Ready or not, AP automation is coming. According to the Institute of Financial Operations & Leadership (IFOL), while only 9% of AP teams were fully automated in 2022, over 75% of financial professionals expect their AP teams to be fully automated by 2025.
It makes sense – 60% of AP professionals say enhancing operational efficiency and cost management is their top priority for 2024. But AP automation delivers so much more than time and cost savings. In a world where remote work and talent shortages are the norm and not the exception, AP automation plays a crucial role enabling businesses with a competitive advantage.
Why are organizations so reluctant to adopt AP automation? Many businesses worry about the complexity of implementation – it can seem daunting, time consuming, and expensive. But we’re here to show you that’s not the case!
In this blog post, we’ll explore some of the most common barriers to AP automation and explain why the benefits easily outweigh the concerns.
Barrier 1: Access To Information
One of the biggest concerns that automation brings up is the question of who can access what information, and how, once things have gone digital. AP automation provides full transparency to everyone engaged in the process – which is especially helpful for today's distributed workforce.
Check out how the team at Homepoint was able to pivot to a hybrid work environment with the help of Quadient AP — all while processing more than 300 invoices each month across five offices in multiple time zones.
Barrier 2: Integration
There's a common misconception that accounting software doesn’t play nicely with enterprise resource planning (ERP) systems or other software programs. And since these other programs often came first, and were a substantial investment, many organizations are hesitant to adopt automation out of concern that it won’t work with their existing solutions.
That’s not a worry with Quadient AP. The platform seamlessly integrates with a wide variety of ERP solutions including Intuit Quickbooks, Sage Intacct, Oracle Netsuite, and Microsoft Dynamics GP, among others.
Barrier 3: Fraud Prevention
Some businesses worry that a move to a cloud-based AP automation solution could increase the likelihood of security breaches, when in fact, the truth is that a manually-driven AP workflow is a breeding ground for scammers and fraudsters to go undetected.
The end-to-end visibility provided by an AP automation solution greatly decreases the threat of fraud. Quadient AP enables clear audit trails and customized controls over approvals and payments, protecting companies from both internal and external scams.
Barrier 4: Cost
A 2022 study by PYMNTS found that ¾ of CFOs view economic uncertainty as a substantial challenge. With that in mind, it’s natural to ask if the cost of adopting another software solution is one that makes sense.
Adopting an AP automation solution is a sound economic decision; and here’s the proof. Invoice automation alone saves most organizations 60-80%, dropping the cost of invoice processing from $15 to $5.
A quick look at Quadient AP’s ROI calculator can provide an idea of just how much your company will benefit from automation.
It’s time to automate
There are a lot of things to consider when you’re deciding if AP automation is right for you. But a simple review quickly demonstrates that the benefits far outweigh the barriers. If you explore our many case studies, you’ll find organizations just like yours that have successfully implemented Quadient AP.
So, what are you waiting for?
Schedule a demo with Quadient AP today and start taking advantage of all the opportunities that AP automation provides.
