By XTGlobal Posted 25-11-2019
Is AP automation a good idea? Certainly yes, it speeds up processing, minimizes exceptions, and reduces costs. Can an AP automation project derail? Also, yes, particularly if the execution isn’t up-to-the-mark and/or expectations aren't clearly defined.
Chances are you are already aware of the several advantages AP automation offers, but you haven’t seen firsthand how it can benefit your operations.
So, can you carry on without AP automation? Well, not in the long run.
With several competitors leveraging technology to streamline their processes and the well-informed accounting professionals being conversant in automated processes, you cannot afford to lag and risk a disadvantage to your business. Following the right approach and avoiding pitfalls can transform your AP department from being a cost center to a profit center. Backed by our extensive experience with numerous clients, we have provided below five important aspects that can help ensure a successful AP automation project.
The Circulus team works together with you throughout the automation journey. Our service-oriented approach provides the guidance required for a successful implementation. Consult our experts right from the consideration phase. Co-create a plan of action based on the status of your current processes, dynamics between different departments, the scale of operation, and budget. Define your objectives and identify the key metrics with our analysts. We can work together to assemble a solution for your workforce and help prepare them well for the change. Post the implementation; we extend ongoing support through free training and prompt resolutions.
We at Circulus, believe that one size does not fit all, so you can configure your workflows or set roles and permissions based on your specific business rules. Our non-license-based pricing lets you add unlimited users without additional fees. Circulus is available on iOS and Android too, so you can upload bills and access Accounts Payable on the go.
Continuing to rely on paper-based processes, manual processing, judgments, and workarounds for accounting tasks can expose the AP department to a multitude of risks. Lack of visibility, corporate amnesia, and short-sightedness can drive the performance downhill.
On one side, you have underutilization of talent, inefficient use of time, unnecessary work, lack of fraud prevention, and frequent errors followed by rework. On the other side is AP automation by Circulus where you get more security, accuracy, pending task notifications, visibility to fix loopholes, plus the ability to spot trends and plan organizational spend. Gauge your department’s performance with well-defined metrics and pave your way to continuous improvement.
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