Change comes slowly to accounts payable.
One factor is the long average tenure of accounts payable professionals compared to other finance and administration functions (per the Institute of Finance and Management).
Another factor is that organizations feel overwhelmed by the scope of potential change. Six percent of organizations surveyed by PayStream Advisors said that not knowing “where to begin” is their biggest barrier to accounts payable automation.
Finally, suppliers may be reluctant to change to their processes, particularly if they fear a potential impact on their cash flow.
Whether it’s front-line staff or suppliers, stakeholder acceptance is crucial to any successful accounts payable automation initiative.
Fully automated accounts payable solutions offer benefits that all stakeholders can rally around.
- Cloud-based systems do not burden departmental or IT resources and minimizes the need for specialized supplier training
- The seamless integration between a fully automated accounts payable solution and legacy systems minimizes the need for initial and ongoing IT support and training, provides users with a familiar, easy-to-use operating environment and standardizes security and control
- Suppliers can submit invoices in virtually any format
- Configurable workflows support virtually any business requirement
- Suppliers receive the remittance data they need to post payments straight-through
- Flexible reporting provides stakeholders with the insights they need
Don’t let fear of change keep you from automating accounts payable.