Each year, North American businesses spend about $187 billion on accounts payable (AP) processing. Innovative financial management tools that come with lower costs and bigger payoffs are on the rise. Top companies are adopting AP automations to streamline processes, increase efficiency, and decision making for almost 70% less than average processing costs.
Here are some tips on how to build a business case for it to convince your organization that it is a must have for leaders and teammates.
You should promote AP automation as a solution for the finance department’s problems. Remember that your teammates and leaders share the same overall business goals, just different strategies. Your finance team likely speaks numbers, so here are a few high-level points to share.
When preparing to pitch AP automation, keep both hard and soft costs in mind. Your exec team wants hard dollar savings that are easy to identify and quantify. Start the conversation with industry statistics. Be sure to have a clear understanding of your current costs and unique processes. Hear a several questions to consider:
Use a ROI calculator to get quantitative date quickly. The will show savings, but it should not be the only resource you use. Create a spreadsheet to show your costs, including number of employees, hours, and spend.
In addition to cost savings, share other benefits that AP automation offers. The two biggest benefits are control and scalability. With automation, you will always be able to track current and past invoices and payments. Greater visibility means better controlled finances. As your company grows, scalability will be manageable.
With a substantial investment on the line, it is necessary to address all concerns when considering AP automation. According to Paystream Advisors 2018 Payables Insight Report, 36% of organizations are not investing in payment automation solutions due to lack of budget. About 21% of companies are content with their current processes.
Some organizations have a lack of understanding the solutions that are available and fear they have a low ROI. Therefore it is critical to communicate how AP automation saves Sage Intacct users from fraud, employee burnout, and manual mistakes. Here are some common concerns:
Sage Intacct users will continue to reap the benefits of automaton, including robust reporting and processes that automatically adhere to compliance. Team morale may also improve as they realize you have invested in quality technology that improves their lives.
Content originally from Sage Intacct.
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