With a wealth of Accounts Payable technologies on the market, finance leaders may have a difficult time deciding what will truly impact their organization. Automation solutions are a dime a dozen, and promise the moon when it comes to making the Accounts Payable process run more smoothly. However, when the prospect of implementing a new automation solution is raised, the general response in Accounts Payable tends to be a sigh of resignation, rather than a jump for joy.
Accounts Payable automation? More like aggravation. Controllers and Finance Managers looking for ways to help their Accounts Payable team work better often underestimate the additional burden that implementing an automation solution means. The source of this irritation is often the “project” required to integrate a new solution into the company’s existing processes and make it ready to use across the organization.
The typical Accounts Payable automation implementation project consists of three key parts:
- Design. Document existing vs future processes, and document required customizations development blueprint.
- Implement. Develop and customize solution based on the signed blueprint, develop integration, then test.
- Train. Change management within the organization to adopt new processes.
All these steps require a significant investment of time, energy, and money from your company, especially the Accounts Payable employees whose workload increases. The months of work required to complete these steps can be discouraging. When the project is finally completed, it’s not uncommon that many of the processes have changed, requiring additional modifications to reflect what’s really happening. Yet despite these challenges AP struggles on, unaware that there is another way….
Myth Busted: Is the Accounts Payable Implementation Project a Necessary Evil?
No, it’s not! Understanding why this is the case requires a bit of a mental frameshift. You’ve heard a lot of speculation that Artificial Intelligence and Machine Learning technology is going to transform our lives. The ‘how’ is usually a bit vague, so it’s natural to be curious about how A.I. will make AP’s job easier in particular.
If your Accounts Payable solution features true Artificial Intelligence, it will learn your patterns as you go, and ultimately make the work more efficient and enjoyable. After a brief initial learning curve, Accounts Payable will find that invoice processing is faster, and duplicates are detected more often. End user training won’t be necessary since there’s no new process to learn. Just easy, breezy invoice management and visibility throughout the entire process.
Another important benefit that A.I. powered technology brings to the Accounts Payable process is that the time to implementation can be reduced from months … to minutes.
Many Stampli customers have found this quick and easy (and free!) implementation to be an important reason for their success. Startup accelerator Techstars was thrilled that they were able to get setup on Stampli in less than one hour and could begin working in the system right away. Rather than invest company time, money, and energy upfront, they were able to integrate the solution with Sage Intacct in minutes and quickly saw amazing results.