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ReadersSpeak

Three simple steps for AP automation.
automation in 2021
"2. Automate it all, or one piece at a time: Significant
We wish to thank Elizabeth efficiencies are gained across the AP function, and
Kowal, chief product officer the ROI multiplies when automating the end-to-
at MineralTree, for sharing end process. Some businesses have automated their
the following implementation entire process in two weeks. But it's not necessary to
steps for AP automation. automate all at once. Some companies start on invoice
intake and approval. Others focus on digitizing
"Accounts Payable (AP) automation is on numerous wish payments. These can be done in a few days. If
lists for 2021. It offers big ROI, and COVID-19 has made automating the entire process might prevent you
it a priority due to remote work requirements. For new from getting started, find your quickest wins and
businesses, or those upgrading current AP automation greatest ROI with the least effort. Then expand from
initiatives, here are a few basics to keep in mind for bigger there.
success.
"3. Track your progress: What goals did you set at
"1. Measure where you are today: Get a clear idea of the start of the project? How are you tracking them?
where you are starting from and where you want to How many invoices are paid electronically and by
get to. While this may seem obvious, the discipline what payment method? What challenges have you
of taking a clear measure can be illuminating and encountered? What data can you now gather about
make your deployment more successful. How much your business that you couldn't before? Use this
time does it take to input a paper invoice into your information to create visibility in the organization
financial system? How many people have to approve about your progress and its impact on the business."
it? What does it cost to cut a paper check? Some
solution providers have tools for calculating the hard Share your know-how
costs; it's also important to factor in soft costs, such as
what else staff can focus on with time saved through What advice do you have for your colleagues in payments?
Get in touch at greensheet@greensheet.com.

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