Let’s Bust Some Myths Regarding AP Automation

Accounts payable (AP) automation has helped many businesses change the way they work for the better, not just through digitizing paper but also to ensure better spend controls are in place. Despite this, there are still many common misconceptions around the use of technology when it comes to supplier invoicing. 

Businesses that rely on paper-based systems are prone to errors, at risk of fraud and don’t have full visibility of an organization’s outgoings. This can prevent businesses from growing and reaching their full potential. 

Some organizations are holding back from implementing automation because they don’t realize the benefits of using technology. Whether it’s breaking up bottlenecks in your processes or streamlining and optimizing them, automation can help you create moments that make your business run better.

Let’s take a look at some of these common misconceptions and find out why they are just myths. 

Myth one: I will lose my job

It’s a common misconception that automation is synonymous with job loss and that technology will take over people’s roles within their organization. This couldn’t be further from the truth. In fact, automation takes away the mundane day-to-day tasks that bog down AP teams, like manually inputting data into spreadsheets or cross-referencing paper invoices. This then gives them a chance to work on projects that they enjoy and spend time on value-adding tasks that will help to grow the business. 

Ask yourself “Are you and your AP team reviewing debt balances, invoice aging and prepayment accounts on a monthly basis?” These are all important tasks that AP teams should be focusing on. By investing in AP automation, you can help your AP team realize their potential. Not only that, but you’ll have time to negotiate new discounts, involve your AP team in cash forecasting and bring some money back into the business.

Myth two: Size matters

In short, no it doesn’t, at least not when it comes to benefitting from technology. Whether your business is public or private, it’s never too small to justify automating manual tasks and strengthening controls. By automating now, you can be confident that you’ve invested in a solution that will scale as you grow and you’ll be supported at every step as your business’s needs become more complex.

Similarly, no organization is too big to benefit from technology either, even if you think your processes may be too complex. AP automation can help streamline those difficult processes while adhering to any local requirements. On top of this, employees can become more flexible in the way they work through using a mobile app and support is offered no matter what time zone your offices are in. 

Myth three: It takes too long to implement

It’s a very common misconception that AP automation takes months to implement and it’s complex and clunky, but this isn’t the case. One of the major benefits of cloud technology is how easy and fast it is to implement. In most cases, implementation takes weeks, not months. Cloud technology itself is built ready-to-go, but involvement from you is required for the fine tuning and to make sure all your requirements are met.

One thing to keep in mind is you’re not alone on this journey. We offer support right from purchase, to onboarding, to implementation and beyond. You’re in the hands of people who do this day in and day out and we’ll guide you through the process so you can be confident that adoption rates will be high. 

Myth four: It’s too expensive 

Before concluding that AP automation is too expensive for your business, first consider how much your current manual process are costing you, both in time and money. Finance technology can help businesses shine a light on areas where manual processes have previously had hidden costs. Once you have visibility of spend across your business, you can identify areas that need improvement and create a plan to streamline and optimize relevant processes.  

SAP Concur customers typically see a three-year ROI of 634% and break even on their investment in four months. So, although investment in AP automation might seem like a lot to begin with, the return on your investment goes far beyond just monetary gain to include more far-reaching opportunities and benefits.

When business leaders get caught up in these common misconceptions, it stops them from being able to take their AP team to the next level because they’re stuck spending time completing mundane tasks. With AP automation, you’ll be able to make informed decisions based off real data that’s captured in real time. To find out how SAP Concur solutions can work for your business, try our Concur Invoice self-guided demo.