Why backups are critical in AP automation solutions

In any organization, accounting departments are likely to benefit the most from increased productivity, centralized data, and financial savings — all of which can be achieved with accounts payable (AP) automation. In fact, more and more businesses are turning to cloud-based AP automation solutions for a cost-efficient way to improve risk and cash management, free up internal resources, and enhance security.

Are you tired of these accounts payable issues?

The average accounts payable (AP) department deals with a variety of issues on a regular basis. Often, these problems are caused by outdated practices — paper-based invoice processing, check writing, manual record-keeping, and the like. If you’re noticing that the issues with your finances are becoming more costly, then it’s time to stop relying on manual AP processes .

What are the top challenges in accounts payable?
Here are some of the most common AP issues that can plague your business.

Avoiding manual data entry and embracing AP automation

Manual data entry is a crucial step in the accounts payable (AP) process, but it’s painfully outdated. If your bookkeepers are still manually transcribing data from one document to another, then you should consider AP automation instead. Here’s why:

1. Manual data entry takes too much time
Manual data entry can take anywhere from a few minutes to several hours to complete and can prevent your bookkeepers from performing higher-value tasks.

Maximizing data security with AP automation

Even in the middle of the coronavirus crisis, cybercriminals and fraudsters remained persistent, attacking organizations already reeling from the effects of the pandemic. The level of danger they pose isn’t likely to change in 2021, so it’s high time you invest in solutions that benefit or augment your business data’s security.

Why you should reduce reliance on paper-based AP processes

Good document organization is vital to your business’s productivity. If your company is not properly organized, paperwork can be misplaced, tasks can pile up, and you can lose valuable time that could’ve been used for more productive tasks.

The problem with paper-based processes
Despite the availability of digital solutions such as accounts payable (AP) automation, many businesses still rely on paper-based processes.