5 Clichés About AP Automation Software You Should Avoid

In most businesses, having an automation solution for Accounts Payables (AP) can be a game changer. While some firms succeed in automating their AP processes, others struggle – either because the change in the management connected with it is done wrong or because there are some execution issues made during the solution's actual installation. You should avoid the following five AP automation clichés:

Disagreement on internal approval from various stakeholders

When it comes to adopting AP automation, the first and most important step is to acquire approvals from all parties involved. The automated approach will benefit not only the financial team, but also the procurement and management teams. One of the major issues organizations have when it comes to executing an efficient AP automation project is a lack of appropriate staff involvement in the early phases of planning. Make sure that all parties involved understand how advantageous this will be to them and what they will earn from participating in the implementation process such as better invoice management etc.

Not identifying the correct value proposition

Internal value propositions are critical to the success of any AP automation project, but most firms don't define them adequately. A value proposition explains why AP automation will assist your business and what advantages you will receive by deploying it. As a result, be careful to figure out whether your company has a real problem that can be solved with automation or if your solution will only add to the complexity. Automating anything without a solid business case in place could lead to greater problems.

Stitched up solutions vs. organically built solution suite

Not all software companies that provide AP automation solutions are made equal. This means it's up to individual businesses to conduct their homework and figure out which choice is best for them. When looking for an AP automation system, it's crucial to know whether the vendor offers an organically created solution suite or whether they just offer a patched-together solution that doesn't interact well with other software and causes a lot of disconnect in your existing systems. Organically built solutions can be interpreted as solutions that were deliberately planned so that each aspect works in concert with the others, rather than just being built to operate together.

Inability to recognize fraud

Over the last few years, the field of fraud detection has altered dramatically. It is no longer sufficient to just detect fraud in a reactive manner. More and more financial institutions are incorporating automated fraud detection systems into their arsenal, allowing them to be proactive in avoiding fraud in the first place. It is therefore crucial to choose an automated invoice processing solution that is capable of detecting frauds so to reduce the discrepancies leaving an audit trail.

Inadequate future scalability

Organizations that want to cut operational expenses, reduce manual errors, and preserve overall quality in accounting procedures must employ an automated invoice processing solution. As the complexity of AP procedures grows, it is becoming more critical for businesses to implement automation solutions. As the level of complexity rises, so does the volume. Implementing AP automation technology generally suggests that you are striving for "excellence" in your company processes; however, this is not true for all firms, and as a result, this decision should be thoroughly reviewed before deployment.

It is crucial to understand what value is the AP automation solution adding to your finance team. Is it invoice management. Is it the streamlining the process, or supporting your remote workforce or placing you ahead in the race of digitalization of business process. An evaluation of all these aspects is crucial for nothing but your business growth.

Whether it is all of these concerns combined or not, Skyscend has answers to all your AP automation queries.