You don’t need to catch a leprechaun to bring good fortune to your business. St. Patrick will most likely agree that modernizing your business solutions will do as much for your business as a pot of gold in today’s world of consumerization and mobility.
In fact, recent studies show that outdated invoice processes are causing businesses to spend nearly twice as much on invoicing as they would with more efficient processes. A recent AIIM study found that two-thirds of businesses adopting paper-free processes reported not only a payback within 18 months, but also better audit records, improved workplace productivity, compliance, faster response time and improved work flow.
We bet you won’t need the powers of the Blarney Stone to set your business up for success if you invest in automated AP. Read on to learn how streamlined invoice solutions can help you.
Improve your business odds: Four leaf clover or modern AP?
Your odds of finding a four leaf clover are one in 10,000, according to Google, while your odds for greatly improving your business with modern AP solutions are significantly higher. In fact, 82 percent of businesses reported increased workplace productivity according to a recent study by IDC. If those odds don’t convince you that investing in better AP solutions is the savvy choice, here are a few other reasons:
1. Reduced Costs
62 percent of total AP costs are coming from labor, according to a 2015 APQC Benchmarking Survey on Accounts Payable Productivity. Manual AP processes can be painful and paper-heavy, not to mention involve extra steps that can be eliminated with automation. Many organizations spend twice as much on manual invoicing processes than they would with more efficient and streamlined solutions. In fact, businesses are unknowingly throwing away a lot of money, even thousands go millions a year, on manual AP that could be automated.
2. Less Paperwork
The Internet has changed the way we do business and access business information. There’s an entire online business ecosystem and more efficient way of business than using file cabinets. Secure computer files are the new, and improved digitized versions of invoices that are not only secure, but also readily-accessible. Physical documents are fragile in case of flood, fire or human error. Digital files save trees and headache.
Let’s face it – today’s workforce is mobile. Businesses need to meet employees where they already are in terms of utilizing modern technology, especially the Millennials generation. Smart phone technology and streamlined business solutions enable workers the flexibility of working anywhere, at any time—and make the whole process a lot more simple and efficient. Since approvals are much faster, as time and place are less relative when all the information is readily accessible—mobility also helps reduce late payments.
Tracking spend is difficult, and if you’re not able to get real-time data, it’s hard to track payments. CFOs and financial decision makers need big-picture visibility into invoicing and office expenses, and automated solutions can provide itemized lines of financials through the data reporting. The detailed reports provide expense and invoice data in formats that are easy to read and analyze, to help businesses improve on their bottom line.
Rainbows, invoicing and leprechauns, oh my!
Green is the color of St. Patrick’s Day, which symbolizes growth, harmony, money and good fortune. You don’t want to be caught without a splash of the splendid color on March 17th, lest you’ll get pinched. In much the same way (but also kind of different, we realize), you don’t want to get caught with manual, out-of-date AP as you look toward the future. While wearing green is a fun, albeit somewhat silly custom on a giddy, Irish holiday, automating AP is a much more serious, effective way to set your business up for success.