I like giving people the inside scoop. I almost believe that when it comes to AP Automation, my entire professional career is dedicated to telling people things they don’t know. There is nothing like a good “ah-ha” moment for a person. Especially a person that has been looking at a problem for a while and then sees that problem in an entirely different light that guides them to a solution. Today, I want to give you seven little known facts about Accounts Payable Automation in hopes of being that light.
Fact 1 – Easy Invoice
People are initially concerned with losing the paper because they have only known paper, which gives them a false sense of security. This fact that is little know is that a good service provider for AP Automation won’t change the invoice or limit your end users on the amount of information they will see.
Fact 2 – Accounting System
Your accounting or ERP system should always be the system of record. There are service providers out there that believe the more features you can put in an automation system the happier you will be. It’s not true, the more feature will your create competition between the two systems. The number isn’t as important as the type of features.
Fact 3 – Coding
People tend to think that an invoice needs to be coded before it is automated. If you have a service/software that requires this, RUN! Coding needs to be part of the approval process so it can be tracked and made easier.
Fact 4 – Automation Benefits
One little known fact about AP Automation is it is only for larger companies. I tell people all the time that if they have paper they have problems that automation can solve regardless of the size of their company.
Fact 5 – Vendors are Too Small
If you pick the right service provider you won’t have problem with small vendors. The little known fact here is if the vendor is on QuickBooks then they can email in an invoice. The problem arises when the service provider is unable to accept emails.
Fact 6 – Payment and Invoice
A little known fact is that you need to automate invoices before you automate payments. Payments work best when the invoice is attached in a payment approval process to make sure they can be signed off on.
Fact 7 – Time is Money
Oh, how many times have I heard this in my life? It usually comes from someone who doesn’t want to deal with you. However the little known AP Automation fact is that time is more valuable than money, which ultimately leads to the company and accounting department being more profitable.
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