches, the payments are issued electronically and the payment data will be visible in KwikPayables Accelerate.
Watch the demo video below to see KwikPayables Accelerate in action.
Here are a few benefits of KwikPayables Accelerate:
- More value at 50% of the cost of traditional AP automation solutions – the price includes software, services, and training
- Smooth, fast solution deployment in weeks instead of months
- Available now for GP and can easily move to Business Central upon product availability, at no additional subscription cost
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 automation journey.
To learn how KwikPayables Accelerate can work for your business, fill out the form at the bottom of this page.