The COVID-19 pandemic proved the resiliency of people, the benefits of technology, and how a lack of technology adoption inhibits organizations, specifically AP. For companies that had not adopted accounts payable automation technology prior to the pandemic, they were definitely feeling the effects of it in the midst of it, with many caught trying to maintain business operations and provide a safe work environment for employees without the assistance of automation. According to Ardent Partners in their “The State of ePayables 2021: Operating in the New Normal” report, “The lack of core AP automation in 2020 contributed to businesses forcing AP staffers to trek into offices during the most dangerous moments of the COVID-19 pandemic.” The good news is that this encouraged many organizations to finally jump on the automation bandwagon and invest in ePayables solutions.
Welcome to the MetaViewer Blog
Even though it’s 2021, some of the challenges still facing accounts payable departments are problems that have been plaguing them for decades. In a 2019 AFP Electronic Payments Survey by JPMorgan, they found that companies still make 42 percent of business customer payments by check. Ardent Partners also estimates that about half of all invoices are still sent to the receiver manually, often resulting in missing payments, delays, and errors. In addition to these challenges, NetSuite highlighted eight AP challenges. Here’s what they found:
Dynamics 365 for Finance and Operations offers an ERP tool set that provides intelligent technology and scalability that will allow your organization to grow at its own pace. Pair it with another powerful tool in your technology toolbox (*cough* MetaViewer Paperless Automation *cough*) and you have a fix-all solution to all your manual and paper-burdened processes.
Everyone wants to be the best, right? Becoming a best-in-class AP department is all about analyzing your current processes and procedures and adjusting them in order to make them more efficient, strategic and cost-effective.
What’s up with the state of ePayables? We teamed up with Ardent Partners to figure out just that in their report, “The State of ePayables 2021: Operating in the New Normal.”
Technology is surging and the future of accounts payable looks promising. Transforming AP is achievable and encouraged as more and more companies are embracing digital transformation and passing up companies that are lagging behind.
In our previous blog post we highlighted the top challenges that AP staff are reporting. These included invoice exceptions, high invoice processing costs, lack of invoice and payment visibility, long invoice and payment approval times, and too much staff time spent handling supplier inquiries.
The use of technology is surging, but there are still problems that are plaguing AP teams and causing them to lose money, time and a competitive edge.