Many corporate finance leaders want a more productive, streamlined, automated digital system that is paperless but know that budgetary restrictions would not allow for building a business case for accessing the capital required to improve their organizations. This is a common misconception based in these facts: ERP system upgrades are expensive and time consuming (7-9 months conservatively) and require outside consultants; onboarding to a new ERP system is more expensive and more time consuming (12-24 months) and also requires consultants as well.
These savvy leaders realize they cannot justify the capital - both dollar and human - required to make this upgrade. Yet, most don’t realize that such investments are not required. These leaders may not be taking into consideration all of the tools that could improve efficiency, productivity, and profitability without capital expense.
There are ways for organizations to become more productive, automated, and digital in 2019 that do not require capital expense. Implementing changes within Accounts Payable and Accounts Receivable can be transformational to organizations and does not require a capital investment. Solutions exist that can transform payments from paper-based payments to electronic payments for payables and can help companies to quickly clear invoices and access cash from incoming ePayments as well.
When seeking to truly streamline and improve your operations efficiencies for 2019, please use this list of most important MUST HAVE and MUST NOT HAVE to guide you on what you want and don't want when you're trying to integrate automation into your AP system.
Here's a checklist of things to avoid and things to look for:
1. No - heavy burden on IT staff
2. No - need for custom export data from the current systems
3. No - long integration project
4. Yes - makes digital payments directly from an existing check file
5. Yes - integrates seamlessly with ANY Accounting or ERP System