The old saying rings true – nothing lasts forever. While this outbreak won’t last forever, we will always have bills to pay. And businesses still need to bring in money during times like these. Even in 2020, most businesses use manual, paper-based systems to manage their accounts payable systems. But the sudden influx of employees working remotely just proves what we’ve known all along – that paper systems are inefficient, wasteful, expensive, and prone to human error and fraud. It’s not clear when business will return to normal, but it is clear that if businesses want to weather this crisis and come out stronger, things need to change.
Most corporate purchases are low-dollar. However, when all is said and done, a $20 purchase can cost up to $80 after accounting for processing costs and cycle times. It wastes money, and it takes away time that companies could be using to provide customer service, nurture client relationships, and develop state-of-the-art products.
That’s where AP automation comes in.
AP automation software uses artificial intelligence to automatically match card charges and receipts, eliminating human error, fraud, and paper. There’s a wide variety of choices, but all effective AP solutions should have the following:
• Travel and expense management
• Invoice processing
• Purchase / prepaid card management
• Email notifications
• Mileage tracking
• Multi-currency support
• Tax tracking
• Proxy or delegate
• Policy compliance
• Status tracking
• Duplicate check
• Receipt matching
There’s no time to waste. The time to automate is now. To learn more, visit us at https://www.expenseanywhere.com/ or call us at 412-858-1111.