Cloud vs. On-premises AP Automation: What’s the Difference?

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When it comes to AP automation, there are two main options: cloud-based and on-premises. So, what’s the difference? Cost is one of the biggest factors – cloud-based solutions are typically more affordable than on-premises software. But that’s not the only difference. Security, scalability, reliability, and mobile/remote access are all important considerations when choosing an AP automation solution.

In this blog post, we’ll take a closer look at each of these factors and help you decide which option is best for your business.

On-Premises AP Automation

On-premises accounts payable automation software is installed and runs on your company’s own servers. This option used to be the only way to get enterprise-level features and security.

One of the biggest advantages of on-premises AP automation is that you have complete control over the software and your data. But this can also be a disadvantage. If something goes wrong with the servers or the software, it’s up to your IT team to fix the problem. And if you need to scale up your AP operation, you’ll need to invest in more hardware and licenses.

Cloud-Based AP Automation

Cloud-based accounts payable automation runs on the provider’s servers. This means you don’t need to invest in any hardware or licenses, just a cloud host. And you can usually get started for a lower start-up cost and monthly price than an on-premises solution.

One of the biggest advantages of cloud-based AP automation is that it's much easier to scale up or down, as your needs change.

You can also be up and running more quickly since there’s no need to install anything on your own servers.

Read more: The Accounts Payable Glossary: Everything You Need to Know About AP Automation

So, which option is right for you? Let’s get into it.

Cloud-Based vs On-Premises AP Automation: Cost

One of the biggest factors to consider when choosing between cloud-based and on-premises AP automation is cost. On-premises solutions require a larger upfront investment. You’ll need to pay for the software, as well as the hardware and licenses needed to run it. Plus, you’ll need an IT team to manage and maintain the system. On-premises systems also have higher maintenance expenses as they are more likely to malfunction.

Cloud-based solutions are typically more affordable since you pay a lower monthly price with a minimal start-up investment.

You don’t need to invest in any hardware or licenses, and there’s no need for an IT team to manage the system.

So, if the cost is a major consideration for your business, a cloud-based model may be the better option.

Read more: The Cost of Processing an Invoice: Why Paperless AP Saves Companies Money

Cloud-Based vs On-Premises AP Automation: Security

Security is another important factor to consider when choosing between cloud-based and on-premises accounts payable automation. On-premises solutions give you complete control over the software and your data. But this can also be a disadvantage. If something goes wrong with the on-premises servers or the software, it’s up to your IT team to fix the problem.

Cloud-based solutions are usually more reliable since the provider is responsible for managing and maintaining the servers and software.

And cloud-based solutions are typically updated more frequently, so you always have the latest security enhancements. 

So, if security is a major concern for your business, cloud-based AP automation may be the better option.

Cloud-Based vs On-Premises AP Automation: Scalability

Another factor to consider when choosing between cloud-based and on-premise systems is scalability. On-premises solutions require you to invest in more hardware and licenses as your needs change. This can be a disadvantage if you need to scale up or down quickly.

A  cloud solution is much easier to scale up or down, as your needs change. You can usually add or remove users with just a few clicks. And you can be up and running more quickly since there’s no need to install anything on your own servers.

If scalability is a major consideration for your business, cloud-based AP automation may be the better option.

Cloud-Based vs On-Premises AP Automation: Reliability

Another factor to consider when choosing between cloud-based and on-premise accounts payable automation is reliability. On-premises solutions require you to invest in more hardware and licenses as your needs change. This can be a disadvantage if you need to scale up or down quickly.

Cloud-based systems are much easier to scale up or down, as your needs change. You can usually add or remove users with just a few clicks.

And you can be up and running more quickly since there’s no need to install anything on your own servers.

If your business is looking for a reliable software solution, cloud-based AP automation may be the better option.

Cloud-Based vs On-Premises AP Automation: Mobile and Remote Access

On-premises automation solutions rarely offer mobile or remote access. This can be a disadvantage if your employees need to access the system from outside the office.

Cloud-based software, on the other hand, offers mobile and remote access as a standard feature. This empowers the remote workers in your accounts payable department to approve invoices from anywhere, at any time.

If you have a remote workforce, mobile and remote access and efficiency gains are major considerations for your business. Cloud-based AP automation will deliver on those business needs.

As you can see, there are a few key differences between cloud-based and on-premises AP automation. And each type of solution has its own advantages and disadvantages. So, it’s important to consider your specific needs before making a decision. But if cost, security, scalability, reliability, or mobile, and remote access are major concerns for your business, cloud-based accounts payable automation may be the better option.

If you’re ready to take the next step in your company’s digital transformation journey, Mosaic can get you started with an all-in-one cloud-based AP automation solution tailored to your business goals. Contact us to schedule a demo.

Cloud-Based AP Automation: The New Normal in Accounts Payable

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The cloud is changing the way businesses operate. One area where this is particularly evident is in accounts payable (AP). Cloud-based AP automation is becoming increasingly popular because it offers several benefits that are not available with traditional, on-premises systems. In this blog post, we will discuss the different types of cloud-based AP systems and the benefits they offer. We will also explain why cloud-based AP automation is becoming the new normal for businesses.

What is Cloud-Based AP Automation?

Cloud-based AP automation is a system that allows businesses to manage their accounts payable process using cloud-based software. 

Many business owners prefer cloud-based solutions over an on-premise solution because they offer several advantages, such as lower costs, automatic importing and processing of data, increased security and additional backups, and the ability to allow access remotely to enable hybrid work.

There are three different types of cloud-based AP systems: public cloud, private/hosted cloud, and hybrid cloud.

  • Public Cloud: A public cloud is a cloud-based system that is available to anyone with an internet connection.
  • Private/Hosted Cloud: A private or hosted cloud is a cloud-based system that is only available to a specific organization. This type of system is usually managed by the organization itself or by a third-party provider.
  • Hybrid Cloud: A hybrid cloud is a system that combines both public and private cloud solutions. This type of system gives organizations the flexibility to choose which applications and data they want to store in the cloud and which they want to keep on-premises.

Read more: Is Paperless Accounts Payable Software a Good Fit For Your Business?

The Benefits of Cloud-Based AP Automation

There are several benefits that businesses can enjoy by using cloud-based AP automation.

Cloud-Based AP Automation Offers Lower Costs

One of the most significant advantages is lower costs. With on-premises systems, businesses have to incur the costs of purchasing, installing, and maintaining the hardware and software. With cloud-based systems, these costs are eliminated because the service is provided by a third-party provider.

Your cloud-based accounts payable solution also empowers your team to capture early payment discounts by taking advantage of real-time insights that help you improve cycle times and cost per invoice. This AP solution will also deliver true cost savings because it checks for duplicate invoices to avoid double payments. Since your finance teams are also freed up from doing manual data entry, you can also save budget funds on payroll expenses.

Try out our ROI calculator see just how much your business can lower costs

Cloud-Based AP Solutions Have Heightened Security

Another advantage of cloud-based AP automation is increased security and additional backups. On-premises systems are susceptible to data loss due to hardware failures or natural disasters. With cloud-based systems, data is stored remotely and is therefore not at risk of being lost in the event of a disaster.

In addition, cloud-based systems offer increased security because they are often hosted in data centers that have state-of-the-art security measures like user authentication, privacy safeguards, and access controls. Confidential paper invoices are very difficult to keep secure, while digital invoices are always protected in your AP solution.

Cloud-Based AP Automation Can Be Accessed Remotely

Another benefit of cloud-based AP automation is that it offers anytime access remotely. This is important for businesses that have an accounts payable team that works remotely or travels frequently. With on-premises systems, these employees would not be able to access the system if they were not in the office. With cloud-based systems, they can take advantage of remote access from anywhere as long as they have an internet connection.

Better Visibility into KPIs with a Cloud-Based Accounts Payable Solution

Another benefit of cloud-based AP automation is that it makes it easy for finance teams to track key performance indicators (KPIs). With on-premises systems, businesses have to invest in additional software to track KPIs. With cloud-based systems, this functionality and high-depth data visibility is often included as part of the package.

Read More: Cloud vs On-premises Ap Automation

This makes it easy for businesses to track their progress in invoice processing times and cost per invoice metrics to identify areas where they need to make improvements.

Cloud-Based AP Automation is Scalable and Cost-Efficient

Finally, cloud-based AP automation is scalable and cost-efficient. With on-premises systems, businesses often have to purchase more hardware and software as their business grows. This can be expensive and time-consuming. With cloud-based systems, businesses can simply add more users to access invoice workflows as their business grows. This makes cloud-based AP automation a more cost-effective solution for businesses that are expecting to grow in the future.

Why Cloud-Based AP Automation is Becoming the New Normal

As you can see, there are several reasons why cloud-based AP automation is becoming the new normal for businesses. The benefits of lower costs increased security, metrics tracking, real-time access, maximum efficiency, and the ability to allow access remotely are just a few of the reasons why cloud-based AP automation is becoming increasingly popular.

Cloud-based AP solutions are also paperless, which means that businesses can save time and money by eliminating the need to print, scan, and store invoices. Paperless processes are also more eco-friendly which is increasingly important as we see the impacts of paper and plastic pollution. In addition, cloud-based AP solutions are often more user-friendly than on-premises systems, making them easier for businesses to adopt.

Read more: Why You Should Transition Accounts Payable To Paperless

As more fast-growing businesses adopt new software in their digital transformation efforts, cloud-based AP automation is likely to become even more popular. If your business is not already using cloud-based AP automation, now is the time to make the switch!

Mosaic offers Cloud-Based AP Automation Solutions and Consulting tailored to your business needs. Check out our blog for more AP tips like Successful AP Automation Implementation: Solving Common Challenges with Preparation and Collaboration.

Contact us to go paperless today!

The Accounts Payable Glossary: Everything You Need to Know About AP Automation

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If you’re new to accounts payable – or even just looking to brush up on your terminology – then you’ve come to the right place. In this blog post, we’ll be exploring everything related to AP: from common terms and definitions to more advanced concepts like AP automation and ERP integration. We’ll also provide helpful links to additional reading material so that you can continue learning about this fascinating topic!

So without further ado, let’s jump right in and start learning about accounts payable.

What is Accounts Payable?

Accounts payable (AP) refers to the money that a company owes to its suppliers for goods or services. In other words, it is the amount of money that a company has committed to pay in the future. Accounts payable is typically recorded as a liability on a company’s balance sheet.

AP departments and employees oversee the invoice cycle and accounting process while creating detailed financial reports to ensure that a company is in good standing.

How is AP Tracked?

Most companies track their accounts payable using an accounting software system. This allows them to see how much money they owe at any given time, as well as when payments are due. Many accounting software systems also allow companies to automate their AP process, which we’ll discuss in more detail below.

Some companies still use manual processes to track accounts payable. This can be done with a simple spreadsheet, but it is more time-consuming and prone to error.

What are the Benefits of Automating Accounts Payable?

There are many benefits to automating accounts payable, including:

  • Reduced processing time: Automating accounts payable can help reduce the amount of time it takes to process invoices and make payments. This is because automation can help to streamline the entire process, from invoice capture to payment approval.
  • Improved accuracy: AP automation software can also help improve the accuracy of your data. This is because manual processes are more prone to error, whereas automation can help to ensure that data is entered correctly into the system.
  • Increased visibility into KPIs: Automating accounts payable can also give you greater visibility into key performance indicators (KPIs). This includes metrics such as payment turnaround time and early payment discounts.
  • Paperless processes: AP software solutions create a paperless AP process. This is not only good for the environment, but it can also help to save your company money on printing, paper checks, labor, ink, and postage costs.

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

What is ERP Integration?

ERP integration refers to the process of integrating your accounts payable process with your enterprise resource planning (ERP) system. This can be done in a number of ways, but the most common method is to use accounts payable automation solution that offers built-in ERP integration.

Integrating your AP process with your ERP system has a number of benefits, including:

  • Improved data accuracy: When data is entered into your ERP system, it can be automatically populated into your accounts payable system. This helps to reduce the risk of error and ensures that your data is always up-to-date.
  • Greater visibility into financial data: ERP integration can also give you greater visibility into your financial data. This includes seeing all of your invoices and payments in one place, as well as getting real-time insights into your cash flow.
  • Faster processes: ERP integration can also help to speed up your accounts payable process. This is because you can take advantage of features such as automated invoice processing and payment approvals.

What are the Different Types of Accounts Payable?

Now that we’ve covered some of the basics, let’s take a look at the different types of accounts payable. The most common types of accounts payable are:

  • Vendor invoices: These are invoices that you receive from your suppliers for goods or services.
  • Employee expenses: These are expenses that your employees have incurred on behalf of the company.
  • Credit card charges: These are charges that have been made to a company credit card.

There are also a few less common types of accounts payable, which include:

  • Prepaid expenses: These are expenses that have been paid for in advance.
  • Accrued expenses: These are expenses that have been incurred but not yet billed.
  • Deferred revenue: This is revenue that has been received but not yet earned.

The Complete AP Glossary

Now that we’ve gone over some of the basics, let’s take a look at some of the most common terms you’ll hear in relation to accounts payable.

  • AP Automation
    Accounts payable automation is the use of software to automate the accounts payable process to boost overall operational efficiency and cut costs.
  • Accounts Payable Turnover
    Accounts payable turnover is a measure of how quickly a company pays its invoices. A high accounts payable turnover ratio indicates that a company is paying its invoices quickly.
  • Approvals
    Approvals are a necessary step in the accounts payable process. Invoices must be approved by the relevant parties before they can be paid.
  • Asset
    An asset is something that has value and can be used to generate revenue. In accounting, assets are classified as either current assets or non-current assets.
    • Current Asset: A current asset is an asset that can be converted into cash within one year. Examples of current assets include cash, accounts receivable, and inventory.
    • Non-Current Asset: A non-current asset is an asset that cannot be converted into cash within one year. Examples of non-current assets include buildings, machinery, and vehicles.
  • Balance Sheet
    A balance sheet is a financial statement that shows a company’s assets, liabilities, and equity at a given point in time.
  • Capital
    Capital is the funds that a business has available to invest in its growth. This can include cash, investments, and loans.
  • Cash Conversion Cycle
    The cash conversion cycle (CCC) is a measure of how long it takes a company to convert its inventory into cash. The CCC can be used to assess the efficiency of a company’s operations.
  • Cash Flow
    Cash Flow is the measure of how much cash is flowing in and out of a business. A positive cash flow indicates that more cash is coming in than going out.
  • Credits
    Credits are reductions in the amount owed on an invoice. Credits can be issued for a variety of reasons, such as returns or damaged goods.
  • Days Payable Outstanding
    Days payable outstanding (DPO) is a measure of how long it takes a company to pay its invoices. A low DPO indicates that a company is paying its invoices quickly.
  • Digital Transformation
    Digital transformation is the integration of digital technology into all areas of a business. This can include things like digitizing paper documents, automating manual processes, and implementing cloud-based solutions.
  • Discounts
    Discounts are reductions in the price of goods or services that are offered by suppliers. Early payment discounts are the most common type of discount and are typically offered for payments made within a certain number of days.
  • ERP Integration
    ERP integration is the process of integrating your accounts payable process with your enterprise resource planning (ERP) system. This can be done using a variety of different software solutions.
  • Equity
    Equity is the ownership stake that shareholders have in a company. Equity can be used to finance a business, and it represents the residual value of a business after liabilities are paid.
  • Income Statement
    An income statement is a financial statement that shows a company’s revenues, expenses, and profits over a period of time.
  • Invoice
    An invoice is a document that itemizes the goods or services that have been provided, as well as the amount owed for each.
  • Invoice Cycle
    The invoicing cycle is the time between when an invoice is received and when it is paid. The length of the invoice cycle can vary depending on the payment terms of the invoices.
  • Invoice Data Capture
    Invoice Data Capture is the process of extracting data from invoices. This can be done manually or using a software solution. Extracting data from invoices can be a time-consuming and error-prone process, particularly if it is done manually. AP automation solutions can automate the invoice data capture process with Intelligent Data Capture (IDC), making it more efficient and accurate.
  • Invoice Matching
    Invoice Matching is the process of matching invoices to purchase orders and receiving reports. This can be done manually or using a software solution.
  • Liability
    A liability is something that is owed by a business. Liabilities can be classified as either current liabilities or non-current liabilities.
    • Current Liability: A current liability is a liability that must be paid within one year. Examples of current liabilities include accounts payable and taxes payable.
    • Non-Current Liability: A non-current liability is a liability that does not need to be paid within one year. Examples of non-current liabilities include long-term debt and deferred tax liabilities.
  • Non-operating Expenses
    Non-operating expenses are the costs that are not associated with running a business on a day-to-day basis. This can include things like interest expenses and income taxes.
  • Operating Expenses
    Operating expenses are the costs associated with running a business on a day-to-day basis. This can include business expenses like rent, utilities, and salaries.
  • Paperless Office
    A paperless office is an office that uses electronic documents and digital processes instead of paper. Paperless offices are becoming more common as businesses look for ways to reduce costs and increase efficiency.
  • Payment Processing
    Payment processing is the final step in the accounts payable process. Once invoices have been approved, they can be paid using a variety of payment methods, such as checks, wire transfers, or electronic payments.
  • Payment Terms
    Payment terms are the conditions under which an invoice must be paid. Common payment terms include net 30, net 60, and net 90.
  • Purchase Order
    A purchase order is a document that is issued by a buyer to a seller, authorizing the purchase of goods or services.
  • Workflow
    Workflow is the sequence of steps that are followed in order to complete a task. In accounts payable, common workflow steps include invoice data capture, invoice matching, approvals, and payment processing.

The accounts payable process is a critical part of running a business. By understanding the basics of accounts payable, you can ensure that your business is able to run smoothly and efficiently. Accounts payable automation and integration can also help to improve the efficiency of your process. And finally, by understanding some of the most common terms used in relation to accounts payable, you can ensure that you are always up-to-date on the latest developments.

Do you have any questions about accounts payable? Contact Us to learn more about how AP automation can benefit your business.

Be sure to check out our other blog posts for more great information like Successful AP Automation Implementation: Solving Common Challenges with Preparation and Collaboration.

The Cost of Processing an Invoice: Why Paperless AP Saves Companies Money

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When it comes to the costs of doing business, few things are as important as the cost of processing an invoice. For many companies, this cost can be surprisingly high – often more than the invoice itself!

In this blog post, we’ll take a look at the average cost to process an invoice and explain why so much money is wasted on paper invoices. We’ll also discuss the benefits of going paperless with your invoicing process and provide steps for calculating how much your company could save by making the switch.

How Much Does it Really Cost to Process an Invoice?

The true cost of processing a single invoice varies by company.

Based on a 2010 study, the average American or European company spends between $12 and $30 to process a single paper invoice.

A more recent study by Ardent Partners in 2015 shows that companies outside of the Best-In-Class pay about $17.61 per invoice. This is a hefty spend when you multiply that cost by the number of invoices your company processes annually. But why is this cost so high?

When you break down the individual steps required to process a paper invoice, it’s not hard to see how the costs can add up so quickly:

  • Receiving the invoice in the mail room
  • Delivering the invoice to the accounting department
  • Opening the envelope and flattening the paper to enter data into the ERP
  • Sending the invoice around the office for approval or scanning and emailing it for approval.
  • Attaching the approved invoice to the check stub that paid it and filing in a file cabinet

All of these steps take time – and money. In fact, the cost of labor alone can account for more than half of the total cost to process an invoice!

What Goes into the Cost of Invoice Processing?

When your company manually processes invoices, you must attribute the cost of all of the labor, materials, and time that goes into that single invoice. For example, manual invoice processing requires physical paper, postage stamps, paper checks, printers, late payment fees, ink cartridges, printer maintenance, envelopes, labor costs for manual process, managerial overhead IT support, facilities, and more.

Do you want to calculate your current average invoice processing cost? To do this, add up all of the labor costs, materials costs, and other expenses associated with processing a single invoice. Once you have your total, divide it by the number of invoices processed in a given period (monthly, quarterly, etc.). This will give you your per-invoice cost.

It is easy for business owners to overlook these costs because paper and printers have been business staples for years. However, as we have moved forward in the digital age, there is no longer a need for these costly supplies.

Paperless offices that prioritize digital transformation in the AP departments see astounding cost savings in their spending per invoice by cutting out these supply costs.

Read more: Why You Should Transition Accounts Payable To Paperless 

Paperless AP Can Save You Money

The good news is that there are now solutions available that can help you eliminate the waste and inefficiency of paper invoicing. A paperless accounts payable (AP) solution can save your company money in a number of ways:

  • Automating the invoice processing steps
  • Reducing the need for paper, printers, and other office supplies
  • Enabling remote invoicing and approval workflows
  • Reducing the amount of time needed to process an invoice
  • Empowering your staff members to spend time tracking cash flow and KPIs to improve processes
  • Capturing early payment discounts
  • Improving relationships with your vendors and suppliers

On average, a paperless AP solution can lower the cost per invoice by as much as 80%!

According to Ardent Partners' research, paperless Best-in-Class accounts payable departments have a cost per invoice that is 86% less than all other organizations at $2.42 per invoice.

This means that for every $30 you spend on processing a paper invoice, you would only spend $0.60 with a paperless solution.

Switching to a paperless AP process is a smart move for any business that wants to save money and improve efficiency. If you’re still processing invoices the old-fashioned way, it’s time to make the switch!

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

How Much Could Your Business Save with Accounts Payable Automation?

Now that we’ve looked at the average cost to process an invoice and the benefits of paperless AP, you might be wondering how much your business could save by making the switch.

Try out our Paperless ROI Calculator to see how much you could be saving by going paperless today.

Impressed? We know! This information can be shocking if this is the first time you’ve considered an accounts payable department without paper, but in the digital age, we don’t have to be reliant on costly paper anymore. AP automation can save your company time and money, so start looking into the right software solution for your business today.

To learn more about the cost of processing an invoice and how paperless AP can save your company money, Contact Us today. Our team at Mosaic would be happy to show you how our software solution can help you take your AP department paperless.

What’s the next step on the road to paperless? Check out our blog Successful AP Automation Implementation: Solving Common Challenges with Preparation and Collaboration!

5 Ways AP Automation Systems Make Working from Home Possible

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More and more businesses are allowing employees to work from home, at least part of the time. This can be a great way to improve morale and keep talented employees happy. However, it can be difficult to do this effectively if you have a large accounts payable department. That’s where AP automation comes in. Automating your accounts payable process makes it possible for you to work from anywhere with an internet connection.

Remote Work Models Require Digital Transformation

To enable your employees to work remotely, you’ll need to implement digital transformation solutions in many of your everyday business processes so employees can easily access data, reports, and tasks from home. Thankfully, the AP processes are one of the easiest departments to transition to digital and remote workflows.

By implementing AP Automation Software, your business can transition employees to a remote or hybrid work model while setting your company up for long-term success.

By implementing AP Automation Software, your business can transition employees to a remote or hybrid work model while setting your company up for long-term success.

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

Let’s take a look at five of the ways that AP automation can make working from home possible for your business!

Number 1 in circle

Receive, Process, and File Electronic Invoices Anywhere

Receiving invoices electronically is the first way that AP automation can make working from home possible. This means that there’s no need for your employees to be in the office to receive paper invoices. Instead, AP workers can be anywhere with an internet connection and still have access to all of the invoices that come in.

Another way that AP automation makes working from home possible is by allowing employees to process and file invoices from anywhere. This means that your AP team can work from home, or even from the beach if they want! All they need is an internet connection and they can access all of the invoices that need to be processed.

Invoices can even be processed and approved from a smartphone with the touch of a button. Employees are no longer trapped in the confines of the paper-cluttered desks to complete invoice approvals. Electronic invoices with AP Automation software allow your workers to focus on tracking key metrics for increased efficiency rather than wasting hours of labor-intensive tasks like manually inputting data

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

Number 2 in circle

Automate Payments

One of the best features of AP automation is the ability to automate payments. This means that your AP team can set up automatic, electronic payments for all of your invoices, so they don’t have to worry about manually wiring payments or writing physical checks. This can be a great way to save time and money, as well as to improve the accuracy of your payments.

Your suppliers and vendors will also be pleased with receiving more accurate and on-time payments. Slow, manual invoice processing often hurts your business relationships with vendors and suppliers because payments are inconsistent, but with AP automation, payments are reliable and always on time. This will bring the major advantage of vendor discounts for more opportunities to cut costs.

Number 3 in circle

Heighten Security Measures

When you automate your AP process, you can also take advantage of increased security measures. With AP automation, all data is stored electronically in a secure system with access controls. This means that there’s no risk of losing invoices or sensitive information if someone breaks into your office and steals paper files.

Additionally, AP automation systems often come with built-in fraud detection features. This can help you to avoid making payments on fraudulent invoices, which can save your business a lot of money. You can also backup documents in your cloud solution with control over access so your business never needs to worry about losing a valuable document with sensitive information.

Number 4 in circle

Reduce Costs and Invoice Processing Times

Finally, AP automation can reduce the overall costs and processing times for your business. This is because automating your accounts payable process can eliminate many of the manual tasks that are required, such as data entry or check writing. In addition, AP automation can also help to improve the accuracy of your invoices, which can lead to fewer errors and faster processing times.

Avoid those pesky late fees, under-payments, and over-payments that cost your company time, money, and labor. AP automation boosts operational efficiency so you can focus on growing and scaling your business for longevity.

Number 5 in circle

Instant Visibility into KPIs

When you automate your AP process, you’ll also have improved visibility into key performance indicators (KPIs) in high-level reports. This data can be extremely valuable for making decisions about your business. With AP automation, employees are relieved of their mundane invoice processing responsibilities so they can focus on the more important work of tracking metrics such as average payment time, the number of invoices processed per day, cost per invoice, and more.

This data can help you to identify areas of improvement for your AP process. For example, if you see that your average payment time is slow, you can take steps to speed up the process. Alternatively, if you notice that the cost per invoice is high, you can look for ways to reduce costs.

Overall, AP automation is a great way to make working from home possible for your business. By automating your accounts payable process, you can save time and money, as well as improve the accuracy of your payments.

Overall, AP automation is a great way to make working from home possible for your business. By automating your accounts payable process, you can save time and money, as well as improve the accuracy of your payments.

Still not convinced? Read our blog Why You Should Transition Accounts Payable To Paperless for more tips on how your business can benefit from an AP automation solution.

Contact Us to get started with remote AP Automation today.

Everything You Need to Know About Hiring a Digital Transformation Consultant

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If you’re feeling overwhelmed by the digital age, or if you feel like your business is being left behind, it might be time to consider hiring a digital transformation consultant. These professionals can help guide your business through the often confusing and overwhelming process of transitioning into the digital era.

A digital transformation consultant will take the time to understand your business and its specific needs, and then provide specialized solutions that often work better for your business model than many off-the-shelf options will.

A digital transformation consultant will take the time to understand your business and its specific needs.

So how do you go about finding one of these consultants? And once you’ve found them, what should you look for when selecting one?

This article will answer those questions and more, so you can be sure you’re making the best decision for your business.

Why is Digital Transformation Important?

First thing’s first, let’s take a step back and look at the big picture. Why is digital transformation so important, and why should you care?

In short, the digital age is revolutionizing the way businesses operate.

If you want your business to stay competitive, you need to be able to embrace new technologies

 If you want your business to stay competitive, you need to be able to embrace new technologies and use them to your advantage.

Think about it this way: a few years ago, who would have thought you could order a taxi with your smartphone? Or that you could use an app to find a date? Technology is changing the way we live and work – and businesses need to change with it.

Of course, change can be scary. And when it comes to something as important as your business, you want to be sure you’re making the best decisions. That’s where a digital transformation consultant comes in.

Read more: It’s 2022, Stop Delaying Your Digital Transformation

What Does a Digital Transformation Consultant Do?

A digital transformation consultant is a professional who helps businesses transition into the digital age. They will take the time to understand your business and its specific needs, and then provide specialized solutions that often work better for your business model than many off-the-shelf options will.

In other words, a consultant can help you develop a digital transformation strategy to make the best software decisions for your business as you transition into the digital age.

What to Look for When Hiring a Digital Transformation Consultant

Now that you know why you should consider hiring a digital transformation consultant, let’s take a look at what you should look for when selecting one.

First and foremost, you’ll want to have an idea of what you’re looking for to improve your business. Is there a manual process that you would like to speed up or digitize? Which digital tools seem like they would improve overall operational efficiency?

For example, if you’re looking to streamline your accounting process, you’ll want to find a consultant who has experience with accounting software like AP automation.

if you're looking to streamline your accounting process, you'll want to find a consultant who has experience with accounting software like AP automation.

You don’t need to know exactly what you’re looking for, but by being prepared with some research and an audit of your current processes, you will have more success in finding the perfect digital consultant for your digital transformation goals.

As you browse your various options for digital consulting, look at their previous experience. What kind of businesses have they helped in the past? Do they have any case studies or testimonials that you can read? A credible track record and high success rate are key indicators of a strong consultant firm.

Additionally, look at what partnerships the consultant has with bigger players in the field. For example, if you’re looking for help with an ERP system, does the consultant have any experience working with SYSPRO or SAP? These are industry-leading platforms that can offer your business a lot of value – but only if you know how to use them.

Finally, make sure that the consultant offers robust training services for your employees to help them understand new systems. After all, even the best software in the world won’t do you any good if your team doesn’t know how to use it.

Read more: How To Get Your Employees Excited About Digital Transformation

Meet With A Consultant To Develop A Digital Strategy

Hiring a digital transformation consultant is a big decision. But it’s one that can pay off – big time.

If you're ready to take your business to the next level, we encourage you to meet with a digital consultant.

If you’re ready to take your business to the next level, we encourage you to meet with a digital consultant. Take the time to explain your business roadblocks to the consultant and allow them to offer their insight, technical expertise, and deep industry experience. The consultant should then develop a digital transformation strategy with specific digital transformation projects to kick off your transition. Their strategy should include a cost savings analysis, as well as, a calculated plan to track key performance indicators to ensure the software is functioning properly in your business model.

After the meeting, evaluate the consultant’s proposal and their character. If the specialist fits in with your company culture and their plan lines up with your goals, then it should be a strong hire and you can begin your digital transformation efforts under their guidance.

By following these best practices, you can be sure you’re hiring the best digital transformation expert for your business.

Read our blog for more digital transformation tips and guides like Why Printing Is The Enemy Of Automation Software.

Mosaic offers expert consulting services, tools, and training to guarantee our customers are equipped to match the pace of Industry with business systems to fit their needs.

Contact Us today to begin your digital transformation journey.

Going Paperless At Your Convenience Store: The Benefits and How To Get Started

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It’s no secret that the retail industry is under pressure. Department stores are closing, malls are becoming ghost towns, and online sales are continuing to grow. In this environment, it’s more important than ever for convenience store owners to find ways to cut costs and streamline their businesses. One way to do this is by going paperless.

In this blog post, we will discuss the benefits of going paperless for a convenience store and how you can get started!

The Benefits Of Going Paperless

There are many benefits of going paperless for a convenience store, including saving time and money, freeing up physical storage space, and increasing customer goodwill. Let’s take a closer look at each of these benefits:

Save Time and Money

One of the biggest benefits of going paperless is that it can save you a lot of time and money. For example, if you move to digital receipts, you’ll no longer have to spend time printing and organizing paper receipts. This can free up a significant amount of time that you can use for other tasks, such as serving your customers.

If your business is looking to cut costs, piles of paper should be the first to go.

Paper, ink, and printer maintenance are all costly. By switching to paperless billing, you will have significant savings on paper supplies. If your business is looking to cut costs, piles of paper should be the first to go.

Free Up Physical Storage Space

Another benefit of going paperless is that it frees up physical storage space at your store. Paper files, receipts, and other documents can take up a lot of space, especially if you have a large volume of them.

When you go paperless, you can store all of your files electronically, which frees up valuable storage space so you have more room to store fresh inventory. Employees will also feel more comfortable navigating back rooms and offices when they are free of clutter.

Increase Customer Goodwill

In today’s environment, consumers are increasingly interested in doing business with companies that are environmentally friendly. By going paperless, you can show your customers that you are committed to reducing your environmental impact by cutting paper waste.

By going paperless, you can show your customers that you are committed to reducing your environmental impact by cutting paper waste.

This can increase customer goodwill and loyalty, which can lead to more sales. You can also market your business as an eco-friendly store which may bring in new customers who are passionate about cutting paper usage.

Digital Transformation Will Keep Your Business Afloat

The retail industry is changing rapidly and those who don’t change with it will be left behind. By going paperless, you can streamline your business, save money, and appeal to eco-conscious consumers. On top of all that, consumers are much more tech-savvy today.

They’re used to paperless solutions in other areas of their lives and they expect the same from businesses. Adopting digital tools shows that you’re keeping up with the times and that you’re invested in providing a modern, convenient experience for your customers. Your business will also stay in competition with competitors who have already transitioned to a paperless business model.

Read more: It’s 2022 Stop Delaying Your Digital Transformation

How To Get Started

Now that we’ve discussed the benefits of going paperless, let’s talk about how you can get started. There are many ways to eliminate paper from your retail business or convenience store, including adopting digital receipts, eliminating paper docs and spreadsheets when counting inventory, moving to digital employee management tools, cleaning out cabinets with employee paperwork, and moving as many accounting and financial tasks as possible to digital documents in paperless, electronic systems.

Audit Your Paper Processes

The best way to get started is to assess where you’re currently using paper and where you could switch to a paperless solution. Once you’ve identified some areas where you can make a change, start implementing paperless solutions one at a time.

Once you've identified some areas where you can make a change, start implementing paperless solutions one at a time.

One of the most important things to remember when going paperless is to choose a solution that will work for both you and your customers. For example, if you switch to digital receipts, make sure you have a system in place where customers can easily access their receipts such as a paperless receipt by email or text to a mobile device.

Read more: Printing Is The Enemy Of AP Automation

Research Your Options

There are many options available when it comes to going paperless, so take some time to research what would work best for your business. Talk to other businesses in your industry and see what paperless technology solutions they’re using. You can also reach out to paperless solution providers and consultants for more information.

Implement a Solution

Once you’ve decided on a paperless solution, it’s time to implement it. This can be a big undertaking, so make sure you plan and prepare for it. You may need to train your employees on how to use digital payment devices and systems, and you may need to make some changes to your store layout or operations.

Internal communication is important during this time of transition.

Internal communication is important during this time of transition. Make sure your managers hold in-person meetings to educate employees on how to use the new sale devices, how to explain the benefits of email receipts to customers who may be confused about the change, and why a paperless workplace is more beneficial for everyone.

Go Paperless with AP Automation Software

One of the best ways to go paperless is with AP automation software. This type of software automates Accounts Payable processes so you can eliminate paper invoices and move to an electronic workflow. AP automation software also offers many other benefits, such as reducing late payments, improving cash flow, and increasing efficiency.

At Mosaic, we’re known as #ThePaperlessGuys. Our paperless consultants will help your business find the perfect paperless document storage solution for your unique needs. We will also teach you how to get your employees excited about digital transformation so you can launch your new paperless operations the right way.

Contact Us to go paperless today.

How Paperless Processes Can Relieve Remote Workers’ Stress

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In a world that is increasingly moving towards remote working models, it seems strange that many companies are still struggling to make the transition. One of the main reasons for this is their reliance on physical documents. Antiquated paper processes can cause major issues for the remote workforce; who may not have access to the same information as those in the office.

In this blog post, we will discuss some of the benefits of going paperless; and how transitioning to a remote working model can help your business grow!

The Challenging But Beneficial Transition To Remote Work Models

Since the onset of the Covid-19 pandemic, many companies have transitioned to remote or hybrid work options. Remote work is here to stay as employees enjoy a greater work-life balance and companies reap the benefits of lower office costs.

Remote work is here to stay as employees enjoy a greater work-life balance and companies reap the benefits of lower office costs.

But for some businesses, the transition has been far from smooth. One of the main challenges has been a reliance on physical documents.

In traditional office environments, it is easier to pass around documents or have paper files readily available in a central location (though paperless offices are still much more efficient). But when employees are working remotely, they are not able to stop by the official office filing cabinet to search for the document that they need.

Businesses have adapted to remote business models by prioritizing their digital transformation efforts. But for some, the transformation has been more difficult due to continued reliance on paper documents.

Read more: Does Paper Have A Hold On Humans?

The Benefits of Going Paperless In A Remote Work Model

There are many benefits to going paperless including; smoother processes, better organization, and increased security. But when transitioning to a remote work model, there are even more benefits to be gained!

By digitizing your documents, you can make them accessible to anyone, anywhere. This is especially beneficial if your company is looking to hire remote workers; as you will have a much larger talent pool to choose from. Another benefit of digitizing your documents is that it can help reduce operating costs for your business. With no need for paper or physical storage, you can save on office space and equipment costs.

Digitizing your documents can also help increase productivity and flexibility for your employees

On top of all of these benefits, digitizing your documents can also help increase productivity and flexibility for your employees. With remote workers, there is often a need to share documents back and forth between team members. This can be time-consuming if done through physical mail or fax. But with digital documents, employees can easily share and collaborate on projects; no matter where they are in the world!

Paperless Processes Relieve Remote Workforce Stress

While remote work models are generally more preferred by workers today, that doesn’t mean that workers are entirely free from stress and burnout. According to a The Future Of Work study by Nitro, 83% of remote workers surveyed say that the way their company handles documents has not improved significantly over the Covid-19 pandemic.

According to a The Future Of Work study by Nitro, 83% of remote workers surveyed say that the way their company handles documents has not improved significantly over the Covid-19 pandemic.

These remote workers cited stress around tasks like merging or combining documents, editing and signing PDF documents, and a lack of training and support. These same remote workers also believe that better digital tools like automation software, digital workflows, cloud-based collaboration tools, and e-signature processes would improve their day-to-day processes.

Many employers delay digital transformation because they fear that it will take too long, it is too costly, or their employees will not want to learn new tasks. However, the data shows otherwise. Many remote workers are starved for better digital document management tools because they know that paperless processes with centralized digital document storage will ease their workday stress.

Read more: How To Get Your Employees Excited About Digital Transformation.

How To Get Started With Paperless Remote Processes

The benefits of digitizing your documents are clear. But for many businesses, the transition to a paperless work model can be daunting, even when the outcome is meaningful business growth. Here are a few key steps that you can take to make the process easier for your team:

With the many benefits of digitizing your documents, it’s clear that there is no reason to delay making the switch to paperless processes. By taking a few key steps, you can easily transition your remote workforce to paperless processes and start reaping the rewards!

If you’re ready to begin your digital transformation and ease your remote worker’s stress, we’re here to help! At Mosaic, we’re known as #ThePaperlessGuys and we offer paperless consulting to find the perfect automation solution for your unique business needs.

Contact Us to get started today!

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

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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

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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.