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Resources   /   Blog


BUSINESS CONTINUITY: 6 WAYS ACCOUNTS PAYABLE AUTOMATION CAN BOLSTER YOUR
COMPANY’S PLANS

March 16, 2020


As more and more companies think about business continuity plans, leaders are
focusing on how to maintain processes that are mission critical to keeping the
lights on.

Mark accounts payable (AP) at the top of the list, as businesses will have a
hard time operating as usual without processing payments to their suppliers.
(Like the ones who literally keep the lights on.)

But many companies still rely on manual, paper-based AP processes, which can
make it difficult to ensure they run smoothly in case of an emergency.

Fortunately, AP automation can help keep a business moving by ensuring your AP
department can continue to approve invoices and make payments securely and
efficiently at any time, from any location.


HERE ARE SIX SPECIFIC WAYS AP AUTOMATION CAN BOLSTER YOUR BUSINESS CONTINUITY
PLANS.


1. AP AUTOMATION PROVIDES A CENTRAL HUB FOR ALL YOUR PAYMENT RELATED FILES

Activating your business continuity plan likely means that you can’t be in the
office, sifting through file cabinets. You’ll want to be able to quickly access
any payment-related file with the click of a button.

AP automation provides a cloud-based, central repository, so you don’t have to
rely on those file cabinets. And because it’s in the cloud, anyone can access it
from anywhere.


2. ANYTIME, ANYWHERE ACCESS TO VIEW AND APPROVE INVOICES

In a manual process, reviewing and approving invoices can take days and include
many different approvers. Waiting on approvals slows down the payment process,
which could lead to late payments.

And the level of difficulty multiplies if you’re not in the office.

With AP automation, you don’t have to be in a specific place to approve invoices
and make payments. All you need is internet access, and you can view and approve
from your phone or laptop.


3. YOU CAN CREATE CUSTOMIZED, AUTOMATED WORKFLOWS

AP automation allows you to create custom workflows with both rules and
restrictions. These eliminate the hassle of constantly reaching out to different
individuals for approvals every month and provide you with control and
visibility over the process.

And in case someone is out of the office or unable to work, your AP team can
reroute approvals so business continues as usual. As an added benefit, all
historical actions and comments are recorded, so the new approver can step in
without missing a beat or a detail.


4. SOPHISTICATED REPORTS ARE JUST A FEW CLICKS AWAY

In a manual process, the AP department would spend a lot of time pulling piles
of paper out of file cabinets to get an overall picture of the company’s
finances.

Fortunately, AP automation simplifies the process by providing comprehensive
search and reporting tools. This makes it quicker and easier to gain data to
make strategic business decisions when you’re under pressure and don’t have
access to usual resources.


5. ELECTRONIC PAYMENTS PROVIDE EASY PAPER CHECK ALTERNATIVES

If you’re still leveraging paper checks as a payment form, you may run into
trouble during times of crisis. However, with solutions that provide e-payment
options, you can continue paying suppliers even in times where person-to-person
delivery of physical checks isn’t feasible.


6. SERVICE TEAMS CAN HELP IMPROVE YOUR SUPPLIER RELATIONSHIPS

The best automation solutions combine dedicated service teams along with
software to take on the tedious tasks of keeping up with supplier payment
preferences.

And in today’s environment, this becomes especially appealing. You’ll have a
trusted AP ally who will continue to maintain contact with your suppliers to see
how, if at all, their acceptance conditions are evolving, making sure they are
receiving your payments and processing them.

If AP automation sounds like a good fit for your business continuity plan, we’d
love to chat.

Schedule a demo or learn more about our solutions today!


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August 31, 2023


AUTOMATING YOUR AP IS WITHIN REACH

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