Updated Information on ERP's and Automating Payments
Since we last touched on this subject with part one and part two of our AP Best Practices Blog Series, we have continued to demonstrate to companies that ERP and Accounting software fall short of payment needs. In the last three years, ERPs have failed and keep failing.
If your goal is to not waste money, then an ERP is not the way to go...A Payment Automation Hub is the ticket.
Last year alone, Panorama Consulting Solutions reports that ERP implementations cost most companies 5% of their overall operating budget. And, enhancement projects (many of which included electronic payment processes) failed to stay on track in 2014.
This is also despite the fact that some ERP projects were on and even under budget. Regardless of the statistics, there are some that just haven't given up on this process that is less efficient.
In addition to the continuing inefficiency of issuing payments via an ERP or accounting system, it is also less effective when it comes to security. Below are three ways OnPay's technology protects you.