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AP Automation -6 Questions Every CFO Should Ask

 Technology is changing our lifestyle faster than we can actually fathom and what is even more interesting is how crucial it is to keep up with the transpose. As we proceed further in 2022, the dependence on technology multiplies in every sector of our life, including business and trade relations. The technology that we are going to focus in this blog is that of AP automation and how the company CFOs should deal with it.

Successful businesses use technology to boost efficiency, decrease errors, and scale their operations. A new software tool, on the other hand, may necessitate a significant time and financial investment. While learning how to utilize a new IT system, the accounting team must continue to publish transactions and prepare financial statements. Directly or by extension a lot of such decisions are rested upon the CFOs.

With budgets and resources remaining restricted, the CFO and his team are expected to give more strategic direction and deeper insight than ever before. A steady management solution for the accounts payable should be a key component of their overall strategy. It boosts productivity in areas like accounts payable, receivable, and financial audits. Accounting software and ERPs are also integrated with document management systems. However, prior to moving with AP automation the CFOs should lay impetus on the following points of concern.

·         Technical support

It's difficult to adopt AP automation or invoice automation correctly, because it necessitates a thorough understanding of the payables cycle. Businesses need a solution provided by an adroit and professional solution provider. Is the major focus of the provider being on AP automation, or is it on a different product or service? To meet client expectations, some organisations that originated as billing or credit card businesses incorporated AP automation. Thus, being captious while selecting the right tech support is essential.

·         Implementation and integration of ERP

Businesses can start using the AP automation solution in much less time if the provider offers a pre-built integration for the ERP system. Inquiring with the vendors or other parties involved about integrating with ERP so that data may be sent easily between the two systems should be focused upon. For a variety of ERP and accounting systems, Skyscend provides smooth AP automation connectivity. When it comes to software purchases, installation time is a major consideration. The CFOs should confirm with the providers how long, it will take for the software to be installed and operational for the company. 

·         How easy is the invoice management?

Invoice processing and invoice management are two different functions. Invoice management doesn’t only conclude on extracting the data, processing it and then sending it to the concerned party. Invoice management also included the availability and retrieval of the said document if and when required. Thus, the CFOs should pay attention to the audit trail system, the storage and retrieval system and how efficient is the AP automation software in terms of managing all of it.

·         Responsive Customer Support

Customer support is becoming more of a problem as technology improves and firms use more IT solutions. Is the provider able to help with practical solutions or does it only respond to emails? Check it out. Skyscend offers live customer service manned by experts with the complete knowledge of AP process in general and how to make most from AP automation for businesses. Customer satisfaction is one of the top most priority for the CFOs to choose the right solution for the enterprise.

·         Standardise processes

Organizations rarely realise how much time, effort, and money is lost by waiting for a manual process to progress from one stage to the next. This is a major cause of inefficiency, particularly in larger enterprises with a high number of field offices. Automatic electronic workflows allow the company to keep work moving forward even while someone is out of the office. AP automation has an extended role to play in streamlining the workflow than what appears on the surface level.

·         AP for Complex Businesses

AP automation should help the enterprises to manage subsidiaries, or a decentralised APprocessing structure, as and when the company expands and gets more sophisticated. Some providers are limited to working with a particular size only. The AP automation system must be able to post costs to the correct subsidiary and general ledger account. Otherwise, spending will not be correctly allocated, and financial statements will be inaccurate. Thus, the CFOs should inquire if the providers offer AP automation for large companies.

While financial process improvements may begin with the goal of lowering costs, the longer-term organisational impact allows the CFO's position to be redefined. The CFOs will continue to be the organization's principal financial steward in the future. Therefore, the CFO has a wider role to play, leading the drive for broader process change and, ultimately, company transformation.

Many businesses have resorted to technology in the last two years to enable productive work at home and give the company agility required by rapid and unexpected swings in the economy. Digital fluency is the need of the hour and the companies that are not wheeling ahead with the rapidly progressing digital era will become irrelevant with time.

As such CFOs are promptly confronting the situation. One of the greatest AP automation solution available in the market meeting all the criteria well are Skyscend. The AP automation software is seamless to integrate and has a team of expert working behind the screens to expeditiously provide the required assistance to the AP team. The CFOs can rely upon the decision while investing for the choices they make for the growth of the company
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