It’s not rocket science. For years now, moving from a manual paper-based invoicing process to an electronic invoicing process with accounts payable automation has been top of mind for AP staff, Controllers and CFOs.
So everyone is automating accounts payable, right? Well, not exactly.
According to IOFM’s AP Department Benchmarks and Analysis Survey, companies are still lagging to invest heavily in high levels of automation*.
*Levels of Automation: High: Defined as significant use of imaging and/or electronic invoicing, automated workflow, near paperless T&E, ACH payments, use of p-cards, and possibly some invoice data extraction and other capabilities. Medium: Defined as some use of technologies listed in the “high” category, but still reliant on a good deal of manual, paper-based processing operation. Low: Defined as a mostly manual, paper-based processing operations with limited automation technologies in place.
If the benefits of AP automation such as reducing paper invoices, improving productivity and cost savings are so well known, then why are companies hesitating to make the investment?
Proving the ROI for Accounts Payable Automation
IOFM and TAPN’s The State of Automation in Accounts Payable report offers a reason that accounts payable automation has not yet reached the “tipping point” of widespread adoption. The report states, “At many organizations automation has not yet matured to the point that it is delivering the significant, measurable benefits experienced by companies that have already evolved to highly automated AP processes.” Proving ROI of any new technology can be tricky. This is exactly why Esker has a new, “top secret” (shhhhhh) Buyer’s Kit in the works. Rumor has it, it will become available this month and it will include a number of resources to aid you in your buying process:
Stage 1: Enhancing Your Knowledge
- White Paper: Overcoming the Challenges of AP Invoicing
- Key Considerations: Understanding the Potential ROI of AP Invoice Automation
Stage 2: Exploring Your Options
- FAQ Guide: 15 Questions to Differentiate Automation Solutions
- The Cloud vs. On-Premises: How AP Invoice Automation is Implemented
Stage 3: Pursuing a Solution
- Demo Checklist: Everything You Should Know after Walking Out of Your AP Invoice Automation Demo
- Customizable PowerPoint Template: Your Business Case for AP Automation
- eBook: Embracing Change Management
4 Customer Success Stories in Automating Accounts Payable with Esker
While you wait for your new Accounts Payable Buyer’s Kit to be delivered straight to your inbox, take a few minutes to check out our latest eBook, 4 Amazing Esker Launches: Accounts Payable Automation Stories with Awe-Inspiring Results!