Like with every automated process, the benefits are innumerable. And automated accounts payable processes prove no different. By now, if you're a dedicated reader of the Certify blog, you should know that when a company introduces AP automation, not only can they can save money in a multitude of ways, but that it can also translate into a full return on investment. By automating the system, companies can avoid many of the “hidden” costs in the form of paper, postage and office supplies, and, although harder to measure, lost employee productivity due to an inefficient process and redundant manual system.
Let's first start with the hard, material costs. You know what we mean, the costs associated with paper, printing, shipping etc. And considering the sheer amount of invoices that a company needs to process, the hard costs associated with a manual AP process can be staggering. In fact, the Aberdeen Group's Bring Invoice Processing Costs Back to Earth with AP Automation in the Cloud
found that companies who utilize AP automation can save nearly $2 on every invoice processed.
Now we can't forget about those hard to measure factors we mentioned earlier. Manual accounts payable processes can prove extremely time consuming and inefficient when accountants and administrators need to reconcile invoices, review for policy compliance and/or violations, issue reimbursements and more. Supporting this, Ardent's ePayables 2015: Higher Ground
found the market average time to process a single invoice to be 11.4 days. And along with this wasted time comes the increased overhead necessary to handle this process. In fact, in the same survey, 33% of respondents deemed reducing operational costs on AP-related processes as the biggest goal for today's AP organizations. Because, when introduced to automation, a company can streamline the process, allowing a cloud-based system to take over the work that would otherwise be left on the shoulders of employees.
So by now, there is no question that AP automation can benefit companies of any size. But we understand that change doesn't come without some anxiety. Fortunately, there are a number of ways to calculate ROI from the automated AP process, including a reduction in supplies, increased employee productivity and more. And furthermore, there are tools like this AP calculator
available to calculate the potential savings and ROI from automation. So whether you're in the process of switching to an automated platform or just starting initial research, tools like these can help predict just how much your company can save.
Armed with automation, companies are better able to control the costs associated with the AP process. Certify Invoice
makes accounts payable processing easy with an automated solution that's seamlessly integrated into the leading Certify expense management platform. Current Certify customers with questions on Certify Invoice can talk with their account manager anytime for a demo. Not yet a Certify customer? Sign up
today to learn how Certify Invoice can help you make the most of your dollar.