Benefits of Going Paperless for Utility and Energy Companies

Did you know that going paperless can save your utility or energy company a significant amount of money? In fact, estimated that businesses can reduce invoice processing costs by up to 66% with a paperless system. That’s because automating the process with software eliminates the need for human intervention, which means there are fewer mistakes and less wasted time and resources.

In this blog post, we will discuss the benefits of going paperless and how automation software can help your business achieve this goal. Look no further, we’ve got your new paperless-office strategy covered.

Why Should Energy And Utility Companies Go Paperless?

According to a recent study by Deloitte, 46 out of 54 US investor-owned utilities committed to reducing carbon emissions, many by 2050. The study explains the primary goals of the energy and utility industry as we head into the future:

“[…] boosting clean energy, ensuring reliability and resiliency, and maintaining security, while keeping costs down. To tackle this tall order, the electric power industry will likely continue to advance in its ‘3D’ transformation: decarbonization, digitalization, and decentralization. We’ll be watching for technology deployments to advance and markets to evolve.”

There are many reasons why your energy or utility business should consider going paperless, but with the industry’s focus on renewable energy and green practices, digital transformation is all the more crucial. As your company prioritizes implementing digital software like AP automation, you can meet your sustainability goals while also experiencing the many of the operational and financial benefits of going paperless.

What Are The Benefits Of Going Paperless?

There are numerous benefits of going paperless, but here are a few key advantages that your utility or energy company can experience:

Cost Savings

As we mentioned before, automating your AP process comes with a significant ROI. While the average business spends about $17.61 per invoice, World-Class AP departments that utilize AP automation software cut their cost per invoice down to only $2.42 per invoice.

Paperless automation software reduces these costs by eliminating manual data entry for improved accuracy and efficiency. You’ll also save on operational costs, paper, storage, and shipping costs by going digital.

Try out our Paperless ROI Calculator to see how much you could be saving.

Faster Invoice Cycles

With paperless AP automation, you can expect to see a drastic reduction in your invoice processing time. Because the entire process is automated with built-in workflows, invoices are automatically moved onto the next step to avoid bottlenecks that slow down your AP process.

When your invoice cycles are faster, your company can also capture early payment discounts and benefit from improved relationships with vendors.

Operational Efficiency

Paperless AP automation will streamline your entire process and make it more efficient. With built-in workflow approvals, you can customize the steps for each invoice and ensure that they are routed to the appropriate person for review.

This level of automation will not only improve your overall efficiency but also reduce the likelihood of human error. Your finance teams will be relieved of their manual data entry responsibilities and empowered to focus on tracking metrics to improve your business. Your company can also cut down on employee overtime for reduced labor costs that also save your staff from potential burnout.

Increased Visibility Into KPIs

Digital AP automation gives you complete visibility into your spending at all times with real-time data and analytics. With this level of transparency, you can make more informed strategic decisions about where to allocate your resources. You’ll also have greater control over the entire process and be able to catch errors or fraud quickly, all on one cloud-based system.

Heightened Security Measures

When you go paperless with AP automation, your data will be more secure because it will be stored electronically. This is opposed to a manual process where documents can easily get lost or stolen. With digital software, you can also set up permissions and access controls to ensure that only authorized personnel has access to sensitive information.

Improved Sustainability Practices

As we continue to focus on renewable energy and green initiatives, it’s important for utility and energy companies to consider their own sustainability practices. One way you can reduce your carbon footprint is by going paperless with digital AP automation.

You’ll not only save trees but also the water and energy needed to produce paper documents. Automation software also eliminates the need for physical storage space, which reduces your company’s reliance on natural resources. A paperless office is a win-win for both your business and the environment.

Read more: Why You Should Transition Accounts Payable To Paperless

These are just a few of the many benefits that your utility or energy company can enjoy by going paperless. But how do you get started?

Go Paperless Today

If you’re ready to take your utility or energy company paperless, Mosaic is here to help. We offer a comprehensive AP automation solution that will streamline your entire process. Our software is easy to use, scalable, and customizable to fit the unique needs of your business.

We also offer paperless consulting and expert support every step of the way so you can be confident in your transition to a paperless office.

Contact us to go paperless today!

How AP Automation Software Integrates With Top ERP Systems for Improved Efficiency

One of the best ways to improve efficiency within a large organization is to integrate AP automation software into the existing Enterprise Resource Planning system (ERP). By doing this, businesses can manage their finances more effectively and improve overall operations.

There are many different AP automation systems on the market, but not all of them are compatible with ERP platforms. In this blog post, we’ll answer all of your AP automation questions and discuss which software solutions integrate seamlessly with popular ERP platforms for maximum efficiency.

What Is AP Automation Software And What Are Its Benefits?

AP automation software is a tool that automates the process of paying suppliers so your company can befit from a paperless office. An AP software solution streamlines the entire accounts payable process, from receiving invoices to issuing payments. This automation software can save businesses time and money by reducing the amount of manual work that is required to pay suppliers.

The business benefits of AP automation software are:

  • Faster invoice processing times and automated invoice workflows
  • Automatic 2-way & 3-way invoice matching with Intelligent Data Capture (IDC)
  • Mobile capabilities for real-time information from anywhere
  • Quick and easy invoice approvals
  • Increased security with access controls and paperless workflows
  • Cost-savings with early payment discounts
  • Eliminate slow and error-prone manual data entry and paper invoices
  • Improved supplier relationships
  • AP Automation and ERP Systems Integration
  • Visibility into cash flow and invoice analytics to track KPIs

AP automation software is a crucial step in any company’s mission to a true digital transformation and it can solve your company’s scaling challenges. Your business’ finance team is free from mundane tasks and empowered to focus on cash management and tracking KPIs with paperless invoice processing. However, to achieve maximum efficiency, your AP automation solution must be compatible with your business’ ERP system for an end-to-end solution.

Read more: Secrets of World-Class Accounts Payable Departments

Check out our Paperless ROI Calculator to see how much your business could be saving when you quit printing.

How Does AP Automation Integrate With Top ERP Systems? 

Not all AP automation software is compatible with ERP systems. In order for the two systems to work together seamlessly, they must be integrated. When an accounts payable automation solution is integrated with an ERP system, it becomes an add-on to the ERP. This means that the AP automation software is connected to the ERP and can be accessed from within the ERP system.

The integration process varies depending on the AP automation software and ERP platforms involved. In most cases, the AP automation software is installed on a company’s server and your automation software provider will provide in-depth training and consulting to set your team up for success.

Top ERP Systems That Integrate Seamlessly With AP Automation Software

ERP platforms are a popular choice for businesses looking for an all-in-one solution to manage their finances. ERP systems integrate AP automation software, making it easy for businesses to manage their accounts payable process.

The following are some of the top ERP systems that integrate seamlessly with AP automation software:

  • Microsoft Dynamics GP, AX, NAV, and BC
  • Netsuite
  • Sage 100,300,500 Intacct, x3
  • Infor Syteline
  • SAP
  • SYSPRO
  • QuickBooks Enterprise and QuickBooks Online
  • PDI ERP

If your company uses one of these top ERP systems, then you’re in luck! All of these platforms integrate easily with the best AP automation software solutions, making it easy to manage your accounts payable process and improve efficiency.

All of these platforms integrate easily with the best AP automation software solutions

If you’re not sure which automation solution is right for your business, or if you’re looking for a more comprehensive AP automation solution that integrates with multiple ERP platforms, then we recommend contacting an AP automation provider for a consultation. Make sure you always do your research and ask a potential provider about the automation solution’s integration capabilities.

Read more: Seamlessly Integrate Automation Software With Your SYSPRO ERP System

Epicor: The Best Accounts Payable Solution To Integrate With Top ERP Systems

Epicor AP automation software is one of the most popular AP automation solutions on the market. Epicor is a well-established company that has been providing AP automation software for over 30 years. Epicor is simple to use in your business and it integrates seamlessly with all of the top ERP systems listed above.

To set up Epicor AP Automation, you can choose between two deployment methods: Epicor On-Premise (Private Cloud) or use our Amazon Web Services hosted environment. The document automation software, user experience, and outcomes you get will be the same whether you pick a private cloud or an Amazon-based cloud; Epicor always delivers maximum efficiency.

The Challenges Of Implementing An AP Automation Solution And How To Overcome Them 

The AP Automation and ERP integration process can be a daunting task for businesses. That’s why it is important to work with an experienced AP automation provider who can help you get set up quickly and easily. At Mosaic, we have years of experience integrating Epicor AP automation software with all of these top ERP platforms.

Mosaic is an Epicor Gold Partner and our consultants will work with you to ensure we can deliver business-critical software solutions to implement paperless procedures for increased efficiency in your common business procedures. Many companies fail in their software implementation process by not getting specific about what they need or failing to do the necessary research.

Our Epicor consultants will help you choose a software solution that is tailored to your unique needs by providing visibility into where your key business processes are lacking and how they can be improved with a digital tool on your side. We make it easy for you to rest assured that you chose the perfect software solution and we will set you up with a complete training documentation package.

Training your team to adopt new workflows and responsibilities like tracking KPIs can take time, so our consultants make ourselves available to you whenever you need us. We understand that hiccups can happen along the road to implementing your reliable solution, so we take a human-centered approach in all of our employee training and tech support measures.

If you’re considering implementing AP automation software that integrates with one of these top ERP Systems, then check out our ERP Integration Services and our AP Automation Software Solution.

Contact Us today for a consultation. We’ll help you get set up quickly and easily so you can start enjoying the benefits of AP automation right away!

Printing is the Enemy of AP Automation Software

Companies that have invested in AP automation software often become frustrated when they don’t see the complete return on investment that was promised, but what these companies don’t realize is that they may be sabotaging their AP software’s performance by printing documents.

Printing is the enemy of AP automation software because it disrupts automated workflows and hinders your team’s ability to track key performance metrics. Printing is also expensive and it destroys the cost-effective benefits of a paperless office that automation software was designed to provide.

This article will explain why your team should quit that printing habit to improve your AP performance and capitalize off of all the performance benefits that automation software has to offer.

Printing Disrupts Workflow Automation Processes

AP automation software streamlines business processes by fixing the invoice approval process. Instead of the slow manual process of physically handing off invoices for approval and manually inputting data, AP software utilizes digital workflows to automatically move an invoice on to the next step in real-time. The software also offers an electronic signature feature so there is never a need to print and physically sign off on a paper document. It can all be done with a few quick clicks from your computer or mobile device.

With automated workflows on your side, your business can benefit from time savings, but when team members print out an invoice, the digital workflow is disrupted and slowed down. Lots of time is wasted in printing a document and it is entirely unnecessary. AP automation centralizes the accounts payable process to save valuable time, so why would you work against your software?

It may be a natural habit to hit print even after the software is implemented, but it is crucial to educate your team on how printing a document at any point of the AP process defeats the purpose of the software and adds unnecessary operational costs. Help your finance or AP department understand the benefits of electronic signature software and automated workflows so your company can leave the heavy lifting to your office automation solution and save valuable time.

Printing Hinders AP Automation ROI

AP automation software offers a strong ROI because core processes are done digitally instead of on costly physical paper. Print and mail procedures are expensive when you consider the cost of paper, ink cartridges, stamps, envelopes, and operating costs. The cost of fixing a single printer jam can also easily run up your office budget and if you run out of toner then business functions are put on hold.

With AP automation software on your team, your company will save significant funds while seeing a strong ROI on your investment because none of these printer costs are needed. However, businesses that fail to ditch their print habit end up wasting unnecessary resources and profits. Working against your office automation tool not only adds avoidable costs on the supply end, but print jobs also slow the seamless automated AP workflow, causing you to miss out on capturing early payment discounts for faster cycle times.

Check out our Paperless ROI Calculator to see how much your business could be saving when you quit printing.

Printing Ruins Visibility Into KPIs

By centralizing AP processes, your automation tool offers greater visibility into key metrics so your finance department can focus on tracking KPIs for increased performance and cost savings. By measuring your AP performance, you can easily set goals to cut the cost per invoice and speed up invoice cycle times for overall increased operational efficiency. However, when employees print an invoice at any step of the process, KPIs will be thrown off since your office automation tool will have no way to track the document.

There is never a true need to print an invoice at any step of the process because your office automation solution does it all. Your accounts payable team should focus on tracking process visibility when you make the transition to a secure, centralized AP process and let the software do the heavy lifting. AP automation software also offers user permissions and controlled access to digital files for increased security measures while physical document drafts always come with a risk. By taking advantage of workflow automation, heightened security, and process visibility your business will be well on its way to becoming a World Class Accounts Payable Department.

It may be difficult for your employees to adjust to different responsibilities but that is why it is important to educate them on the benefits of an office automation tool. Your AP team will soon realize that tracking key metrics and business functions is much more empowering than mundane manual data entry.

Read more: Successful AP Implementation: Solving Common Challenges with Preparation and Collaboration

For many professionals, printing is just a tough habit to kick, but once you realize the valuable time and profits that can be saved by going paperless, printing will be the obvious enemy.

If you’re ready to quit the print environment, check out our AP Automation Software solutions.

Contact Us to go paperless today.

Seamlessly Integrate Automation Software with Your SYSPRO ERP System

SYSPRO ERP is a world-renowned enterprise resource planning software that many businesses use to manage their operations. Even with SYSPRO on your side, it can still be difficult to keep up with the demands of everyday business processes, especially when it comes to Accounts Payable (AP).

That’s where AP automation software comes in. This software will help automate and speed up your business processes, saving you time and money. SYSPRO ERP also integrates seamlessly with AP automation software, so you can get started quickly and easily!

AP Automation Integration for Digital Transformation

Many companies give themselves a pat on the back when they implement an enterprise resource planning software like SYSPRO and wait years before they implement another software solution. The truth is that businesses need to be constantly implementing and utilizing new technologies to speed up business processes for true digital transformation.

AP automation is one of those technologies that can have a huge impact on your business processes and help your company keep up with the competition. By automating invoice approvals, you can speed up invoice cycle times, capture early payment discounts, and track KPIs to grow and scale.

SYSPRO ERP software integrates easily with AP automation software, so you can get up and running quickly without any disruption to your business.

SYSPRO ERP also integrates seamlessly with Sales Order Processing Automation Software to streamline the PO and sales order process and eliminate manual data entry for all non-EDI orders. When it comes to SYSPRO ERP, the sky is the limit. With a little creativity and the help of some powerful add-ons like AP automation software, you can take your company to new levels. Automation software also delivers cost savings for a true ROI.

Read more: How AP Automation Can Solve Your Company’s Scaling Changes

Choosing the Right AP Automation Solution

Many AP Automation software solutions can integrate with SYSPRO, but some do not, so it is important to do your due diligence when researching your options.

Since your automation solution must integrate with SYSPRO to be effective, begin your search by Googling “AP automation software integrations with SYSPRO.” You should see some options pop up on the search engine page and start to read through the informational pages to see what each company has to offer.

You should also consider the following factors:

  • Ease of integration
  • Functionality
  • User-friendliness
  • Customer service and support

Once you have taken some notes on the benefits of each software solution, narrow down your list to two or three business solutions providers. It is also a best practice to consult with your IT team and ask their opinion on the best solution for your company.

After you’ve chosen your top providers, reach out to each of them and inquire about their offers. Make a list of some questions that were unanswered in your research and schedule a demo with each of the providers. This is a great time to test their consulting services and see the software in action! When you’re ready to make a decision, compare pricing, features, and customer service to see which provider is the best fit for your needs.

Read more: How to Find the Right ERP Integration Provider

DocStar AP Automation Software for SYSPRO ERP

DocStar AP Automation is the best software solution to integrate with SYSPRO because it offers all of these benefits and more:

  • Real-time 2-way data sharing between SYSPRO and DocStar
  • Automate all of your document-related processes
  • Speed up processes with optimized efficiency
  • Gain visibility into KPIs to measure and scale
  • Take your SYSPRO workflows paperless
  • Cut costs and maximize profits

DocStar seamlessly integrates with your SYSPRO ERP system and it provides flawless accuracy on data scanning with Intelligent Data Capture (IDC). IDC technology uses artificial intelligence (AI) to read and learn SYSPRO data. This means that IDC can automatically index, sort, and route documents with 100% accuracy. All of your SYSPRO data will be available in DocStar ECM, and vice versa. You’ll be able to automatically process and approve invoices, quotes, orders, and other documents without having to leave SYSPRO. With DocStar automation on your team, your company time and money while making your SYSPRO workflows more efficient.

DocStar AP automation software is the best solution to integrate with SYSPRO ERP.

The software is easy to use and navigate, which will make the transition process less daunting for your team. With DocStar AP automation software, you’ll be able to speed up your entire business process and improve your bottom line to grow and scale.

Schedule a Demo today.

Mosaic Offers DocStar Consulting for Seamless SYSPRO ERP Integration

Mosaic Paperless Solutions is a DocStar expert, and we have lots of experience working with companies that use SYSPRO. We have the experience and expertise to provide visibility into where your key business processes are lacking and we will help you choose the right industry solutions for your company’s unique needs.

Once your team has chosen your software solution, our supportive consulting team will provide you with complete training documentation and resources, but we don’t stop there. Working with your trusted SYSPRO specialized solutions partner, we will be with you every step of the way to ensure successful and seamless integration and implementation within your accounting teams. Our DocStar consultants will be promptly available to troubleshoot any technical difficulties and answer any questions that you may have along the way.

Adopting new software can be stressful, but with the right solutions partner by your side, you can be confident that your SYSPRO ERP system will be seamlessly integrated with your new automation solution. Mosaic is here to help you get the most out of your SYSPRO ERP system with DocStar AP Automation Software.

Contact Mosaic today to learn more about our SYSPRO AP Automation Integration Services.

How To Get Your Employees Excited About Digital Transformation

Once your company’s senior leaders have developed a digital transformation strategy, it can be tempting to move full speed ahead with implementation. However, the key to long-term success in your digital transformation efforts is to get the entire organization on board and excited about digital initiatives first.

Digital tools play a key role in successful business outcomes, but all of the changes in procedure that come with transformation projects can be met with some pushback from employees. Your workers may have a digital skills gap that triggers frustration and other employees may fear that their jobs are being replaced. 

Business leaders have a responsibility to educate their employees about digital transformation initiatives to ensure a smooth and stress-free implementation process. With a little bit of extra support from senior managers and your digital business partners, your business can create a company culture that challenges the status quo and prioritizes digital transformation for business success.

Here are some tips to have a company-wide buy-in on your digital transformation projects. 

Educate Your Employees About Digital Transformation

It is important to educate your employees about digital transformation at every level because they don’t have the same vision of the business as company leaders. For example, senior executives have insight into how AP automation software will deliver ROI and cut costs, but the vast majority of employees in your AP department might just feel as though you are trying to cut out their jobs. 

In a Forbes article on digital transformation, Garth Andrus, co-author of The Technology Fallacy, explains, “A lot of digital technology is augmenting our jobs, not necessarily replacing all the jobs […] But there’s often so much more augmentation, and that’s difficult for people to weave into their work because they keep wanting to do the workaround they had gotten used to.”

It is important to have internal communication at every level to educate employees on the “why” of automation tools to help them see the bigger picture. Though employees’ responsibilities and daily business processes may change to incorporate new technology, the digital tools will actually make their jobs less mundane as they track KPIs and focus on scaling efforts. By educating your employees, you can empower them to feel excited about their central role in meeting business goals and reassure them that their roles are not at risk.

Follow Through With Training And Support

In any digital transformation project, following through with consistent training is key to a successful transformation. Even with a solid education of the “why” behind automation software and digital tools, employees are vulnerable to burnout and frustration when they become overwhelmed with entirely new responsibilities all at once.

One simple training session or video is not a sufficient company strategy for digital implementation. For your more tech-savvy employees, one training video might do the job, but for employees who have been in their role doing manual data entry with a paper process for 15 years, the digital experience will be foreign and training will take time. Be patient with your employees as they adjust to the new digital strategy. Business operations may slow down before they speed up, but this is normal.

To increase employee productivity and training success, senior managers should implement a buddy system and channels of communication where IT employees are paired with workers in other departments to offer consistent support and answer any questions. 

Your digital transformation business partner will also be ready to offer support and consulting during implementation, so take advantage of the materials that they provide and keep their contact information handy in case you run into issues. 

Read more: Successful AP Automation Implementation: Solving Common Challenges with Preparation and Collaboration

Offer Space For Feedback

To keep your employees motivated and excited about your digital transformation efforts, C-suite executives and senior managers should offer consistent space for feedback from employees in all business units.

A true culture of innovation is constantly reassessing and adapting to drive business success by maintaining internal communication. Your company will have greater insight into the benefits of transformation and areas where you can continue to improve when you make space for employees in the field to give feedback on their daily processes. When workers feel heard, employee experience is boosted and productivity increases to create a more mature organization.

Your business can also offer rewards, recognition, and incentives for employees who have performed well in transformation-specific roles to acknowledge their efforts and reiterate their value. Keeping your workers engaged, motivated, and excited about digital trends lies in how you treat them and how well you implement these new processes.

Mosaic offers numerous Industry Solutions for a seamless digital transformation. We are an Epicor Gold Partner with expert consulting services to ease your implementation process and get your employees excited about automation software. 

Contact Us today to get started.

It’s 2022, Stop Delaying Your Digital Transformation

It’s hard to believe that we are already into the second month of 2022, but time has a funny way of sneaking up on us. Technological advances in artificial intelligence and automation are moving at an all-time speed, so it isn’t unusual to feel overwhelmed with how to begin a true digital transformation initiative. 

Digital transformation is a set of connected digital technologies that work together to drive productivity, optimize work efforts, and set your business up to scale. While it may sound even more overwhelming to hear that you need to implement multiple digital solutions to have a true digital transformation, the truth is that it’s easier than it sounds.

Like with most rewarding ventures, starting is the hardest part, but once you make that commitment to a digital transformation strategy, your business will quickly reap the benefits of automated workflows and more visibility into KPIs. Each digital solution that you implement will also seamlessly integrate with another, so stop delaying your digital transformation and get started now.

The Cost of Delay

It may feel easier to hide your head under a rock at the mention of digital capabilities and machine learning in favor of business processes that kept you afloat in the past, but the costs of delaying your digital transformation far outweigh any digital investments you may make. 

Since the onset of the Covid-19 pandemic, we have seen increasing digital experiences for consumers while brick and mortar businesses went under at record speed. Businesses have adapted to consumer demands for a more personalized customer experience and faster processes with the support of digital solutions like sales order automation, AI-based knowledge bots, and mobile apps. The companies that have delayed their digital transformation plans are quickly falling short of their competition and losing out on opportunities to scale. 

Slow pen and paper processes cannot keep up with the inescapable market demands. Customer expectations have risen beyond human capabilities, so without implementing digital innovations, your company will likely see a profit decline in coming years. Digital strategies are essential to your business’s longevity. Stop delaying those digital transformation projects and begin setting your company up for future success for automation solutions.

Read More: What is Sales Order Automation and How Does It Work?

2022 Digital Transformation Trends

2022 digital transformation trends show that remote work isn’t going anywhere so digital solutions that ease remote business operations will be essential this year. HR automation software will be crucial to a seamless remote hiring and onboarding process without any bottlenecks in paperwork or task flow.

Read more: Human Resources (HR) Employee Software Management

Forbes and Plain Concepts both name automation software as one of the top digital projects to implement into your business this year. AP automation software fixes the invoice approval process with automated workflows designed to operate seamlessly and quickly. AP automation also utilizes intelligent data capture (IDC) for accurate processing to avoid the costly errors of manual data entry and deliver a strong ROI.

Read more: How AP Automation Can Help Solve Your Company’s Scaling Challenges

If your business already has a solid ERP system in place, then implementing these automation solutions will be even easier. Do some research on integrations to find out which digital solutions are compatible with your ERP system. An automation provider like Mosaic will also be happy to offer support and answer any questions that you may have along your digital transformation journey.

Design a Digital Transformation Strategy to Fit Your Business

No two digital transformation strategies are the same and your business should design a digital transformation strategy that aligns with your unique scaling and business goals. Business leaders should take the time to review current business processes to see what isn’t working and what can be improved.

Your company’s IT department may be able to offer suggestions on digital initiatives that will benefit your business and employees from different departments can also offer business insights that are essential to their roles. By taking the time to meet with your team, you can develop a cultural transformation that values feedback and continuous innovation to drive successful business outcomes.

Successful transformations also begin with a strong dedication to research. Look to digital industry leaders for actionable insights into how you can begin your company’s digital journey. Automation and digital software providers are also great industry experts for senior executives to turn to for guidance on digital transformation.

Read more: Successful AP Automation Implementation: Solving Common Challenges with Preparation and Collaboration

If your business has goals to begin your digital transformation in 2022, Mosaic can offer support to help you choose an automation solution that is tailored to your unique business needs. Check out our Industry Solutions to learn more about how automation software can benefit your business. Contact Us to get started today.

Is Paperless Accounts Payable Automation Software A Good Fit For Your Business?

As you consider your expense reports and scaling goals for the new year, your company is probably looking for new ways to speed up processes and cut costs. Paperless accounts payable automation software is a guaranteed way to deliver a strong ROI along with seamless invoice processing. But how do you know if AP automation software is a good fit for your business?

There are common misconceptions that some companies are too small to justify AP automation solutions or that it is not worth the investment on a tight budget. The truth is that most businesses who are looking to cut costs and scale will benefit enormously from paperless accounts payable software. 

This article will outline the problems that an AP automation solution will solve to help you meet your 2022 business goals. If these solutions are aligned with your priorities, then AP automation software is a perfect fit for your company.

Cut Costs with AP Automation Software

AP automation software cuts company costs to deliver a strong ROI. Have you considered the cost of printing paper invoices? Ink, paper, printer, and mailing costs stack up on top of labor costs. Manual data entry is also prone to error which can trigger overpayments, lost invoices, late payment fees, and duplicate payments that also cost your business profits.

According to Ardent Partner’s research, the average cost to process a fully-loaded invoice for those outside of the top 20% Best-In-Class is $17.61 while those who use AP automation solutions pay only $2.42 per invoice. Paperless invoice automation software uses Intelligent Data Capture (IDC) to quickly scan digital invoices and check for duplicate invoices or field errors. The AI technology that AP automation uses is simply faster and more accurate so your accounts payable department can focus on tracking KPIs that allow you to capture early payment discounts and have more visibility into cash flow. 

Say goodbye to filing cabinets and hefty supply costs. When your accounts payable team goes paperless with AP automation, your office will feel more spacious, your cash management will be more on point, and your menial costs will be eliminated. If spend management and increasing profits are important to your business, then AP automation will be a great fit.

Do you want to see how much you could be saving? Try our Paperless ROI Calculator

Improve Vendor and Supplier Relationships

Paperless accounts payable software improves vendor and supplier relationships by cutting invoice cycle times significantly. Have you ever sent late vendor payments that soured your relationship with a business partner? Slow paper processes frustrate vendors and supplies, while AP automation fixes the invoice approval process with built-in workflows so managers can approve invoices with a simple touch of a button. 

According to Ardent Partners’ research, companies that utilize accounts payable automation reduce their invoice cycles to an average of only 3.7 days while all others without B2B bill payment automation take an average of 17.1 days to process an invoice.

Manual processes put your business relationships at risk because vendor and supplier invoices shouldn’t take over two weeks to process. Your business partners are a crucial component to your success and they should never have to hunt you down to be paid. When your AP team comes off as unorganized, it reflects poorly on your whole business. By automating B2B payments, your vendors and suppliers are more likely to be loyal to your business because they see that you value on-time payments. Electronic payments and digital receipts are also a huge bonus because they help your business partners stay organized on their end.

If you are looking to improve vendor and supplier relationships, cut invoice processing cycles, and solidify lasting business partnerships, then AP automation is a great fit for your business.

Tighten Security Measures with Paperless Software

Let’s be honest, paper processes and stacks of paper checks are a huge security risk. A paperless process with AP automation software keeps electronic invoices in a secure cloud-based system with internal controls to keep your accounting systems safe.

Potential fraud risks are eliminated with built-in features to zip files and limit access controls in your AP automation software system. Only authorized approvers will be able to view invoices so the entire automated process is safe and secure as opposed to a loose paper invoice floating around on an employee’s desk.

If your company wants to tighten its financial security measures and improve document management in 2022, then a paperless accounts payable solution is a perfect strategy for reaching those goals.

Scale with Digital Transformation

The future of business rests on digital transformation and if your company has goals to scale, then implementing software solutions will be crucial to your success. The market is demanding faster processes with more digital features to improve the customer experience and this trend is only projected to grow. If your business wants to tap into new consumer bases and keep up with your competitors, then digital solutions should be a top priority.

Accounts payable automation software is a digital solution that will give your business the foundation you need to grow and scale. AP automation software has the capacity to process more invoices than your current payable team, so as you grow, the software will support your business and integrate seamlessly with other digital solutions like HR automation or Enterprise Content Management (ECM).

If you have plans to scale in 2022 and beyond, accounts payable automation is a great fit for your business.

Read more: How AP Automation Can Help Solve Your Company’s Scaling Challenges

Are you ready to take your accounts payable department and entire business to the next level? Contact us today.

 

Successful AP Automation Implementation: Solving Common Challenges with Preparation and Collaboration

Your company’s business processes will be cheaper, faster, and more secure with AP Automation software on your side, but with all necessary changes, there is a rocky period before seeing strong results.

Digital transformation may be daunting when your team considers the extra time and potential challenges that come with implementing a new process. However, the end result will leave entry errors and stacks of paper invoices as a distant nightmare when you’re accounts payable department processes paperless invoices for 86% less the cost in a 78% shorter cycle with AP Automation.

Preparation and collaboration are the tools you need for a successful AP Automation implementation. Here are some tips for combating common implementation challenges to ease your digital transformation.

Research Your AP Automation Solution

The first step to successful Accounts Payable Automation implementation is to research your software solution. Take the time to read case studies from other companies like you who have implemented automation processes and reach out to them to ask more questions about their experience.

Read some articles (like this one) about accounts payable solutions and research potential providers. Set up meetings with two or three providers that look appealing and come with questions and expectations. Take notes on the positives and negatives to prepare for potential challenges, set goals for ROI, and configure which solution is most tailored to your business needs. 

Questions to Ask Your Provider

Once you have properly researched your options and selected the right provider for your business functions, you should be asking the provider questions throughout the implementation process to ensure that you are well-informed and prepared for your accounts payable transformation. 

Here are some good questions to ask:

  • Do you have training materials for my team?
  • What is the expected implementation timeline?
  • Are there potential risks that I should know about? 
  • What are some of the biggest challenges you have seen during past implementations?
  • How well will this solution integrate with our ERP system and current processes?
  • How does this solution impact my vendors and customers?
  • What does your tech support look like if something goes wrong?
  • When can I expect to see results?
  • Do you have suggested backup plans in place in case something goes wrong?

Your implementation partner should have in-depth training materials for your team and strong answers to your questions throughout the entire implementation process. Your relationship with your implementation partner is also crucial to your accounts payable success, so if they aren’t responsive or prepared, you should consider a different provider.

Educate and Prepare Your Team and Promote Collaboration

Facing challenges will come much easier when your whole team is educated on the nuances of automation software and prepared for implementations. Some of your employees may fear losing their jobs to be replaced with AI solutions and other employees may be hesitant to change the daily tasks that they are already accustomed to. These concerns are normal and senior management should prioritize rolling out information and changes in a way that won’t cause excessive anxiety or panic among your team members.

Work with your dedicated implementation consultants to develop a management initiative that will ease the transition and promote enthusiasm for automation rather than fear. It may be tempting to move quickly with implementing your new software solution, but this isn’t the time to rush or skip steps. If your team rolls out aggressive implementation plans too quickly, you can risk pushback from employees and potential burnout.

Schedule meetings to educate and prepare the entire department. Outline the benefits of business process automation like electronic invoices, document storage, and centralized function, raise awareness of potential risks, and develop collaborative strategies to combat challenges. Take advantage of the training materials from your provider and encourage your employees to ask questions. Be patient as your employees readjust to their new responsibilities and support them throughout the transition.

Your IT team will also be crucial during this implementation phase, so prepare them properly and promote collaboration between technology experts and the administrative employees in your AP department. 

Communicate With Your Vendors

Your vendors will be among the most impressed by your AP automation software implementation when they receive faster payments, but there may be a time frame where payments are delayed as potential software conflicts arise. It’s important to make your vendors aware of your automation goals and review contractual documents and payment terms to ensure that they will still be paid on time during implementation.

Most vendors will be easy-going throughout the changes, especially if you have a strong relationship with them. However, if you have a history of late payments and missed invoices due to manual processing, your vendors may be less forgiving. In any situation, maintain consistent communication with your vendors and update them about your status in the AP Automation implementation plan. 

If you were formerly operating with paper invoices and checks by mail, then you will need to set your vendors up with direct deposit so make sure that someone in your AP department is in charge of gathering these document requirements. Once the more difficult implementation phase is complete, invoice processing will be smoother and faster with automated workflows and your vendor-employee relationships will improve significantly.

If you’re interested in beginning your digital transformation, check out our AP Automation Software from Epicor. Our reliable software suppliers are here to ease your transition and prepare your team for successful implementation.

Contact Us to get started today.

 

Why You Should Transition Accounts Payable To Paperless 

What are the main goals for your business? Do you want to increase productivity, raise revenue, and also grow your business? Oftentimes it can be difficult to discern a business trend from legitimate strategies with proven results. Transitioning to a paperless accounts payable process is a guaranteed way to boost productivity and scale your business.

The entire point of the Accounts Payable department is to pay bills and invoices for a business. This task, while seemingly quite simple, requires an extraordinary amount of effort, manpower, and money. Broken down into its most basic parts, there are two ways to achieve this task: with paper and without.

The Downside of Using Paper

There are many negatives to using a paper-based accounts payable process. First of all, it costs more to process invoices with paper. Paper processes are slow and they come with hefty supply, labor, storage, and processing costs. A paperless accounts payable solution will allow you to process invoices faster, capture early payment discounts, and eliminate supply costs. Check out our Paperless ROI Calculator to see how much you could be saving.

You are also more likely to have human errors with a paper system. Human error is always a potential issue with manual data entry and your company may fall victim to late fees or accidental duplicate payments. Digitized invoices with Intelligent Data Capture (IDC) and electronic invoice approval workflows eliminate common data entry errors and speed up payable processing.

In addition, going paperless is a much better eco-friendly solution. Paper accounts for 26% of all waste in landfills. The deforestation caused by our mindless and wasteful use of paper can have a devastating effect. Trees are needed to produce oxygen and to protect the world from additional Global Warming.

The Benefits of Automating the Accounts Payable Process

In addition to it being more eco-friendly and more cost-effective, there are a lot of benefits you will find with the transition to Accounts Payable automation software like:

  • Faster payments – Implementing AP automation removes the slow physical step of manual invoice processing where one staff member must pass along the invoice to a manager for approval or mail paper checks to vendors. Invoice processing speed will reach an all-time high when you make the transition to paperless accounts payable software. Automated workflows make the entire process seamless to help your business capture early payment discounts and eliminate late fees. 
  • Significant cost savings over time – Not only do paperless invoices cost less to process, but with a paperless accounts payable system, fewer employees are necessary. Some companies discover new roles and job titles for former AP workers in departments such as finance and accounting, analysis, internal processes, and business strategy. Improving your business processes by streamlining the approval process is a great way to reduce labor costs.
  • More storage space – Get rid of paper processes and paper records. A digital document management system like Epicor ECM will keep all incoming invoices, electronic records, and other digital files in one secure location. Transitioning to a paperless system will give you more storage space as you won’t have to fill your office with clunky filing cabinets.
  • Better vendor and supplier relationships – With paperless invoicing, your business will see happier vendors and suppliers who are pleased with how fast their payments arrive compared to the slow paper-based system that can take weeks to process payments.
  • More visibility into cash flow — AP automation software offers accurate reporting tools and metrics with real-time information so your AP team can have more visibility into the number of invoices you process a month, cost per invoice, how much you are saving, and how to boost AP productivity. This allows your accounting team to focus on cash flow management and business growth rather than tedious task of organizing and managing paperwork.

Additional AP Automation Features

The AP automation services at Mosaic have quite a few beneficial features:

  • Image capture – This saves your business in mailroom deliveries, envelopes to open, and postal charges that come with receiving invoices from remote offices.
  • Intelligent Data Capture (IDC) – You will no longer have to mess with manual data entry as there will be immediate tagging of all invoices.
  • Approval and coding – This allows you to pay invoices in ¼ the time, capture discounts, and avoid late payment charges.
  • Posting and paying – This saves you from slow and error-prone manual data entry into your ERP and it simplifies the vendor payment process.
  • Storing and retrieving – No file cabinets or filing supplies, massive space recovery, and no Iron Mountain relationships.

If you want to learn more have a look at What is AP Automation?

How to Make the Transition to Paperless Accounts Payable Software

Once you’ve made the decision to recycle those paper invoices and try paperless accounts payable process software, there are a few key steps to follow to make the transition go smoother:

  • Identify your goals: The first thing you need to do is pinpoint your specific reasons for transitioning into a paperless accounts payable process. Whether it’s to cut costs, reduce errors, increase efficiency, or free up staff, identifying your goals will ensure that everyone is on the same page and provide clarity for the entire team moving forward. It will also be easier to track your progress and measure your success.
  • Communicate with your team: Once your goals have been identified by each department, make sure everyone is in the agreement including leadership and management. By setting expectations and getting everyone on board, you can minimize future conflicts, as well as include any potential concerns from other employees through collaboration and integration. It is always great to look at each step to implement a new system.
  • Find a system that works for your office: When searching for the best AP automation services for your business, you want to make sure you’ll be able to integrate with your accounting software seamlessly and have the capability of handling a large number of payments, invoices, and transactions.

Moving Forward with Accounts Payable Process Automation

Getting everyone on board to transition to an accounts payable automation process will have your company one step closer to digital transformation. By following this simple guide, you can ensure that the process takes place as easily and seamlessly as possible so that you can spend less time on manual processes, and more on doing what you do best: running your business.

Contact Us to begin your digital transformation with a paperless accounts payable system.

 

How AP Automation Can Help Solve Your Company’s Scaling Challenges

If you’re looking to grow your business, an automation solution in your accounts payable department is a guaranteed strategy for solving your company’s scaling challenges. 

Modern businesses are abandoning slow and environmentally toxic paper-based processes in their AP departments in favor of an automation solution. Manual data entry and invoice processing are error-prone practices that cost your company valuable profits, while AP automation software will set your business up for long-term growth.

In our digital age, the businesses that succeed are the ones that take full advantage of what technology and software solutions have to offer. AP automation software is one cost-effective way to modernize your business and smooth out your scaling hiccups so you can finally reach those business goals. 

Cost Savings for Invoice Processing

Have you ever thought about how much profit your company has lost on invoice late fees or overpayments? 

World-Class Accounts Payable Departments pay an average of only $2.42 per invoice processing while others pay as much as $17.61 or more for manual invoice processing. Accounts payable departments that utilize automation software take advantage of cashback deals and discounts while teams who use manual invoicing drown in a tsunami of expensive AP staff time, managerial overhead, facilities, supplies, and IT support.

Human error is an inescapable consequence of manual processing and late payments are more common when your payable team has a large number of invoices to manage. These entry errors cost your business working capital and slow the capital cycle. 

AP automation software will not only save your payable department from burnout, but it also has automated workflows so you can capture early payment discounts. With no insult to your hard-working accounting team, AP automation software is simply smarter and faster than human workers. 

The software uses artificial intelligence (AI) and intelligent data capture (IDC) to quickly and flawlessly process invoices with automated workflows. Manual processes are error-prone but automation software will never cost you an overpayment because it is built for accuracy.  

Your Payable Department Will Be More Productive

AP automation software uses automated workflows so your payable department can ditch the paper invoices and slow manual processes. Your finance team will finally be free to be more productive in other areas of your business.

Your current team can use their talents to focus on scaling your business by transitioning to tracking AP metrics. AP automation software offers cash flow visibility and key metrics to track like the average number of invoices, average invoice processing time, and average cost per invoice. 

When your finance team is free to measure AP performance, they can focus on using AP automation to scale the business. When you can track it, you can improve it and your business can only benefit from having a clearer financial picture of cash flow in your AP department.

Integrating a cloud-based AP automation solution will also relieve your company of paper that litters the office. Employees will eliminate time-consuming tasks like sifting through filing cabinets for that one missing document. With a payable automation system, past invoices and purchase orders can be easily located with a simple digital search because all important documents are stored in a secure and centralized location.

When it comes to solving your company’s scaling issues, every minute of an employee’s time is valuable and an accounts payable automation solution is the missing key to freeing up time for focusing on business growth.

Automated Workflows Improve Relationships With Vendors

Delayed payments can hurt your relationship with vendors and other businesses. No one likes to wait forever to get paid and a manual invoice approval process can take as long as two weeks or more. 

AP automation uses automated workflows that fix the approval process and cut down payment times to two or three days. Imagine how much your vendor relationships can improve when business payments are made faster than ever before. That vendor will likely prioritize working with you because they know that your payment process is flawless and they will never have to badger you for their next payment.

Payment automation puts your current payment approval workflows to shame by automatically sending the invoice on to approval by a manager immediately after the software processes the documents data and matches it to the PO. No more slow emails asking for a stamp of approval or physical transfers of documents between desks that slow down your average invoice approval time. 

These automated workflows make the payable process headache-free for your team while improving valuable relationships with the vendors who help your business run.

Automation Software Prepares Your Business for Long-Term Growth

If you want your business to be around for the long haul, you need to keep up with the technological advancements that speed up business activities and processes. The market demands faster processes and AP automation is a critical business function that will prepare your company for long-term growth. 

AP automation will shorten your invoice processing times so your company can handle a larger number of invoices. As you stock up on those early payment discounts and cashback deals, your company will see more cash for business expansion. Vendors will also be pleased to do business with you when they know they can count on seamless payment experiences.

As your AP team has more free time to focus on studying metrics to improve efficiency, your company can create accurate budgets and reach those scaling goals faster than ever possible with manual processes. Automation software is a top business strategy for scaling because it will grow with your company instead of holding you back.

Digital transformation isn’t a business venture for the future, business owners need to prioritize automated solutions today. Your company may be facing scaling challenges because you need to catch up with the times. Today’s competitive market landscape requires automated workflows that free up your employees’ time to focus on growth and AP automation is that big step forward in your digital transformation journey.

If you’re interested in improving your company’s scaling issues, start by preparing your business for modernization. Read more about DocStar AP Automation Software From Mosaic and Contact Us today to improve scaling with AP Automation.