Go Paperless – Familiarity breeds contempt!
Like any other long-lived relationship, the relationship between Accounts Payable and paper has also begun to see its happiness wither. It is worth wondering if it’s owing to dependability on an old methodology or something else is fuelling the fire. Too much familiarity helps you to take a better look at the flaws.
In a study conducted by Invocus (Invocus 2017 AP Report Card), some 67% of companies are still processing and maintaining invoice records in either paper or scanned/image formats. At this point, AP should delve into reasons that stop them from giving up paper and also factors that force them to change existing old processes for a fruitful tomorrow by adopting AP automation solution.
Top 5 reasons organizations cannot leave paper:
- Inexpensive – Quite a few organizations often look at small-term gains rather than long term profits.
- Few Invoices – Companies with a low number of invoices can afford to spend long hours and huge money in processing paper invoices
- Limited convincing capabilities – Few employees just fail or have yet to build up a good and convincing business case to deploy AP automation initiatives.
- Fear of change – Most organizations fear how their employees will react to new technology and are apprehensive to change existing processes.
- Lack of interest – Many companies is simply not interested in upgrading & improving existing old methods and upgrade to new technology and processes.
Top 5 reasons organizations should leave paper:
- Investment for future – Accounts payable is a technology that pays for itself. The benefits are irresistible, making sure to transform your short-term gains into long-term profits.
- Less paper leading to more savings – According to Aberdeen Group’s 2012 report, majority of the companies spend $6-$25 on processing an invoice whereas leaders maintain their positions by paying 50% less per invoice.
- Better case management – Companies can build a case around automation helping in better visibility and governance leading to improved strategic cash management decisions
- Change is the only constant – Solution providers can hand hold the complete change management process to help companies evolve from paper to paperless processes
- Interest pays the best interest – Adopting a new technology and embracing it by changing smartly can help your organization to become leaders
So, going paperless does have its own benefits and it might be in your best interest to adopt a seamless, touch-less e-Invoicing system. For more information, access Invocus 2017 AP Report Card.