Real-time access to financial data with accounting automation
What’s the cost of doing nothing? Your business becomes irrelevant. Your competitors leave you standing. You’re done.
A manual accounting process will cost you
Automated accounting software will represent an investment for your AP department. But, do nothing and the impact will be significant. Delaying investment in AP automation means your business will be hit with hidden costs related to productivity, efficiency, employee churn, and security.
Our eBook explores the true cost of doing nothing. Of persevering with manual data entry. It highlights the benefits of accounting automation software, questions to ask prospective IDP vendors in your RFP, and the downside of doing nothing. Our goal is to help you draw up an action plan for your business’ AP automation strategy.
Consumers are technology led
We’ve shifted from a tech world led by businesses, to a world in which they now have to listen and act on consumer technology trends and behaviors.
Already in motion, the pandemic sped up the shift toward interacting with consumers on digital channels. Accelerated the development and adoption of advanced technologies to automate manual tasks.
We expect businesses to be at the forefront of these technological advancements.
CFOs considering accounts payable automation must balance the cost of investing in new technology. Because ignoring consumer requirements, means they’ll lose out to competitors who are already driving automation.
76% of consumers will stop using a brand after one bad customer experience.
VentureBeat
Maintaining the status quo because your manual AP workflow meets your goals, puts your business in jeopardy. It’ll stunt your growth and revenue. The cost of doing nothing will in the end eclipse the cost of automation.
Future-proof your business with automated accounts payable workflows, end to end, to eliminate manual tasks, optimize resources, and increase efficiency.
The cost of doing nothing
Businesses have no choice. Sticking with manual data entry while the volume of documents their AP team has to deal with increases is unsustainable. Add a volatile economy and fluctuating markets, and disaster looms.
The direct and indirect costs of manual, paper-based invoice processing amounts to $2.7 trillion for global businesses.
2018 Goldman Sachs report
Don’t invest in your business and it’ll become irrelevant. Your competitors will overtake you and customer trust in your brand will diminish.
An automated accounting system will not only solve operational pain points, it’ll also strengthen security, drive innovation and productivity, and deliver a better customer experience.
AP teams can monitor every transaction, check every vendor, match every purchase order, audit every invoice, and probe every payment. Bolstering their ability to weather an unstable economy, reduce costs, and mitigate risk.
6 benefits of accounting automation
Accurate data capture
Extract data accurately from your financial reports even when layouts change - and avoid late payment penalties.
Increased productivity
Automate manual accounting tasks and reduce clicks per invoice to free up your AP team to focus on high-risk areas, new business models, and complex transactions.
Streamlined approvals
Create business rules for invoice routing to speed up the approval process. Pay bills faster and take advantage of early payment discounts.
Robust data security
Drop spreadsheets that lack preventive controls and increase the risk of cyber attacks, in favor of a cloud-based single source of truth.
Real-time insights & analysis
Unify data to identify trends, exceptions and insights to drive agile decision making. Build reports & dashboards without having to rely on IT.
Reduced employee churn
Too many repetitive tasks and too few hands leads to a high turnover of staff. Automate tedious tasks leaving your finance team to work on vendor relations.
Best-in-class accounting automation loved by accounting professionals
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This is not about replacing your team with robots. It’s about helping your team do more with less. It’s about improving their working environment. Businesses that adopt automation and galvanize their employees will secure the competitive edge.
Over time, more businesses will increase automation across the board as they recognize the need to implement advanced AI to deliver the desired results.
Businesses investing in a long-term automation strategy will ultimately be the strongest and most competitive, as they’ll manage peaks and troughs in demand, and labor and skills shortages. Automation will give them the flexibility to adapt immediately to changing conditions and customer demands.
Our eBook explains the many benefits of accounting automation, questions to ask an IDP vendor in your RFP, and what will happen if you do nothing.
Freeing up your human workforce and streamlining your business operations will increase efficiency, productivity, and improve your company culture. We can help you draw up an action plan for your accounting automation strategy.
Download your copy of our Cost Of Doing Nothing eBook now.