According to a recent report by the AP & P2P, 70% of finance leaders surveyed say their AP departments have already automated their invoice and payment processing. More than 50% anticipate that they will completely eliminate the paper invoices they currently receive from suppliers. If you are not one of them, you likely will be soon.
The benefits of AP automation are clear. Increased efficiencies and better staff productivity are among the biggest benefits of automation. The question is, for those companies that have not already digitized, why not? Fear of change or budget restrictions.
Concerns about security? Definitely. There might appear to be a disconnect between what many AP automation providers boast as an AP automation solution that is both transparent and secure. Typically when we think of secure, we imagine things like being locked in a file cabinet, stored in a bank vault or safe, accessed by only certain people with biometric verification. That doesn’t sync up with something that is transparent—fully visible, out-in-the-open.
But actually, transparency and security overlap more than you think when it comes to cloud-based AP automation.
Security was the hot topic of this year’s 2019 Consumer Electronics Show, the largest and most influential technology event in the world. In fact, David Rabin, Lenovo Vice-president of Global Commercial Marketing, said in an interview at the conference that “with the proliferation of smart devices, businesses are put at risk by something as small as an employee bringing their phone to work.”
When it comes to AP automation sensitive documents are much more secure in the Cloud. Here’s why:
Your AP automation system can, and should, be as transparent as it is secure. Notice how authorized users can access documents—stored securely in the Cloud—to see exactly where they are in the workflow, as well as the history of who has accessed, approved, commented on, and moved to the next step. That’s transparency. And you can’t have transparency or security when you’re searching piles of papers on who knows whose desk!
Contact us at e2b to learn more about Sage Intacct. There’s a Reason Sage Intacct is the AICPA’s Preferred Provider of Financial Applications.