Common Myths about Finance Automation Implementation for Accounts Payable
Finance Automation for Accounts Payable
Automation is gaining popularity in finance, yet countless Accounts Payable (AP) departments still depend on manual, paper-based processing.
Traditional accounting processes are full of challenges that hinder AP departments, including slow processing times, greater risk of fraud, overdue payments, higher processing costs, and human error.
Finance automation uses machine learning and artificial intelligence (AI) to streamline accounting processes, enabling AP practitioners to dedicate more time to strategic initiatives and value-added activities relevant to their industry. While 80% of finance leaders agree finance must significantly accelerate its implementation of digital technology to effectively support the business by 20251, many are often hesitant to implement because of some of the myths about automation.
6 Common Myths about Finance Automation Implementation
- Implementation is time-consuming and complicated
- Finance automation technology is too advanced
- My company does not have the resources to implement
- Finance automation leads to job elimination
- Finance automation is too expensive
- Finance automation is not scalable
Benefits of Finance Automation with Paymerang:
- Streamlines the vendor payment process from start to finish
- Advanced fraud protection
- Saving organizations thousand of man-hours annually
- White-glove customer service
- Utilize AI to capture, read, and route invoices
- Instant visibility of all invoices and approval status
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