Five AP automation myths busted (Sponsored)

Feb 27, 2019

Maybe you’ve dreamt about the benefits of automating your accounts payable (AP) process. The dream is certainly appealing. No more lost invoices, no more delayed or incorrect approvals, no more concerns over duplicated or fraudulent invoices, no more calls from angry suppliers chasing payment. It’s a world where you could drill down into figures much more easily and undertake a much more in-depth analysis of them.

However, if you’re a finance manager in a small or medium-sized business (SMB), the dream is exactly that, isn’t it? A dream. An efficient AP process that puts you in control and gives you complete visibility of your AP numbers is something only big companies can afford to do. It isn’t an option for an SMB.

Not necessarily. Read on to get five of the biggest AP automation myths busted. You can also download Concur’s latest eBook AP Automation Fact or Fiction? 5 Surprising Findings.

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Can your business benefit from automated AP? Separate fact from fiction.

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Myth 1: I can’t afford to automate the AP process

In fact, it’s more likely to be a case of you can’t afford not to because businesses save money by automating their AP solution and putting it in the cloud.

AMI surveyed key financial decision makers in 420 SMBs with less than 1000 employees across five countries and five industries. It found that businesses, on average, reduced their invoice processing costs by £25,000 a year by implementing an automated invoice solution.

Companies using Concur saw an average payback period of 5 months and a 505% five-year ROI.

Myth 2: The cloud only makes sense for big companies

In fact, cloud solutions are ideal for SMBs. Secure, cloud-based systems scale to accommodate organisations no matter how small as this case study of 15-strong company DRC Capital shows. They also offer seamless integration into cloud-based accounting and existing ERP systems.

It means they don’t require significant IT resources or infrastructure. In fact, it can usually be deployed in a short time period with little or no upfront investment. With Concur, you can be up and running within weeks or even days.

Myth 3: Email is the same thing as automation

Even invoices that are sent electronically can get lost in the black hole of email. Digging through email inboxes to find a missing invoice is frustrating, more importantly, and wastes time and money. With Concur, companies reduce the amount of time spent on invoice-related data entry, processing supplier payments, reviewing invoices and conducting audits. Staff involved in the invoice management cycle are able to process invoices 53% faster and save nearly a day a week.

Myth 4: Automation can’t fix my AP challenges

The biggest frustrations around AP are factors such as the time wasted rekeying data, the errors that creep in, the risk of duplicate invoices and the length of time it takes to approve an invoice. These are all things that automation fixes. 

By deploying Concur, organisations have reduced the costs associated with the AP process by enhancing compliance, avoiding penalties for late payments and attaining discounts from suppliers by making early payments. These benefits are equivalent to €920 for every 100 invoices processed.

Myth 5: Automating AP doesn’t help the rest of my employees deal with invoices

By automating AP processes, employees can review and approve invoices anywhere, any time, on any mobile or remote device. It means automation benefits ripple out from AP to nearly every part of your business, reducing frustration, increasing productivity and improving visibility. On average, companies that automate are able to reduce late payments by 67%.

Thinking differently about AP automation now?

Download our eBook AP Automation Fact or Fiction? 5 Surprising Findings. Or, start turning the AP automation dream into reality and make an appointment with one of our specialists.

(This article is sponsored by Concur)