In Accounts Payable (AP), the goal is to operate at maximum efficiency at the lowest cost and greatest speed. While that sounds pretty simple, AP professionals are beginning to acknowledge that in order to achieve this objective, they need automation.
As interest continues to grow, we are seeing an increase in misconceptions surrounding AP Automation. To set the record straight, we created that busts each of the following commonly-held myths:
- Our AP process is extremely efficient.
- Our CFO likes signing checks.
- This is something our accounting system can do.
- This is something our bank can do for us.
- We will have to use intermediary accounts for check payments.
- OCR technology, or data capture technology, is not very reliable.
- Having another system integrated into my accounting platform will leave me with mismatched data.
- AP is not a strategic part of the business - just a necessary evil.
- By automating AP, I’d lose control and it takes more time.
- AP Automation is an added cost, not a saving.
While we won’t spoil the reasoning on why each of these are in fact myths (), we will say that it's time to you to be fully armed with the facts on AP Automation. Make sure you truly evaluate all your options and avoid solutions that utilize intermediary accounts or solely rely on OCR technology. And, be sure to find a solution that integrates with your accounting system and bank.
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