Call: (516) 609-5000     Toll-Free: (855) 977-7100
inspire1.jpg

Ahead In The Cloud

The Business Solution Partners Blog

Follow the Money: Why Automating Accounts Payable Will Pay Off Big

Written by Business Solution Partners | Jul 19, 2018 12:23:00 PM

Topics: NetSuite, Blog Posts


When you think about the ways to digitally transform your business, automating accounts payable (AP) processes is probably not a top goal. 

But it Should be. How your organization purchases goods and services and pays suppliers has a huge and direct effect on company cash. 


Today, with competition increasing due to the rise of the global economy and new data compliance laws, executive leaders want more transparency into procure-to-pay processes to better control spending and generate time savings. 


Top AP Challenges & Struggles: 

A recent report by PayStream Advisors found that many companies are hindered in their efforts to transform AP due to manual and outdated tasks. In fact, the top challenges are: 

  • Manual Routing of Invoices for Approval 
  • Majority of Invoices Received in Paper Format
  • Inefficient and Manual Data Entry Processes 
  • Lost or Missing Invoices 
  • Limited Visibility Into Outstanding Disabilities 

Steps to Modernize AP Processes

  1. Evaluate current AP Processes 
    • You do not know what you do not know. Take the time to evaluate current AP processes and define key performance indicators for the processes. 
  2. Establish Measurable Goals for Process Improvement
    • Goals will differ from organization to organization, but consider if your company wants to achieve more efficient invoice processing and disbursement, improved payable analysis, and more timely compliance with federal and state regulations - which are typical objectives. 
  3. Select the Appropriate AP Automation Software Solution 
    • With many AP automation software solutions on the market, you will need to make sure the solution has the features and functions you need - and that it easily integrates with your current ERP system. 

The Benefits of Automating Your AP Process

There's big cost and effciency gains on the table when you modernize AP processes and implement the right AP automation solution. 

According to another report by Paysteam Advisors, AP department typicalls are able to process invoices in less than five days at a cost of $2.36 per invoice with an AP automation solution. 

No automation? AP processes generally are six times as expensive and take nine times longer. 

The bottom line? Today, you can't afford not to modernize AP. 


Want To Learn More About the Benefits of Automating AP Processes?

To learn more about how AP Departments are transforming, download these e-books:

BSP_WP_AvidX_Pharma_1982_lg               BSP_WP_AvidX_5Signs_Cover_med


Want to learn more about the benefits of automating AP processes?  Contact the experts at Business Solution Partners to help you select the AP Automation software solution that’s right for you. 

Written by Business Solution Partners

The team at Business Solution Partners collaborates on the production of "A Head In The Cloud - The Business Solution Partners Blog." We cover a wide variety of topics focused around Enterprise Resource Planning & Financial Automation.

Subscribe To Our Blog

Netsuite Pricing Calculator

Select your scope, answer a few questions, and we will quote a price for NetSuite based on your unique business needs.


View Our Packages

Connect With BSP on LinkedIn

Meet our team of experts, and find out about our latest articles, tutorials, and webinars.


Connect Now

Subscribe to BSP’s YouTube Channel

Learn more about leveraging ERPs to streamline your business with our video tutorials, recorded webinars, and virtual summits.


Subscribe & Set Alerts Now

Recent Posts