Investing in the right technology can help you overcome the limitations of your small business and achieve the same high-quality outcomes enjoyed by much bigger companies. Accounts payable (AP) automation solutions, such as PaperSave, are a good example of a technology that does this.
AP automation automates steps in the AP process that are usually performed manually, such as data entry and invoice management. In handling these repetitive and time-consuming steps, AP automation solutions not only speed up the entire AP process, but they also eliminate the risk of costly errors.
However, despite the benefits, many small businesses still do not invest in the technology. In fact, a study by Level Research found that 86% of small- to medium-sized businesses (SMBs) continue to enter their data manually, as opposed to just 22% of big enterprises doing so.
Why are SMBs hesitating to adopt AP automation?
There are several possible reasons for this:
Trying out every new tool that comes to the market can be too costly for SMBs, as they usually do not have the same budget that bigger organizations have. To prevent unnecessary expenses, SMBs often only proceed with tech investments after considering all necessary costs. This means looking at not just the solution’s price tag, but also the time and resources needed to master the tool and integrate it into an existing process seamlessly.
It’s possible that many SMBs see only the cost of AP automation software and not the benefits that the tool brings to the table. For instance, they don’t consider how paperless solutions can help them save money by reducing the amount of paper they use during the accounting process.
2. Overconfidence in their team
Some SMB owners probably do not see the point of investing in a technology that performs tasks they hired people to do. As previously mentioned, however, manual steps in the AP process are both awfully slow and prone to errors. Even with a small and focused team, mistakes can still occur, wasting time and other valuable resources.
AP automation eliminates the likelihood of errors. With PaperSave, for instance, your staff does not have to transcribe invoice data into your database. All they have to do is take a picture of the invoice with their smartphone or tablet. PaperSave will extract the data printed on the invoice, convert it into a digital file, and store it in organized, off-site servers — a process that takes just a few seconds to complete.
You may think this makes your AP team redundant, but it does not. Rather, it gives your staff more time and energy to focus on tasks that provide more value to your business and customers, and become better assets to your organization.
3. Compatibility issues
SMBs that are already using enterprise resource planning (ERP) software may hesitate to invest in new tools, for fear that these solutions will not be compatible with their existing tech. It’s a valid reason too — after all, incompatible software can disrupt your existing workflows and frustrate your staff and customers.
The good news is that AP automation solutions are designed to be compatible with most ERP software in the market. PaperSave, for instance, interacts seamlessly with some of the most popular ERP software today, including Microsoft Business Central, BlackBaud, and Intacct. This guarantees that you can enjoy the full benefits of AP automation without compromising any of the functionalities your current ERP solution offers.
PaperSave is a powerful and cost-effective solution that can assist SMBs in maximizing the efficiency and accuracy of their AP process. Discover how we can empower your business and help it achieve growth by scheduling a free personalized demo today.