Everyone has fears, whether in your personal life, at school, or at work. Sometimes people allow fear to control decisions and actions. Accounts Payable automation seems to have common myths or preconceived notions that we'd like to dispel.
Below are 5 myths which may be holding your company back from automating Accounts Payable.
- Fear of Change – Taking the leap from manual processes to an automated process will change the way you manage payments, but not completely. With an automated process, your workflow can remain close to the same. The difference will be that the platform will be doing the work for you. After automation you will have the time and resources to focus on tasks that get fall by the wayside because of overwhelming and time consuming manual processes. In fact, A/P team morale may even improve because your team is contributing in a more productive and meaningful way.
- Fear of Loss of Control – Many businesses and advisers fear that automating the A/P process will result in giving up control of how the process is handled. When you choose a platform designed for both automation and human interaction, you will be giving the user increased visibility as well as complete control over what the system does and when and how it does it.
- Fear of a Complex Implementation Followed by Ongoing Support Needs – When the IT department thinks of automating the accounts payable process, they may automatically think “time-consuming up front and complex to support thereafter." Automation doesn’t need to be complicated at all. In fact, some IT departments find that an automated process is actually much easier to support. Think of the time and resources it takes to implement an ERP system that contains enhanced Accounts Payable functionality. Automation is simply painless. It will require some end-user training but isn’t that expected? The IT department will be pleased to learn that implementing A/P automation software actually requires minimal involvement from their department.
- Fear of the Cloud– When the cloud first entered the business software scene, there were a few mishaps, but fear of the cloud has been mitigated by improved security. Many of today’s A/P automation tools run in the cloud, and more businesses and firms are embracing the cloud. Surprising to some, there are just as many incidents with cloud security breaches as there are for premise-based business systems. The key to avoiding data breaches, is partnering with an automation software provider that cares as much about security as you. Find a provider with bank level data security and 256-bit encryption. Find one who strongly advocates for having the highest levels of security in place.
- Fear That Automation is Expensive – This is a common misconception that finance departments may have. While there may be some up front cost, when you consider the many ways you’ll save money using automation: such as, no longer needing to hire additional staff to keep up with tedious manual processes and the cost associated with printing and mailing checks, migrating to payment automation is a wise investment.
A/P automation is becoming a standard operating practice for most businesses. It’s easy, requires minimal involvement from your IT department, gives you optimal control of processes, and is accessible from anywhere, anytime in the Cloud.
Mythbusting the common misconceptions of accounts payable automation is our specialty. If you would like to learn more, below are additional educational blogs and tools on Accounts Payable Automation.
- The 12 Ways to Use OnPay Solutions to Improve Accounts Payable and Accounts Receivable for better CASH Management
- CFO-CIO: Working together for digital transformation
- 10 Reasons Why Your ERP Isn't Your Best Option for Making Payments
- 5 Reasons Your Company Should Issue A/P Payments with Virtual Credit Cards
- 5 Ways A/P Managers Can Save Time and Money with Accounts Payable Automation
Learn more about accounts payable automation solutions.