As automation takes back-end business processes by storm, organizations that still rely on manual processes are quickly going to fall behind.
The difference between manual processes and automated processes? Technological advancement! Manual processes require an extensive amount of human interaction and time, whereas automated software handles the processing for humans, and allows for oversight. Think of it this way - if you needed 500 donuts ASAP, would you rather have an individual worker mixing, baking and icing each one, or would you rather have a technology-based machine making multiple at a time, while the worker oversees and perfects the process?
I don't know about you...but I'd want those 500 donuts done quickly and right!
This is what suppliers are expecting from your organization's accounting team. Those batches of documents and payments better be processed quickly and correctly in order to maintain a good business relationship! As trivial as it may seem, many organizations do not realize the pain points that are actually holding the organization back from achieving goals and overall success.
Here are 5 Common Pain Points of manual business processing:
(1) Too Much Paper! While paper is good for documenting information...it is not so good for saving! Having stacks of paper documents, invoices and files in your back office clogs up the space and your processes! Worse than that, paper can be lost. If you only have one copy, how will you get another?
(2) Tedious Data Entry The amount of time, energy and staff it takes to manually fill-in document data is grossly inefficient for today's businesses. Your employees' focus should be fulfilling business goals - not indirectly dragging them down.
(3) Data Errors Nothing is worse than spending too much time on data entry, and then finding out you have data errors! This slows down the entire process and requires repetition of previous tasks.
(4) Slow Completion Rates A lot of work goes into completing your back-end processes. If this process is slow, completion and payment rates are going to be very slow as well. This leads to late payments, payment penalties and other costs that could have been easily avoided.
(5) Inefficient Audit Trail The ability to reference documents after they have been processed is important for your accounting team. Wasting time sifting through files should not be one of your employee's daily tasks. Digitally searching & retrieving your documents is quick, easy and secure.
Think about your organization. How many of these pain points relate to your current back-end processes? What other pains have you identified? Step one of reaching your business goals tarts with determining the areas for improvement. If you have figured these out - don't wait to implement an automation solution. Do some research and find a solution that best solves your unique pains.
To learn more about our AP solution, visit our page below.