Going for Gold: How Accounts Payable Automation Wins the Efficiency Olympics

Once upon a time, every business was a small business. It was run by the owner, maybe the spouse. They watched every penny. Today, finance managers need to think like entrepreneurs, constantly pushing to drive efficiency and stimulate growth. Just like Olympic athletes pushing their limits, striving finance managers support business growth by automating their processes. Efficiency is the ultimate prize. Finance managers can achieve this by automating their accounts payable (AP) processes. With AP automation, you’re taking a leap towards unparalleled efficiency, performing a perfect Biles II on the balance beam of financial operations.

Consider this: the American Productivity & Quality Center  found that organizations with high AP automation spend just $2.07 per invoice, compared to $10 for those with little to no automation. Automated AP departments process 23,333 invoices per employee annually, while manual ones manage only 6,082. These gains are why 44% of businesses plan to automate their AP processes, capitalizing on a 73% increase in efficiency and an 81% cost reduction. The question is, is your organization ready to go for gold?

Maximizing Efficiency with AP Automation

Imagine your AP team, once buried under paperwork, now flipping through invoices with the precision and ease of a gymnast nailing a perfect routine. That's the transformative power of automation.

Here's a real-world example:

ThoughtSpot, a technology company in California, used to spend hours manually entering invoice data. Their single accountant handled all bills, ensuring each was correctly classified. As ThoughtSpot grew, this process became unsustainable. They turned to Corpay's spend management platform, Corpay Complete, and experienced significant time savings in their AP processes. Read the whole story here.

As companies like ThoughtSpot automate their accounts payable, they boost their efficiency and outshine competitors. Remember, efficiency isn't about working harder; it’s about working smarter. AP automation is your ticket to working smarter.

Enhancing Financial Performance with AP Automation Software

Think about the cost of processing daily transactions. Shuffling papers, entering data, and chasing approvals all cost money. Automation slashes these costs dramatically. It's like upgrading from a gas-guzzling truck to an electric car — suddenly, your budget goes a lot further.

Beyond saving money, automation gives you clear insights into your cash flow. No more second-guessing bill due dates or payment arrivals. Automation helps you make smarter decisions about when to pay and when to hold onto cash.

Automation also means everything is recorded in real-time. Closing the books becomes just a matter of adding finishing touches to work that's mostly done.

Strengthening Security and Controls with AP Automation

Across every industry, security and fraud prevention in accounts payable are vital. AP automation upgrades your financial security system, keeping threats out while simplifying tasks for your team. It spots suspicious invoices or unusual payment patterns, something traditional accounting methods struggle with. Investing in AP automation is like investing in a vigilant guard dog that never sleeps.

AP automation software helps keep everything above-board, tracking who did what and when, making audits easy. It ensures all payments adhere to relevant laws and regulations, reducing the risk of sanctions, penalties, and fines due to non-compliance. AP automation makes processes faster, safer, and more secure, which is like winning a gold medal for your peace of mind.

Improving Vendor Relationships with AP Automation

Happy vendors make for a happy business. The speed, accuracy, and reliability of your AP team can strengthen vendor relationships and enhance your reputation where invoice errors, late payments, and fraud often strain vendor relationships. AP automation is a relationship booster for vendors.

Some systems even help you take advantage of early payment discounts, benefiting both you and your vendors. They get paid faster, and you save money. It's a win-win situation that highlights the value of AP automation. AP automation shortens the payment cycle and reduces human errors, keeping vendors happy. It's like always remembering your friend's birthday — it just smooths things over.

Bottom line? AP automation turns vendor relationships from "It's complicated" to "Best friends forever." You build trust, reliability, and opportunities for profitable relationships, which in business, is priceless.

Joining the Efficiency Olympics: Implementing AP Automation

Ready to go for gold? Here's how to start your AP automation journey:

1. Assess your current process. Identify bottlenecks and time-consuming tasks, just like you’re studying game tapes to spot weaknesses.

2. Find the right solution. Look for a system that fits your business like a well-tailored tracksuit — comfortable and performance-enhancing.

3. Implementation is a team effort. Get everyone on board, from the C-suite to the AP team. Offer training and support to ensure a smooth transition.

4. Celebrate your wins along the way. Did you process invoices faster this month? Celebrate it. In the Efficiency Olympics, every improvement deserves recognition.

Ready to take your AP process from amateur to gold-medal champion? Corpay’s AP automation solutions can help you cut processing costs, boost security, and strengthen vendor relationships. Contact our in-house experts to discuss your specific AP challenges and goals today.