You never know when a natural calamity, cyberattack, or some other kind of disaster will interrupt your organization’s operations, so you must always be ready with measures that ensure business continuity. Adopting technologies that promote resilience, such as accounts payable (AP) automation, is a crucial step in achieving this goal.
How does AP automation support continuity?
These are the ways in which AP automation enables business continuity:
1. It helps you go paperless
Paper documents are not conducive to business continuity for several reasons. First, it doesn’t take much to damage them — even when properly stored in metal cabinets, they’re not likely to survive in a fire or flood.
Second, they are easily lost. They can be stolen by a thief or, worse, an errant employee without your knowledge. Paper documents are also at risk of being misfiled, misplaced, or wrongfully discarded.
AP automation is a paperless technology that converts your invoices and supporting documents into digital files and stores them in multiple cloud servers. These servers are located in various geographical locations, which means your data is unaffected by fires, hurricanes, and other disasters in your area. The servers are also protected by various security measures, such as encryption and multifactor authentication, to prevent unauthorized persons from accessing your files.
What’s more, AP automation stores your data in an organized database, preventing misfiling and misplacement. The technology also lets you keep track of who has accessed your documents at any given time, making it easy to catch questionable actions by anyone in your company.
2. It makes crucial documents accessible from anywhere
In the event of a disaster that prevents people from working in your office, AP automation makes it possible for your AP team to remotely access the documents they need to finish their tasks. All they need is a supported device and an internet connection. Thanks to the cloud, your AP team just needs to log in to your system and they’re good to go. This feature has proved extremely valuable amidst the shelter-in-place orders during the coronavirus pandemic.
3. It takes advantage of mobile technology
Because most people today own a smartphone, tablet, or laptop, mobile technology is an essential component of any business continuity strategy. AP automation makes full use of mobile devices not just to access digital invoices, but also to capture and store invoice data.
PaperSave is an AP automation solution that does these well. First, you’ll have to install the PaperSave app on your mobile device. You can then capture data on invoices by taking a photo of them using the camera on your phone or tablet. PaperSave’s Digital Document Imaging technology converts these images into electronic files, which are stored in cloud servers.
Furthermore, PaperSave lets you use your phone to approve invoices. This ensures that your payables get paid, whether you are in the office or not.
4. It keeps backups of your data
No business continuity strategy is complete without file backups. AP automation solutions automatically create multiple copies of your documents and store them in multiple cloud servers. This ensures that on the off chance that an event destroys your on-premises servers or renders your data inaccessible, you will have backups to fall back on and will suffer little to no downtime.
Backups are especially crucial now that ransomware cases are on the rise. Ransomware is a type of malware that cybercriminals use to encrypt their victims’ data. The victims are then told that the only way to regain access to their files is to pay a ransom. Studies say the average ransom in 2020 is $84,000.
Unfortunately, paying the ransom doesn’t guarantee you’ll get your data back. Research reveals that most businesses that resume their operations following a ransomware attack do so because of backups and not because they paid the perpetrators.
PaperSave ensures that your AP process will keep going even in the face of a hurricane, pandemic, or cyberattack. Discover the other ways in which we empower our clients by scheduling a free personalized demo today.