Is it Time Automate AP and Payment Processes?

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Manual processes involve a lot of paper and, typically, a lack of visibility into invoice and payment status. Manual invoice and payment processes are costly and time-consuming. These processes introduce inefficiencies such as lengthy invoice approval times, bottlenecks, data entry errors and poor data management. These can lead to payment errors and lost invoices or payments.

Even though the AP and finance departments suffered because of these tedious paper-based process, automation was still not a high priority for many organizations.

However, over the last few years, technology has advanced and work environments have shifted. Automation has become a necessity.

The pandemic has exacerbated each of these challenges because it introduced additional challenges that come with complex work environments. With team members working from home, AP and finance teams struggle more than ever with collaboration, communication, and productivity.

Implementing an AP and payment automation solution can help improve efficiency and visibility into the financial audit trail – no matter where team members work. With many organizations planning to keep at least some elements of remote work in place for the foreseeable future, they have looked to automation to erase the burden of manual processes.

The Future of AP and Payment Automation

As a result of the pandemic, demand for more powerful, more intelligent AP automation solutions has increased dramatically. In order to keep up with demand, providers are now creating AP automation products that are able to streamline and accelerate more processes than ever before.

One thing that has led to more efficient AP automation solutions is the advancement of OCR technologies. Traditional OCR typically requires system training and extensive vendor invoice template setup with frequent human intervention for upkeep, therefore making implementation and maintenance time consuming. Newer products, such as the ktIQ module offered by KwikTag, leverage artificial intelligence and data extraction for invoice indexing and data validation straight from the ERP – without the user having to lift a finger. Not only does this make the process more efficient, it makes the data entry more accurate as well.

Cloud Considerations

With remote work environments continuing post-pandemic, moving to the cloud can provide businesses with benefits such as improved security, efficienty and collaboration with anywhere access to invoice and payment processes and data. According to a recent Levvel Research study, 80% of organizations said they were looking to move their back-office processes to the cloud to increase efficiency.

The increased impact of cloud-based AP and payment automation solutions will likely change the nature of these projects.

With cloud-based platforms, product deployment is faster and often less expensive, even for the total cost of ownership. There is no need to purchase servers, pay for system or software upgrades, and there is no burden on individual IT teams to configure the solution. Overall, it makes AP automation more appealing for many companies who may not have been considering it before.

The parallel growth of AI and cloud-based services makes for more powerful AP automation platforms, which will continue to become faster and smarter in the future.

AP Automation with KwikTag

Now with more than 20 years of experience in the Dynamics community, KwikTag helps organizations go paperless with AP and payment automation, document management, and powerful integrations within Microsoft Dynamics GP, Dynamics 365 Business Central, Dynamics 365 Finance, as well as the rest of the Dynamics ERP suite.

KwikTag offers AP and payment solutions designed to provide a completely digital, touchless workflow from invoice capture through payment processing. Our AP automation solution, KwikPayables Accelerate, is a cloud-based (SaaS) solution designed using industry standard invoice workflows and is ideal for AP staff, budget owners and finance executives, as well as IT staff.

With KwikTag, the effect of your digital transformation is instant. Your business will see measurable results such as: paper costs reduced by 90% and invoice processing costs decreased by 80%. The complete KwikTag solution is designed to eliminate paper, save time, and help businesses gain visibility and control over their entire AP and payment process.

Learn more at www.kwiktag.com.

 

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