How long does it take your Accounts Payable team to reconcile their monthly statements?
1 Day? 1 Week? 1 Month? Several months? How could your bottom line improve if reconciliation was much quicker?
Now that we’re in the 2nd quarter, we can think strategically about automating the processes that take up so much time. When deciding if automation of reconciliation is the right move, consider the following three proven frameworks:
- Your Present Complications:
There will always be more on your plate. Demanding deadlines, new projects, and initiatives that require attention, not to mention the day-to-day tasks that keep your company running. Automating some of these tasks can help streamline your work. What are people on your team doing every single day that can be automated?
2. For Future Successes:
Not only are the tides turning in terms of moving from a manual process to paperless, at this stage, you’ll likely be on the forefront of your competitors. Your forethought to your team’s future workload will mean saving money and time in the long run. Having some perspective on your present complications will set you up for future successes. The workload will be eased with some strategic planning now.
“The tide is clearly turning against paper-based AP business processes.” The Institute of Financial Operations, 2013 AP Automation Study
3. For Your Bottom Line
The beauty of a streamlined and automated reconciliation system is that it provides multiple benefits that will be apparent after implementation. Time, paper and sanity are saved. However, the most exciting savings is to the bottom line.
So where does your company stand now? Have you given thought to automating the accounts payable reconciliation process? Would it save you time, money, frustrations? Is there a push to be more numbers-driven and strategic in your department. When considering automating your reconciliation and settlement process, think about:
- Present complications
- Future complications
- Your Bottom Line
If you are still building your case, read this blog post about how to build your strategy.
Need a visual on how much time it takes to manually reconcile versus automate?
Need some help deciding on your reasons to automate? We can help you with that! Send us an email: firstname.lastname@example.org