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
Further Reading
Sales tax compliance is a demanding job for finance teams like yours. For example, comparing the number of tax rate changes across the U...
Extending credit to customers is riskier than ever. Whether it’s an existing customer looking for more favorable terms or a newer cli...
In case your finance team had been in cruise control heading into year-end because IRS’s quarterly interest rates hadn’t change...
Just as consumers are finally cutting back on spending, we can count on B2B customers to do the same, across all industry sectors. The good...
B2B credit departments are steadily embracing new technology and automation. But one area where companies are steadfastly sticking to the p...
Brace yourself: About a third of accountants are making multiple errors every week. Fifty-nine percent are goofing up on a monthly basis, i...
