What to ask before automating A/P
Thinking about automating AP processes to rake in big savings? Start here.
In the midst of searching for the perfect system, one of the most important parts of the process can be overlooked: figuring out the current cost of what you want to automate — whether it’s invoices, payments, etc.
The complexity of the calculation can vary greatly, but this simple equation gives a pretty clear picture of your costs:
A/P salary (benefits included) ÷ the # of items processed = current cost
It’s also important to avoid including certain costs that remain part of your AP process, automated or not. Example: Certain overhead costs will not change even if you automate billing.
Of course, a detailed analysis of your current A/P process costs may reveal that a costly switch to automation isn’t worth it just yet.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
Let’s be real: The enthusiasm behind real-time (or instant) payments stems almost entirely from the seller’s side of B2B. After...
Among all the important tasks CFOs and collectors juggle every day is trying to reconcile accounts due. There may be more pressure this yea...
B2B credit departments are steadily embracing new technology and automation. But one area where companies are steadfastly sticking to the p...
If you’ve used Excel to create a database table with fixed formulas, and that table will be used by multiple people, there’s a ...
Your finance staffers watch for duplicates and other payment slip-ups all year long. But why should they be especially cautious this&n...
Plenty of financial gurus lauded the Federal Reserve for hiking interest rates and its stated goal of ratcheting down inflation. After mult...
