The time for change has come. Our current economic realities and the associated regulatory environment are driving the evolution of AP. Market leaders are harnessing new processes and technologies to achieve previously unheard of levels of timeliness, accuracy, visibility and control. While many businesses remain tied to labor-intensive manual processing, it’s becoming increasingly difficult for them to match automated competitors—or address concerns central to Sarbanes-Oxley (SOX) compliance.

1. The Benefits of AP
Automation: Why Companies
of All Sizes Should Seize
the Advantage
PETER BEPLER, CO-FOUNDER AND PRESIDENT OF ANYBILL
Since the days of the dinosaur, or thereabouts, manual
accounting systems and paper-based invoices have
been the backbone of Accounts Payable departments.
These familiar tools and processes met the needs
of 19th and 20th century enterprises, supporting
the financial reporting and control of nearly every
organization in the world.
The time for change has come. Our current economic realities and the associated
regulatory environment are driving the evolution of AP. Market leaders are harnessing
new processes and technologies to achieve previously unheard of levels of timeliness,
accuracy, visibility and control. While many businesses remain tied to labor-intensive
manual processing, it’s becoming increasingly difficult for them to match automated
competitors—or address concerns central to Sarbanes-Oxley (SOX) compliance.
Top-performing firms are realizing significant benefits through AP automation.
Five key advantages gained include:
1) COST ADVANTAGE through reduced operating expenses
2) CASH MANAGEMENT ADVANTAGE through better forecasting and
working capital management
3) DISCOUNT AND REBATE ADVANTAGE plus penalty avoidance
4) SIMPLIFIED COMPLIANCE with SOX and other government regulations
5) FRAUD MITIGATION deter fraud before it occurs and detect if it does
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2. THE BENEFITS OF AP AUTOMATION:
WHY COMPANIES OF ALL SIZES SHOULD
SEIZE THE ADVANTAGE
An AP Makeover
A 2013 report by PayStream Advisors shows, “More SME’s (small to medium
enterprises) rank themselves as innovators, having made significant investments
in automation—up 6 percent to 21 percent in 2012.” The transition to automation
is at last gathering speed, having been slowed in the past by aversion to change,
assumptions about cost, and misalignment between the CFO and AP
department goals.
The focused, operational concerns of a typical AP department are shown in
The Accounts Payable Network’s chart below.
TOP CONCERNS WORKING IN ACCOUNTS PAYABLE
Improving process/reducing errors
27%
Automating manual processes
15%
Managing time/improving productivity
12%
On time payments
11%
Reducing costs
8%
Leading and motivating staff
7%
Complying with tax and regulatory issues
6%
Developing and maintaining effective policies
5%
Communicating with internal and external customers
4%
Visibility of payables for cash management
2%
Spend analysis
1%
Other
2%
0
5
10
15
20
25
30
The CFO’s concerns are broader, including the economy (i.e., consumer demand,
Federal policies, and price pressure) and the company in total (i.e., working capital
management and ability to maintain margins and forecast results). While the goals of
each correspond, true process streamlining relies on their skillful combination, and
a clear articulation of AP automation’s benefits.
The goals of your organization’s CFO and AP department are combined through
agreement on the need for, and method of, process change. This means
centralization of AP, and commitment to automation. The benefit of automation
can be communicated to the CFO in the context of shared goals, such as improved
visibility, margin maintenance through spend analysis, elimination of costly manual
processes, and savings achieved through on-time payments.
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3. THE BENEFITS OF AP AUTOMATION:
WHY COMPANIES OF ALL SIZES SHOULD
SEIZE THE ADVANTAGE
With the appropriate automation solution in place, its economic benefits are
quickly apparent. Expect increased productivity, greater visibility and discount
capture, and better vendor pricing.
PRODUCTIVITY. The combination of automated solutions and process change
delivers the greatest results to AP departments. Centralizing AP into a shared
service environment, for example, and the integration of front-end scanning and
e-invoicing boosts staff productivity. Invoices pass through fewer “touch points,”
and management can become more strategic in business planning, expense
management and resource allocation.
VISIBILITY. Through automation, data becomes visible from the moment of entry. This
means accruals can be made more accurately, and all invoices can be tracked at any
point by AP, Purchasing and/or vendors. Enhanced, comprehensive data reporting
means cash requirements can accurately be forecast, progress can easily be tracked
against financial goals, and blind spots are reduced.
DISCOUNT CAPTURE. Fast cycle times let companies target discount capture.
Automation cuts the number of days it takes to make a vendor payment, resulting
in demonstrably higher levels of efficiency and profitability. One major corporation
estimates a $200 million addition to the bottom-line gained through discounts.
Automation also saves money through improved spend analysis and supply
standardization—catching inefficiencies like buying a product from the same
vendor at different prices.
Selecting an Automation Vendor
Your selection of an automation vendor begins with several considerations:
a) How will the chosen solution fit into your existing organization—and future plans,
b) Do you have monthly or seasonable scalability considerations and have you
allowed for M&A activity, and c) Have you looked at short-term options as part of a
longer-term solution (i.e., the use of scanning while automating invoice processing)?
The rising popularity of cloud-based services is indisputable. Software as a Service
(SaaS) has proven itself as one of the best ways to minimize set-up and configuration
costs while boosting overall efficiency. It offers other advantages including off-site
back-up storage and recovery, secure availability from any location, and
automatic updates.
Finally, as companies of all sizes embrace AP automation, they find integration with
existing in-house technologies and processes can be relatively simple when they’ve
paired with a capable vendor.
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4. THE BENEFITS OF AP AUTOMATION:
WHY COMPANIES OF ALL SIZES SHOULD
SEIZE THE ADVANTAGE
Summary
With automation, AP departments are uniquely positioned to cut costs, improve
operational efficiency, and enhance regulatory compliance. The attending process
changes align the goals of the CFO and AP departments by reducing costly errors,
switching staff focus to more strategic areas, maintaining (or improving) margins,
and more.
The trend toward automation is undeniable and continues to gain momentum.
As mentioned above, the time for change has come. Organizations that postpone
adoption of AP automation also postpone leveraging a powerful competitive weapon.
About the Author
Peter directs Anybill’s business strategy, focusing on the company’s marketing,
sales, channel partners and communications. As a co-founder, he plays a key role in
developing the Anybill solution and championing accounts payable automation for the
SMB market.
Before co-founding Anybill, Peter was Director of Business Development for
UniverseONE, Inc., a pioneer of online marketing. There he developed and
implemented web marketing strategies for clients and spearheaded the development
of online marketing best practices. Peter holds a Bachelor of Arts degree in Economics
from Kenyon College. In his free time he enjoys jumping out of helicopters.
About Anybill
Built on the premise that all payments are critical, Anybill was created in 2001 to transition any AP transaction to an automated solution.
We combine our proprietary technology with unmatched customer service to deliver a complete Software-as-a-Service solution. Clients retain
efficient workflows while gaining greater visibility and control, better cash flow management, streamlined approval processes, 24/7 accessibility,
and increased auditor confidence. Anybill works with clients ranging from non-profit associations to some of the largest multinationals. We are
headquartered in Washington, DC, and are SSAE 16 SOC compliant.
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1801 Pennsylvania Avenue, NW, Suite 700 | Washington, DC 20006 | W 202-682-6300 | F 202-833-2141