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 UJET
Further Reading
The demand for finance chiefs is growing. Yet more companies are replacing their CFOs. Even so, CFOs are a lot less worried about AI taking...
The majority of publicly traded companies say they will continue to voluntarily report greenhouse gas (GHG) emissions that are linked by ma...
There’s an old joke in the corporate world: Accountants are the people who tell you exactly where you’ve been — but never whe...
An Excel database is perfect for organizing — and clearly seeing — financial data. A database includes a series of series of re...
Heads up: Public accounting firms will need to implement (or update existing) quality control protocols. And they must reevaluate their qua...
Smart and efficient credit risk management is critical to the bottom line. It’s especially important if you’re like the many co...
