Why the Rush Toward AP Automation?

According to a 2024 survey by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta, about half of financial decision-makers are now using technology to automate tasks previously done by employees.

The main reason for this change is cost savings.

Companies that faced higher wage bills in 2023 are taking the lead in adopting new technological solutions. This shift marks a big change in how businesses operate, focusing more on the broad money-saving benefits of automation over salaries alone.

The survey's findings reflect how financial leaders are increasingly seeing automation as a solution to deal with the rising costs of human labor. In a world where working smarter is key, automation is attractive because it promises consistent, error-free results without the ongoing expenses of paying salaries, benefits, and training. For companies, automation brings lots of benefits. It's not just about saving money; it can also make things more accurate, faster, and easier to grow without hiring more people.

With so many AP automation solutions available, choosing the right one can be a challenge. To help you make an informed decision, we have put together an AP Automation checklist that covers key factors to consider when selecting the best possible solution for your business.

• Ditch OCR (Optical Character Recognition) altogether and opt for digital connectivity instead. By embracing digital connectivity over OCR, we're not just saying no to outdated technology; we're paving the way for unparalleled accuracy and efficiency in our AP processes
• Embrace the power of digital connectivity. It's not merely about eliminating paper; it's about forging seamless connections with our suppliers. By leveraging digital connectivity, we can ensure real-time feedback and resolve any issues before they even reach our AP inbox, streamlining our entire invoicing process and enhancing collaboration with our partners
• Consider platforms with a robust supplier network. This feature is invaluable as it empowers your suppliers to receive immediate feedback on any invoice issues and resolve them before they end up in your AP inbox. By providing this capability, you not only streamline your AP processes but foster stronger relationships with your suppliers.
• Make sure your AP solution offers sophisticated invoice validation capabilities, covering both PO and non-PO invoices. This ensures accuracy and compliance every step of the way. 

Want to see it for yourself? Reach out to us today and let's get started!