As 2016 approaches, we have begun making our predictions for the accounts payable trends to come next year. For the next few weeks we will be posting our predictions on the MetaBlog, and we hope that you will contribute with your own predictions in the comments below.
Our first prediction is that AP departments will make a bigger push toward a paperless office. People have been talking about going paperless for years, but more recent “go green” grassroots movements have emerged and people are putting effort toward reducing their environmental footprints. One of the most popular ways business owners are doing this is by transitioning to a paperless office. They do this by offering e-statements and receipts to clients and customers, scanning company documents to make them digital, increasing their recycling initiatives and automating their paper-based processes.
AP automation software is gaining in popularity, and accounts payable employees that are buried in paper are realizing the hassles of their paper-based processes. Paper is causing problems in the workplace. It’s expensive to print and store, inaccurate and the cause of so many data entry errors and late payments. Today, compliance, accuracy, security and efficiency are important to a company’s success. Going paperless with AP automation can help improve all of these in that it helps companies better meet government requirements for document storage, improves accuracy by eliminating manual data entry, increases security by decreasing the risk of internal fraud and makes invoicing procedures faster, maximizing employees’ time.
Knowing this, we are predicting that 2016 will be a year of extensive growth in the number of paperless offices and accounts payable departments deploying AP automation. With people wanting to make a positive impact on our environment and climate, and AP departments seeing the benefits of workflow automation, we are hoping to see many more paper free offices next year!