The employees working day in and day out in the so-called “trenches” typically understand best how their department functions. Key employees recognize wasted time and money in departments such as accounts payable, where manual tasks take days or weeks to complete. Instead of remaining complacent, savvy professionals see an opportunity to educate the C-suite. One area that is of particular relevance to the C-suite is automation. However, the C-suite is often reluctant to spend money on automated solutions, and must be briefed on the facts and figures that support its value to the organization. Discover how to convince the C-suite to adopt an accounts payable automation system.
Be Ready to Explain Why
It is essential to gather facts to sell the C-suite on automation. How long does the current manual process take to complete the invoicing process? A savvy financial pro can explain how much time an accounts payable automation system can save when tackling routine tasks. Automation eliminates late payments and enables companies to take advantage of discounts for paying invoices early. The AP team can use the time saved to focus on higher-level projects that help the company save money. The result is a notable, fast ROI on implementing AP automation solutions.
Refusal to Move Past the Current Processes
Sometimes the C-suite takes an approach that if a system is not broken, it is not necessary to try to fix it. Refusing to move past current antiquated processes holds organizations back from a higher level of success. The AP team must explain how long the manual process takes, as well as the attention to detail required. Working at this speed and intensity is likely to lead to errors, which can cost the company significantly. And with accounts payable automation, AP operations are more visible. The C-suite gain greater control of this essential data, including when invoices arrive and get paid. These updates can be checked in real-time from any location.
Everyone Else is Doing It
Research the current statistics on the adoption of accounts payable automation by leading companies across the country. It is estimated nearly all the major corporations will adopt AP automation within the next five years. Executives have discovered the advantages of using an automated system. Invoices are paid promptly, and companies are receiving discounts rather than covering late fees. And fraud is becoming less prevalent because automation detects irregularities that indicate exploited processes. Plus, the C-suite doesn’t want to get left behind as everyone else adopts automation. Companies ready to embrace more efficient methods are respected for their ability to see the benefits of new digitalization opportunities.
Return on Investment
Perhaps the biggest question the C-suite has is whether there will be an ROI on automated solutions. If you select an AP automation solution that integrates seamlessly with your ERP, the savings will be almost immediate. Invoices will be processed quickly and accurately, eliminating errors and late payments. The AP team will focus on finding other ways to save money, such as vendor discounts. Accounts payable professionals will assume a more significant role in the organization, offering financial data and expertise to the C-suite. This data can be used to streamline operations further and benefit the organization. Plus, there will be clarity in the process from start to finish. Any team member or executive has access to AP updates and data. Greater visibility reduces the risk of mistakes and fraud, which are both quite costly to corporations. It takes little time to implement AP automation and educate employees on how to use it. And the returns can be notable within just a few months.
It takes research and effort to convince the C-suite to adopt accounts payable automation. Prepare your case, be ready to counter objections, and help the company take advantage of money-saving technologies to move seamlessly into the future of AP.