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TOP 9 WAYS AP AUTOMATION IS CHANGING THE BUSINESS LANDSCAPE AS WE CURRENTLY KNOW
IT

December 15, 2023

In a fast-paced business landscape, who has time for manual data entry or
chasing down invoice approvals? Wouldn’t you rather reduce labor costs, minimize
errors, and streamline your entire financial process?

If so, AP automation is the solution you might not have realized you needed.

In the ever-evolving landscape of business optimization, Accounts Payable (AP)
automation emerges as a transformative force.  But it’s not just a technological
upgrade: it serves as a catalyst for organizational evolution.

With AP automation, you not only save money, you gain real-time access to
financial data, improved reporting and analytics capabilities, and greater
insights into cash flow.

Let’s dive into how AP automation could completely transform your accounts
payable process.


1.  STREAMLINES INVOICE PROCESSING

The first step to modernizing your business’s financial operations is
streamlining invoice processing. With AP automation, you can make this process
more efficient and accurate.


BENEFIT: REDUCES TIME SPENT ON MANUAL DATA ENTRY

Automating the Accounts Payable (AP) processes gives businesses the ability to
drastically cut down on manual data entry, and subsequently, reduce
time-consuming tasks like keying in invoices or matching them with purchase
orders.

The result? More free time for your team to focus on strategic tasks.

Besides saving time, reducing manual data entry also leads to fewer errors. This
accuracy boosts confidence in financial reporting because let’s face it: even
the most detail-oriented person can occasionally slip up when entering lots of
numbers.


BENEFIT: ELIMINATES THE NEED FOR PAPER-BASED PROCESSES

Shifting away from paper-based processes is another benefit that comes with
automating invoice processing. Remember those times when important documents got
lost under a pile of papers? Or when they mysteriously disappeared into thin
air? Well, those days are over thanks to digitalization.

Going digital also gives a new meaning to the phrase “having everything at
hand.” Searching through countless folders becomes obsolete as all documents are
just a few clicks away.


BENEFIT: RESULTS IN FASTER AND MORE ACCURATE INVOICE APPROVALS

Invoicing often turns into a bottleneck due to lengthy approval processes. With
AP automation, however, you can speed up invoice approvals without sacrificing
control over your expenditures.

Automated workflows ensure that invoices get to the right person for approval in
no time. This way, you not only avoid late payment fees, but can also take
advantage of early-payment discounts.


2.  LEADS TO COST SAVINGS

Navigating the current business landscape is undeniably challenging, as
businesses grapple with the dual pressures of inflation and skyrocketing labor
costs. In this sense, a penny saved truly is a penny earned.


BENEFIT: REDUCES LABOR COSTS

The magic of AP automation is that it cuts down on labor costs. It’s like having
a super-efficient, never-tired employee who doesn’t ask for coffee breaks.
Instead of your staff spending hours on manual data entry and cross-checking
invoices, they can focus on more meaningful and impactful work.

But this isn’t just about saving money – it also boosts morale by freeing
employees from tedious work. In fact, recent studies have found that automating
accounts payable processes can result in happier employees and lower turnover.


BENEFIT: MINIMIZES ERRORS AND DISCREPANCIES

In the world of finance, tiny errors can lead to big problems.

But when you let technology take over repetitive tasks, error rates drop
substantially. The Association for Intelligent Information Management (AIIM)
found out that companies using AP automation have reported an 80% reduction in
invoice processing errors.

So, get ready to say goodbye to double payments and/or late fees due to lost
invoices.


BENEFIT: LOWERS TRANSACTION PROCESSING COSTS

Ever wondered how much it costs to process an invoice manually? According to a
report published by Levvel Research, the average cost is around $15.

Yes, every time someone in your finance department picks up a paper invoice and
enters data into your system, it costs about as much as three lattes at
Starbucks. With AP automation, however, this number drops considerably. 


3.  OFFERS ENHANCED VISIBILITY AND REPORTING

AP automation gives you the power to see your company’s finances in an instant.
Since there’s such a greater level of transparency, there is no more waiting for
weekly or monthly reports. You get insights as they happen instead. This allows
for quicker decision-making and can help your business stay agile.


BENEFIT: IMPROVED REPORTING AND ANALYTICS

The era of manual reporting is over. Automation doesn’t just expedite processes;
it also enhances their quality. By reducing human errors that often creep into
manual tasks, accuracy improves significantly.

Plus, no more juggling multiple spreadsheets since all relevant information is
consolidated for easy analysis, which makes finding patterns and uncovering new
trends easier than ever.


BENEFIT: GREATER INSIGHTS INTO CASH FLOW

A strong understanding of cash flow is critical for any business’ survival and
growth. But tracking this manually can be a headache, especially when dealing
with large volumes of transactions.

AP automation provides clear visibility into cash flow by monitoring all
outgoing payments systematically so that you can predict future cash needs
accurately using historical data.


4.  IMPROVES VENDOR RELATIONSHIPS

AP automation is a powerful tool for improving vendor relationships since
payments are timelier and more consistent.  It also enhances communication with
vendors and provides you with leverage in negotiations through data insights.


BENEFIT: TIMELY AND CONSISTENT PAYMENTS

Establishing trust and credibility with the vendors you work with starts by
ensuring they receive their money when it’s due. Late payments can strain
relationships, but AP automation takes the guesswork out of payment schedules.
By automating invoice processing, you’re ensuring that every bill gets paid
promptly, without fail.

This level of consistency not only boosts your reputation among vendors, but
also reduces the risk of late fees or interrupted services due to delayed
payments. Plus, according to PayStream Advisors’ research, companies using AP
Automation have seen an average reduction in invoice approval times by 60%.


BENEFIT: ENHANCED COMMUNICATION WITH VENDORS

Beyond just paying bills on time, clear communication is vital for maintaining
healthy vendor relationships. AP automation gives companies the ability to
manage all their communications from one place – no more lost emails or misfiled
paperwork causing confusion or delays.

In addition to organizing correspondence better, these systems can automatically
notify vendors when invoices are received and approved, giving them peace of
mind about their pending payments while reducing inquiries into your finance
department. In fact, a study by Ardent Partners found that automation can reduce
the time spent on vendor inquiries by up to 80%.


BENEFIT: NEGOTIATION LEVERAGE THROUGH DATA INSIGHTS

The third pillar of strong vendor relationships is negotiation. Having clear,
accurate data at your fingertips allows you to negotiate better terms with
vendors.

AP automation gives you a wealth of data about your spending habits and
patterns, which can then be used as leverage during negotiations. For example,
if you’re consistently paying invoices early, there might be room for early
payment discounts or more favorable terms in future contracts.


5.  INTEGRATES WITH YOUR ERPS

Integrating AP automation into your existing ERP systems doesn’t have to be a
headache. Nor should it be.


BENEFIT: SEAMLESS INTEGRATION WITH EXISTING SYSTEMS

Solutions like IntelliChief are designed for seamless integration, so there’s no
need to worry about revamping your entire IT infrastructure just to automate
your AP processes.

This type of integration helps maintain business continuity and reduces
disruption in workflows, which makes it easier for employees to adopt .


BENEFIT: REDUCES DATA DUPLICATION AND ERRORS

Duplicate entries not only take up valuable storage space, but also lead to
costly mistakes such as overpayments. Thanks to automated data validation
features, however, these types of problems become obsolete.

The use of intelligent technology minimizes manual data entry, which further
decreases the likelihood of human error.  This subsequently results in cleaner
databases and more accurate financial records.


BENEFIT: IMPROVES OVERALL OPERATIONAL EFFICIENCY

Incorporating an AP solution that integrates seamlessly with your existing ERP
system ultimately improves overall operational efficiency.

 * Your finance team will spend less time chasing down invoice approvals
 * You’ll process payments faster and more accurately
 * Other departments will be able to make more informed decisions based on
   real-time information available that’s readily available
 * AP Automation can extend the functionality of ERP as well.  Invoices can be
   associated with ERP records and users can retrieve documents without having
   to leave the ERP.


6.  ACCELERATES APPROVAL WORKFLOWS

The heart of AP automation is a faster, more streamlined approval process.
Automated routing for approval processes lets businesses bypass the sluggish
pace and inefficiencies often associated with manual workflows.

A significant advantage here is how quickly decisions can be made. With
real-time information available, management isn’t delayed by paperwork or forced
to sort through piles of invoices to make informed decisions.


BENEFIT: AUTOMATES ROUTING FOR APPROVAL PROCESSES

Say goodbye to long email threads asking who has what invoice and when it’ll get
approved. AP automation that relies on straight-through processing routes
invoices automatically based on predefined rules set by your company. A solution
like IntelliChief knows exactly where each invoice needs to go next, which
reduces confusion and expedites the entire workflow.


BENEFIT: LEADS TO FASTER DECISION-MAKING

No more waiting around while vital documents gather dust in someone’s inbox.
IntelliChief gives your employees the ability to instantly review all relevant
information right from their dashboard, making the entire process easier than
ever.


BENEFIT: REDUCES BOTTLENECKS

With automated workflows doing most of the heavy lifting, slowdowns become a
thing of past.
You see less hold-ups because there aren’t as many human variables slowing down
the process. So, regardless if John from accounting is on vacation or Jane in
purchasing has called in sick, your workflow continues to run smoothly.

Automation also allows for simultaneous approvals, which is a game changer for
large companies with multiple approvers. Instead of waiting for one person to
approve before moving onto the next, invoices can be approved by all necessary
parties at once.


7.  OFFERS SCALABILITY

The key to a future-proof business lies in its ability to scale. With AP
automation, your financial operations can effortlessly grow alongside your
company.


BENEFIT: ADAPTS TO BUSINESS GROWTH

When you’re on the fast track of expansion, there’s no time for cumbersome
manual processes. That’s where IntelliChief can step in. Our solution adapts as
you expand and lets you handle more transactions without missing a beat. We
understand that growth doesn’t always mean adding more people—it means making
better use of what you have.


BENEFIT: CAN SEAMLESSLY HANDLE INCREASED TRANSACTION VOLUMES

In any growing business, transaction volumes are bound to increase. But so does
complexity if not managed right. By embracing AP automation, an increase in
invoice volume will no longer be an issue. This way, even when transactions
spike during peak periods or due to sudden growth spurts, your team is ready and
equipped.


BENEFIT: CUSTOMIZABLE AND FLEXIBLE IN ADDING NEW FEATURES OR MODULES

No two businesses are alike. So why should their solutions be? At IntelliChief,
our AP automation platform offers flexibility at its best by allowing new
features or modules tailored just for your needs. From electronic invoicing to
workflow routing, choose only what fits into your vision of efficient accounts
payable management.


8.  SIMPLIFIES TRAINING AND ONBOARDING

AP automation, like any other software solution, needs some level of user
training. But because the process is heavily reliant on technology, it’s easier
to develop standardized training and operating procedures for your employees to
follow.


BENEFIT: REDUCES TRAINING TIME FOR EMPLOYEES

Establishing a solid AP automation process should theoretically translate into
reduced training time for your employees in the long run. This isn’t just about
getting new hires up to speed, however. It also applies when implementing new
modules or functionalities within your existing team.

The bottom line?

No more long hours spent learning complex systems or deciphering jargon-filled
manuals.


BENEFIT: MINIMIZES ONBOARDING ANXIETY

Technology is only as good as the people behind it. And with IntelliChief’s
support services, onboarding becomes a breeze rather than a chore.

Here at IntelliChief, we take pride in our team’s knowledge, compassion, and
dedication to ensure that your team is supported through your entire journey. 


9.  CAN POSITIVELY IMPACT THE ENVIRONMENT

We recently published an in-depth article about how AP automation can help
promote corporate sustainability and environmental responsibility.  Here are the
higher-level talking points we discussed.


BENEFIT: CUTS DOWN ON PAPER USAGE

It’s no secret that the traditional accounts payable process is heavily reliant
on paper documents.  AP automation provides a practical solution that can
significantly decrease – and sometimes entirely eliminate – the dependence on
paper.


BENEFIT: LOWERS CARBON FOOTPRINT

Did you know that the pulp and paper industry is the third largest industrial
polluter?  In fact, it releases 220 million pounds of toxic pollution into air
and water each year.

The fewer papers we use means less energy consumed in production and recycling
processes, which directly leads to a lower carbon footprint for your business
and a huge win for the environment.


BENEFIT: IMPROVES CORPORATE SOCIAL RESPONSIBILITY (CSR)

Moving towards an eco-friendly approach isn’t just good for Mother Earth: it
reflects positively on your company’s corporate social responsibility efforts
too.

In today’s eco-conscious society, stakeholders demand more than just profits
from companies: they want responsible global citizenship. In fact, according to
a Cone Communications/Ebiquity Global CSR Study, 91% of global consumers expect
companies to operate responsibly by addressing social and environmental issues.
This shift in expectations not only impacts brand image, but also favors
businesses embracing green strategies over competitors neglecting such
initiatives.


A CALL TO ACTION: STARTING YOUR JOURNEY WITH AP AUTOMATION

AP automation’s transformative power is a business game-changer. But for many
people – perhaps yourself included – starting the AP automation journey may seem
like a daunting undertaking.

Thankfully, it is achievable, and probably a lot less painful than you may
think. Here’s our 4-step plan for success (from a 30,000 foot view):

 * Understand Your Current Process – Document every step involved in invoice
   receipt through payment completion. This provides insight into what areas
   need more help than others.
 * Determine Key Stakeholders – Identify who needs buy-in before starting
   implementation – usually top management but also IT personnel since they’ll
   have heavy involvement throughout the setup phase.
 * Select a Software Provider – Look for solutions that offer a robust feature
   set and integration with your ERP.  Bonus points if they also offer
   enterprise content management alongside AP automation.
 * Plan for Training and Transition – Ensure your team is comfortable with the
   new system, easing fears about job security or change. Remember, this isn’t
   something meant to replace them, but to help them do their jobs better.

Interested in exploring the myriad of benefits AP automation has in store for
your organization?  If so, we invite you to spend 30 minutes with us to learn
more about what we do here at IntelliChief, as well as how our solution just may
be the perfect fit for your company’s needs.

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IntelliChief Rose2023-12-15 16:45:182023-12-15 16:45:18Top 9 Ways AP Automation
Is Changing the Business Landscape As We Currently Know It




LATEST FROM THE BLOG

 * Top 9 Ways AP Automation Is Changing the Business Landscape As We Currently
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