Digital transformation is nothing new; while businesses have been implementing digitized systems for years, accounts payable automation is one area that has been met with resistance. For many business owners, there’s a comfort in being able to hold a paper bill in your hand with a physical check clipped to it for review and signing. It provides a sense of control. Change is hard. But implementing an automated accounts payable process can provide the ultimate convenience and control.
Eliminate data entry and human error
An automated accounts payable process involves digital bill capture technology using AI and OCR, which can read invoices and extract key data needed for review. This saves time, but more importantly, it reduces human error that comes with manual data entry.
As a business operator, you’ll be able to refocus that saved time towards other tasks, such as growing your business. Not to mention that with everything being captured automatically, you’ll never have to worry about a lost invoice or rogue payment slip.
Improved controls and visibility
Implementing an automated accounts payable process does not replace an employee. Rather, it allows a business to maintain the same roles for its employees in the process, while providing both you and them with enhanced controls and improved visibility every step of the way.
The automated process functions as a support to enhance efficiency, so everyone can focus on what they do best. Stacks of paper bills and checks working their way from desk to desk is far less efficient and secure than utilizing a cloud-based application. You’ll sooner be able to spot bottlenecks in your process to improve workflows, and figure out which other steps can be automated to boost efficiency.
Additionally, having a digital audit trail of who entered, approved or paid a bill and when provides unparalleled transparency and visibility that is virtually impossible to achieve with a paper-based process.
Optimal for remote work
With more and more businesses adopting hybrid or remote work environments, having tools that provide flexibility and convenience is critical. Accounting has traditionally been an office-based profession, but with the right automation tool, you’ll see that this work can thrive in a remote environment.
Whether a staff member’s role is entering bills, approving them or signing checks, an accounts payable automation process facilitates that role with anytime/anywhere convenience, across multiple devices.
Fast and secure payments
In the US and Canada, paper checks are still the leader in B2B payments despite the industry’s ongoing digital transformation. Payments via ACH in the US or EFT in Canada are delivered faster than a paper check and are easier for a supplier to reconcile. Digital payments are secure—especially in comparison to the rampant check fraud occurring in North America.
It’s also pretty expensive to cut checks when factoring in cost of check stock, postage and, of course, time (when compared to a one-click electronic payment). And with funds moved from your account immediately, you’ll have a more accurate view of your cash balance at all times. This leads to better business decisions based on complete information.
When changing any process, it’s important to think of the big picture and implement solutions that can grow with your evolving needs. You don’t want to spend time, resources and training only to change course a year later. Further, by automating tedious accounts payable tasks, you’ll reduce onboarding time for new employees, while also providing them with a better working environment. SparcPay’s accounts payable automation solution will continue to meet your company’s needs as you achieve impressive growth.
The right accounts payable automation process will scale with your business. Not only that, but the tool can actually help you achieve your growth goals by giving you back hours in your week. What will you do with your extra time?
As a business owner who has been doing things a certain way for years or even decades, change can feel daunting—especially if it involves technology. When it comes to implementing an automated accounts payable process, though, the advantages are undeniable.
While holding a check in your hands offers a sense of control, a cloud-based solution like SparcPay will enhance your control and visibility beyond the realm of possibility with a paper system. SparcPay’s end-to-end automated process also eliminates data entry and human error.
With the remote working environments that have become a mainstay since the start of the pandemic, SparcPay simply makes sense. Furthermore, digitizing and automating your AP process is the fastest and most secure option, plus it facilitates scalability. If you have a vision to expand your business, it’s crucial to select tools that will support and enhance your growth today, next month, next year, and for many years to come. Get in touch with us today to learn about how we can support you and your business.