Systematic Risk of Not Using Accounts Payable Automation Software

Organizations of all sizes stand to gain considerable efficiency, accuracy, security, and cost savings by implementing accounts payable automation software. These solutions involve the use of technological infrastructure, allowing for the automation of payment processes, document capture and storage, process visibility and reporting. Yet despite the manifold advantages of deploying such a system, many decision-makers still hesitate?risking the margin-thinning and security issues that stem from a manual process.

In today?s digital age, accounts payable teams should embrace technological advancement to ensure the security of their data and finances. And by failing to do so, organizations unleash a veritable maelstrom of risks. Chief among these is a process that is inefficient and time-consuming. In the absence of automated software, accounts payable departments must manually oversee the remittance of payments, forcing labor costs to rise and turnaround times to decrease. Moreover, they must contend with inherent inconsistency in their data and processes, accruing numerous opportunities for an array of errors.

Human error, of course, has no doubt been responsible for thousands of dollars of lost, or unaccounted for, payments. Manual accounts payable operations also open the door to security breaches, as adversaries may gain access to key information, or inappropriately access predetermined finances. But perhaps the most worrisome consequence of not using automation is the total inability to measure workflow performance. Without established metrics, C-level executives are unable to track, or even approximate, the effectiveness of current operations, making the optimization of their financial processes drastically more difficult.

Ultimately, ignoring the power of accounts payable automation software is an unsustainable risk for any organization. Uncertainty and security issues abound, as do significant financial losses. Deployment of automated solutions safeguards financial data and increases both the accuracy and accountability of any accounts payable process, while also reaping considerable cost and time savings. Adopting such a system is easily the wisest decision a C-suite executive can make?allowing their organization to thrive in the modern business world.