While at the APP2P Conference & Expo a few weeks ago, we made a surprising discovery. We talked with many an AP professional who felt overwhelmed using a manual accounts payable process. As they shared their stories, we began to understand their trepidation in switching to an automated accounts payable process.
The thought of switching to an AP automation process is understandably scary and comes with a number of questions, like “How can we afford this?” There are also logistic issues such as, “How do we handle the transition to an automated accounts payable process when we’re inundated with invoices that are due RIGHT NOW?”
We were listening. Randy Stroot, Director of Workflow Practice at KnowledgeLake recently wrote about the first step to streamline a team’s process. But what if you’re a mid-size organization, how do you know when to take that first step?
These 8 questions will help you gauge if your organization is ready for Automated Accounts Payable:
Have you ever incurred legal costs due to losing financial documents? Does this happen often?
2.) Is storing paper starting to take up extra space that could be used for other purposes?
3.) Do employees within your department have unwarranted access to confidential financial data? (You’ve realized there’s no effective way to protect this information.)
4.) Do you have to adhere to industry or governmental regulations to keep your business compliant?
5.) Are you noticing errors due to typos associated with manual data entry?
6.) Are you discovering that your employees are too bogged down with data entry or finding information to properly carry out their assigned tasks or actually getting invoices paid?
7.) Have you realized that if a disaster occurred, you would lose financial documents, customer, vendor and employee records, as well as other business-critical documents?
8.) When suppliers call inquiring about the status of an invoice, is it an on-going struggle determine where the invoice is in the approval process?
If you’re nodding your head to a number of these questions, it’s time to implement an automated accounts payable solution.
Watch this recorded webinar on how to Increase Profitability and Productivity by using Accounts Payable Automation solutions!