3 Accounts Payable Automation Myths you Should Leave Behind
Accounts payable (AP) automation has been on the market for quite a while now. Many legacy systems pioneered decades ago. O.C.R (Optical Character Recognition) was at the forefront of the data capture technology and there was it. Artificial intelligence (AI) was something mysterious at that time. The possibility that it could change the way AP automation works was obscure.
Recent AI technologies in combination with O.C.R. are creating a new era of AP automation. It is changing the entire way of delivering value to our customers.
Efficiency, implementation and pricing models are all affected by the new technologies.
However, existing AP providers are not bringing breakthrough solutions. As a result, enforcing outdated beliefs about AP invoice automation. Luckily, it is changing now, and we are going to debunk the most popular myths associated with AP invoice automation.
#1 AP automation is too expensive
It can get expensive, but you have to watch what are you buying.
An outdated AP automation provider will charge you a premium price. Most of them are not using the latest technology. So, the implementation and onboarding fees will be high. On top of it, you will have to pay an ongoing maintenance fee.
This is not the case for a modern, cloud-based, software-as-a-service AP solution. With a multi-tenant approach, it is highly scalable and doesn’t require ongoing support or user-based licensing.
Morden AP invoice automation is available to a wider range of businesses and budgets.
At Ocerra, we are bringing the latest technology on the market. Our pricing model is transparent, and we are not charging maintenance fees. As a result, ROI is down from 9 months to 3 months.
#2 Implementation process is too complex
There is false thinking that AP automation entails complex and time-consuming implementation. Often, implementation means integration with a financial or ERP system.
Integration with any popular system such as MYOB or Xero is very simple. It should not involve any effort or technical skills. At Ocerra, we offer out-of-the-box integrations with MYOB Advanced, MYOB AccountRight and Xero. Out-of-the box implies effortless connections and publishing to your system.
If a business has a custom made or industry-specific software, it can take some effort. Though, it should not suck the energy and the resources of the client.
At Ocerra, we offer open API access and provide you with all the necessary information. You can learn more about it here: Ocerra Integrations: out-of-the-box, Open API and OData.
#3 We are too small or too big for AP automation
Having fewer people doing manual job is a huge advantage for any business. For a smaller company, it means that accounting and finance team can have more opportunities to leverage their talent; rather than doing routine tasks associated with supplier invoice processing.
No matter the size of the company, you can still save time and money by using AP automation.
For a bigger company, it also implies that there is no need for hiring and training data-entry staff. Still, large companies worry that AP automation may bring chaos to the entire process. This is a complete myth based on the belief that implementation is too complex, see myth 2.
We understand that implementation is not only about integration. AP process involves many people and steps, especially if it is quite a large company. Management has to also understand that there is always an implementation curve. And, it is not permanent. Once you are past the status quo, everyone will be better off.
At Ocerra, we are aiming to make this process as natural as possible. It can join a company as an AP assistant, yes, you heard it right. Think about it as an extra support to your accounts payable team. It won’t interrupt or change the whole process on day one. It will work in parallel with your current processes, improving it step-by-step.
Eventually, there will be fewer people involved in routine work. A CFO will gain important data insights and full control of the accounts payable process. Learn how.
If you have any other concerns about AP invoice automation, we are open to talk about it.