The business landscape is changing rapidly, with technological advances dominating the commercial world – and accounts payable is by no means immune. This year will see several key areas of change that, if your business doesn’t keep pace with, could see your organisation left behind, with your revenue suffering.
AP automation is hardly new, but many businesses have yet to switch to fully automated accounts payable controls – but that could change in 2020. With digital technology growing rapidly and more companies revising their work practices, it will become increasingly important to remain competitive.
With hundreds (or more) of automated applications available for invoice processing, even the smallest business can enjoy the benefits, especially with cloud technology also surging. Automated accounts payable software, such as Statement Matching, doesn’t just save time and increase accuracy, but also gives managers more visibility over spending, cost-saving and financial management – facets that will become increasingly necessary in 2020. If you haven’t yet switched to an automated solution, now is the time to do so.
2) Cloud Technology
Many companies are investing in Cloud technology solutions and, for account payable teams, there are distinct benefits that are encouraging more businesses to make the switch. Being subscription-based, Cloud technology is a cost-effective solution for AP; in fact, many organisations who have already moved over to the Cloud have enjoyed an increase in profits. Cloud storage offers account managers more open access to financial data, while the software – which can be viewed from any location on a multitude of devices – enables invoices to be processed swiftly, without delays.
3) Fraud Prevention Plans
Fraud, particularly internet-based crime, is on the increase, with over 323,000 incidents reported by Cifas, the UK’s fraud prevention service, in 2018, including some major businesses. Criminals are continually reviewing and amending their methods, so organisations need to stay ahead of their game. Accounts payable departments are particularly vulnerable to fraud, although a robust solution that weakens the reach of criminals is simple: Eliminate the paper trail and switch to automated software, such as Statement Matching, that retains all the necessary data and eliminates unnecessary paper, without losing the ability to track a sale or purchase at any given moment.
4) Demand For New Skillsets
It could almost be termed ‘Man versus the machines’: artificial intelligence is already making in-roads into processes and tasks previously undertaken by humans. This revolution in technology is only going to quicken pace and become more invasive in the workplace. With the ever-changing nature of AP, skills such as data entry have become the bread and butter for accounts payable teams.
Find Out More
If your AP department needs a makeover and could benefit from increased accounts payable efficiency, get in touch to receive a live demo of Statement Matching, the automated AP software that will ensure your organisation keeps pace with change in 2020.