I am sure you have heard of tools of the trade or tricks of the trade. AP Automation is no exception there are some tricks that you should know, even if you have had no paper in accounting for 10 years or you are just getting started.
Trick 1 – Time
I wanted to get the easy one out-of-the-way, but time is the single most important measurement with Accounts Payable Automation. Really with any automation it is only as good as the time the automation freed up.
Trick 2 – Fraud
Don’t lose sight of the fact that you are better off automated with no paper than with paper. For those of you that are just started out, you will be unease with this fact. Once you really look into the details you will realize that paper is the most unsecured method of transmitting information.
Trick 3 – Change?
The companies that automate better than others have a stronger culture of change. If you have been struggling with automation look at how well you communicated and the company has adopted change.
Trick 4 – Know Where You Are Going
Because AP Automation is such a change and accounting and finance people are a conservative group, starting small and adding over time is a great route to take. The trick is to know that you are starting small and you must have a vision for the end game.
Trick 5 – SaaS
Software as a Service is your friend. This has a big dependency on your internal IT folks. If they are control freaks then you may have a bigger battle. Fortunately SaaS is more common now so IT people are finding that them being outside of the project is a good thing.
Trick 6 – Focus
I have written a lot about AP Automation vs. document management. The conclusion that I have come to is that they both serve good purposes. However, it’s important to not get the two confused. If your goal is to eliminate paper from accounting, and here is the key, improve and change the process, automation is your focus.
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About The Author:
Christopher Elmore has written 8 books, countless articles, lectures at UNC – Charlotte and travels around the country speaking on on the topics of startup success, sales, presentation skills, change, entrepreneurship, accounts payable and payment automation. Having deep startup and entrepreneurial experience, Christopher was one of the six people that startedAvidXchange in 2000 and continues to work in the business today. If you hire Christopher to speak or teach at your company or event… you won’t be sorry! Request a media kit or contact us for more information.