The Top 3 Accounts Payable Automation Myths

According to an Association for Financial Professionals (AFP) study funded by JP Morgan Chase, more than 70% of organizations surveyed are struggling to convert to accounts payable automation and electronic payments. Despite liking the idea of financial technology innovation, these companies cite employee, customer/supplier hesitance, and IT barriers as fears the hold them back from the transition…just to name a few.

For today’s finance teams, the hesitation is borne from myth:

• AP automation is expensive
• AP automation is difficult to manage
• AP automation won’t improve business operations

It’s time to dispel these misconceptions once and for all — here are the top three Accounts Payable automation myths.

1. Long Implementation Time

Every new technology takes a little time to implement — the right Accounts Payable automation solution won’t take longer than any other necessary solution. It will always be a process to get a new solution up and running, but the back-end benefits and time savings will be beneficial for future operations.

2. Expensive Purchase

Sure, Accounts Payable automation requires an initial platform cost, like any software solution. But it can provide your company with significant long-term ROI.

In today’s digital world, manual accounting methods may jeopardize your operations — human error can cost companies thousands of dollars. According to one study, 28% of professionals say that employees have inputted incorrect data into their computer systems.

3. Usage Preference of Suppliers

Enterprises have used automation solutions for years, and electronic invoices are becoming the standard in many industries. There’s no reason why suppliers will be reluctant to accept automated invoices for Accounts Payable.

Research shows that suppliers can actually benefit from automated solutions. Invoice processing costs from automated tools are 81% lower than other methods, while invoice processing cycle times are 73% faster.

Now that you can disseminate the fact-from-fiction of Accounts Payable Automation — and maybe had some of your own myths debunked, you can STOP letting fear hold you and your organization back.

You now see that the accounts payable automation solution simplifies payment processing for your business. By eliminating the fears and ultimately the barriers that are holding your company back from payment efficiencies, you will experience more conveniences than ever before.

Aavenir Invoiceflow does what’s needed to overcome these barriers. Migrate to electronic payments and experience all of the advantages of payment automation. Now is the time to discover the convenience and efficiency of electronic payments.