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
White Papers
Provided by Anaplan
Further Reading
The majority of publicly traded companies say they will continue to voluntarily report greenhouse gas (GHG) emissions that are linked by ma...
Let’s be real: The enthusiasm behind real-time (or instant) payments stems almost entirely from the seller’s side of B2B. After...
Finance technology is changing all the time. Trends come and go. But the underlying goals of finance teams don’t change much at all. ...
Believe it or not, there’s still money left on the table for companies that kept workers on their payrolls while struggling to stay a...
Year-end close is when many finance teams are vulnerable to burnout from a seemingly endless, high-priority to-do list of generating annual...
The IRS is extending an olive branch to businesses that received tax credits related to COVID-19 in error. The tax cops are launching a ...
