Digital transformation is a goal that’s been around for several years, but in the last year it has gone from a one to five-year project to a chief priority, time-sensitive project. The truth is — the workforce is changing. Expectations are in flux and the need for advanced and low touch processes is more imperative than ever.
What does digital transformation mean for finance departments?
Most often, it means accounts payable (AP) Automation.
AP automation, broken down to its bare bones, means using technology to move away from manual and paper-burdened processes. Instead of paying your vendors via paper checks, automation enables you to process and approve payments electronically from wherever you are. Instead of handling paper invoices, they are scanned and data captured before being entered into a digital approval workflow.
Discover more about how AP automation works and its impact on finance departments by checking out our extensive AP Guide today.
Deciding to buy into the technology is a simple proposition, that's been covered before. In this article we’ll look at what this means for the non-digital ‘human’ side of the equation and why the different AP roles should support AP digital transformation.
A survey of senior executives came away with the conclusion that digital transformation goes over better when the team members affected by the changes have some say in the implementation and understand how it would benefit their individual roles.
It’s important to frame AP automation, as with any new technology, as a means for your staff to become better at tasks they are already doing well.
For AP Managers, AP Automation Software results in:
Digital processes managed from anywhere
Eliminate opportunity for mistakes
New capabilities and tools requiring less manual input
The disappearance of paper invoices and paper checks
Replace stuffing checks into envelopes and mailing them with more efficient and cost-effective electronic payment process. Advance towards electronic invoices that are automatically scanned and entered into a digital workflow where they are verified by our advanced AI using features like purchase order (PO) matching. They are then emailed to your pre-set approvers for a final review.
Get a deeper look at our invoice automation solution OnPayConnectInvoice today.
According to CIO.com, today the lines between physical and digital processes are blurring and we are on the brink of a digital B2B payment revolution. New technology and increased emphasis on remote capabilities are dramatically changing how AP departments function.
The use of cloud technology, in particular, was found to have a positive impact on AP departments because it enables automation that removes human errors and wasteful activities from the process and ensures precision at every step of your workflow.
Most importantly, to IT managers and CIOs, though, is that it offers maximum security. Summed up, cloud-based portals and operations safeguard transactions and offer increased opportunities for your business to enhance experiences for your staff and vendors.
Our Cloud-Based Systems Will:
Preserve data integrity
Lighten the burden on your IT team
Offer 100% visibility into cash-flow
Seamlessly integrate with ERP systems
CFOS and controllers are both familiar with AP processes from different angles. Controllers handle the connections between AP and the rest of the company while CFOs manage overall AP strategies and goals. Both benefit from AP automation in that it will help their company’s growth and well-being without hindering staff.
The time has never been better for CFOs to start digitally transforming.
A recent CFO.com study found it is essential for CFOs and controllers to think of digital transformation as something that is simultaneously modular and nimble. It doesn’t have to be an all-or-nothing proposal. It’s possible, even preferable, to automate and digitally transform portions of your AP department at a time, at your own pace.
AP Digital Transformation Enables:
Standardized processes and transactions
Centralized customizable workflow and approvals
OnPay Solutions does all of this and gives you complete visibility and control over your AP departments. Electronic processes make life easier for everyone involved. Best of all, everything is handled just as easily from the boardroom as the breakfast table so you don’t have to worry about not being able to adapt to our new high tech, low touch economy.
2021 is shaping up to be a transformative year for accounts payable (AP) departments. Businesses that want to stay ahead of the curve will invest in seamless, agile, and reliable automated AP systems.
AP automation has encompassing and high-level benefits, but there are more specific ones for the individual roles once you drill-down into the details. Guarantee support from the human side of AP Automation by emphasizing the ease of use, increased security, and customizable processes that come hand-in-hand with accounts payable automation.
Here at OnPay Solutions we provide an AP automation solution that reduces costs while delivering the highest security protections and providing a transparent audit trail of the payment process. Our expert team prioritizes client satisfaction!
If you’re ready to start a conversation about advancing your AP department forward with our help, reach out today.
Interested in learning more? Check out these related resources:
- AP Guide, Chapter 5: Automation Impact by Role
- AP FAQs & Definitions
- Accounts Payable Automation Strategies for Success
- How to Prioritize Your AP Best Practices