I Hate Paper! 5 Reasons Why You Should Too

I love bookshops. 

It’s probably showing my age but when I was in school, I loved going to bookshops, browsing through shelves of books, reading summaries on the covers, looking at the number of pages, and the anticipation of finding a great story. 

There was something about the smell of freshly printed books that just can’t be replicated with digital or audio versions. 

Even today if I have time before a flight, I will head for the book section in an airport shop, although I have very little time available to read these days. 

With such a positive introduction about books, it might come as a major surprise that I hate paper. 

Paper in Accounts Payable 

Let me be a little more specific. 

While I love paperbacks, I can’t stand supplier invoice processes that are paper based. 

Let me outline some reasons why. 

5 Reasons Why You Should Hate Paper in Accounts Payable Too 

When engaging with clients and prospects, the number one reason they give for wanting to introduce AP Automation Software is to remove paper from the process. 

  1. Time 
    Processing invoices manually takes time and means that management reports are not current or up to date, and it takes longer than it should to produce period end financial performance reports. 
     
  1. Accuracy 
    Having reviewed thousands of invoice layouts, I understand how easy it is to make mistakes when processing them manually.  This can range from mistaking the due date for the invoice date, to inputting a figure incorrectly (or confirming an incorrect figure if the invoice has been through an OCR or scanning process). 
     
  1. Reconciliation 
    Manually reconciling an invoice against a purchase order has the potential for errors.  There are the obvious ones such as price discrepancies but there are much more insidious ones such as where the price is the same, the product received is the same, but the serving size is smaller.  Good AP Automation Software can detect this far better than a manual process. 
     
  1. Retrieval 
    For me, the challenges of filing, storing, and retrieving invoices are enough reasons to implement AP Automation Software.  With OnePosting, a supplier invoice can be retrieved using any of the following methods: 
    – Invoice number 
    – Supplier 
    – Date range 
    An invoice is available instantly with a few keystrokes compared to the time needed to retrieve a file of invoices from a filing cabinet or lever-arch folder, and then find the correct one. 
     
  1. Cost 
    If any of the reasons above have not convinced you of the benefits of AP Automation Software, then cost savings alone should persuade you.  Surveys regularly show that the cost of processing invoices manually ranges from $15 to $40 per invoice.  This figure typically falls to between $2 and $3 when AP Automation Software is used. 

Why Not Implement AP Automation Software Now? 

Implementing AP Automation Software is different to most IT projects that you might have encountered.  Many implementations may not even require one a project or a project team. 

In fact, the biggest challenge when implementing AP Automation Software is that it often uncovers issues with current processes that have been ‘hidden’ but if which addressed, offer the potential to deliver significant financial value. 

I will deal with this in another post, but with the financial benefits available, the ease of IT implementation, there really is no reason not to implement now! 

Want to see if AP Automation Software will work for you? 

Check out my calendar and book a meeting with me now. 

Finbarr McCarthy