A couple of years ago we posted an article called The idea was that while you may be getting by with the out-of-the-box functionality of Microsoft Dynamics GP, once you implement an AP solution, you'll be asking why you waited so long to automate. The message remains relevant today. With relatively low costs and major benefits to boot, it's a no brainer for any accounting manager who is tired of shuffling paper, chasing signatures or stuffing envelopes. In this post we separate AP automation benefits between human value and financial value.
People Benefits
With outdated or non-existent AP invoice automation, companies frequently experience the frustration of a slow process even when things go right. But lost invoices, stalled invoices and frequent errors are all-too common. These technical issues lead to stress and anxiety for the accounting team, particularly at month-end closing time. AP Automation has already helped thousands of accounting teams enjoy a less stressful work environment. How?
- By eliminating common problems within manual processes workers are able to eliminate a significant pain point in their job.
- With the ability to work remotely, the team is able to avoid commuter traffic and improve their work-life balance.
- With time and stress saved, they are able to find more joy in their jobs
Money Benefits
How much a company can save by adopting a new automation solution depends on a few factors. These include how manual their current process is, number of monthly invoices, number of users and complexity of integrations. For a company with a completely manual accounts payable process, AP automation has been shown to save costs up to 80% per invoice. In one of our recent blog posts, we provide a hypothetical scenario in which a company would save almost 75% per invoice with AP automation. In fact, the company’s average cost per invoice would drop from $9 per invoice, to just $2.28. The company would also save 275 hours and about $6,600 per month.
We calculated this using our ROI Calculator. The calculator is free and ready to use with no info required. Just plug in your numbers and discover your ROI. Check Out our
