AP automation adoption and implementation
Accounts payable (AP) automation can offer a whole host of benefits for your business, helping your business save time and money, reduce errors, and minimise risk. In fact, according to IOFM’s three-year study of almost 400 payables departments, highly automated AP departments process twice as many invoices per person at one-third of the cost of their manual counterparts.
However, the AP automation adoption and implementation process can seem daunting. From stakeholder push back to implementation complexity, there are a number of potential issues to consider.
How long does it take to implement an AP automation solution?
The amount of time it takes to implement an AP automation solution will depend upon a number of factors, such as the business processes that are being automated, the number of systems that will be integrated etc. Setting a timeline for implementation will help you establish a timeframe and stay on track.
Are there any challenges to expect when switching to automated AP?
When switching to AP automation, you may encounter some challenges, like stakeholder pushback or integration issues. However, with careful planning, it’s possible to navigate these challenges and deliver successful implementation. Head over to our full guide to AP automation challenges to find out more.
What size of business benefits from AP automation?
AP automation can be beneficial to businesses of all sizes. However, the larger the business and the more invoices that are received on a monthly basis, the higher the savings are likely to be, in terms of both time and money.
Do you need to keep paper copies of invoices with an AP automation solution?
Any electronic invoices you receive will be automatically be stored, handled, and backed up digitally. However, if you receive a paper invoice, you will need to archive and store in line with local requirements.
Do you need an AP automation backup solution?
With an AP automation solution, your files will be automatically backed up to the cloud to avoid loss or corruption in the unlikely event of an issue with the software.
Effective planning is essential for successful AP automation adoption and implementation. From the very first stages of the project, it’s important to put together a comprehensive plan as well as a realistic timeline. This will ensure that you are able to communicate the aims and benefits of the automation to secure stakeholder buy in, set a realistic plan for implementation, and ensure that the process stays on track.
To find out more about AP Automation adoption and implementation, please get in touch, or explore our other AP Automation guides.