Is your organization looking into automating payments and invoices?
Truth be told, that’s a common project that even the most future-minded companies struggle to implement.
On one hand, “automating” is open to different interpretations. Does it just mean moving away from paper while still having people manually go through the process? Or is it a process that is fully automated that only requires approvals to happen?
For example, an Accounts Payable (AP) professional may process scans of checks and invoices through email, manually entering the information into the system, but while this is a process without paper — it is not truly automated. This instance also has security implications because sending scans via email is rarely safe.
If the idea of automating seems daunting to you, take heart. It’s easier than it ever has been and you don’t need to change or even configure your current ERP to issue payments and automate invoices.
Further, our AP solution can sit on top of, or integrate and work from within, your current ERP and enable automation — and it can do all this while changing none of your current processes or workflows.
Progress Stops for No One
According to experts in the field who participated in a special report by PYMNTS, 2020's Black Swan event is driving many companies to look into automation and remote approval. Too often they land on band aid solutions that only help in the short term.
There are many ways to automate your AP department, and half-measures are a tantalizing option. However, these measures are an example of adapting to cope rather than to win.
ERPs are impressive and useful business tools. They make it easy to handle tasks such as business support, merchandising, supply chain planning and supply chain execution. Your ERP may even have an option to automate payments, an extension you can purchase and add on to your current processes.
But they’re not payment technology experts. When it comes to automating payments and invoices, expertise is crucial. It can be the difference between coping and winning.
Your ERP Lacks Crucial Payment Features
Your ERP isn’t the best option for automating payments and invoices. ERPs often lack adequate payment transaction security, clear audit trails, and transparent payment processes. And we all know security and transparency aren’t areas to skimp on — these components affect our companies and our vendors.
This isn’t to say that ERPs are redundant or extraneous. If you ask an Accounts Payable professional if they want to move away from their ERP, nine times out of ten the answer will be a resounding ‘no’. This is understandable as ERPs make tracking and managing reporting simple and centralized.
Fortunately, this is not an either/or situation. Our accounts payable payment automation software, works with any ERP on the market. Whether you’re a global corporation using a large-scale platform like SAP, a regional consulting firm using Quickbooks, or a business using a homegrown ERP solution — our software will work with you.
ERP Integration is Easier Than Commonly Thought
“It’s too expensive and it will take too long to get running,” is a common refrain from companies looking into automating their AP department. Contrary to this belief, payment automation with the right platform has a low entry point, high returns, and a brief turnaround time.
Here at OnPay Solutions, we can integrate with your ERP and get everything up and running in a matter of weeks, not years. To further our goal to make our solution easy and flexible we partner with well-known ERP’s such as Acumatica.
The more efficient your ERP and AP system are, the better returns you will see. The more they handle via automation, the less manual work hours your team will have to put in. According to research from an ebook we partnered with PYMNTS to create, 19 work hours per week could be saved by automating AP and AR Processes.
Now is the prime time to invest in a payment solution that integrates into your ERP and allows for automated payments and remote approvals.
Payment Automation has jumped to the top of the priority list for many organizations and done so for excellent reasons. Don’t be one of the ones to fall behind the trend.
Check out these related articles for more information: