69% of accounts payable professionals are looking for “smarter” systems that drive more efficiencies, with COVID-19 hammering home the issues that AP departments were formerly able to sweep under the rug. 
There are a lot of expectations from the accounts payable department. They handle the outflow of cash for brands, along with countless invoices that are processed for media suppliers, contractors, and others. These people are indispensable, and yet often forgotten when it comes to improving the business.
Despite all of the advances in business technology, this is one area that is still quite antiquated when it comes to processes and practices. Fortunately, things are slowly changing and evolving, creating better automation, security, and revenue-sharing capabilities. You can reduce manual workflows, improve operations and profits, and ensure streamlined operations with the right tools and integrations.
Do You Have an Inefficient AP Department?
Companies sometimes don’t even realize how inefficient their various departments and processes have become. It’s important to take stock of where things stand and how effective the current operations are. The AP department should be able to process invoices and payments promptly, handle all aspects of billing and payments, and ensure that everything is done in accordance with compliance laws and company regulations.
However, according to Ardent Partners’ “AP Metrics that Matter in 2021” report, AP departments struggle with a 25% invoice exception rate and an average of 10 days to process a single invoice. Without the right tools, no AP department is going to continue to grow and provide more efficient solutions for businesses that are looking to take things to the next level. Things like too many physical invoices, complex manual processes, and other inefficient habits are holding AP departments back around the country– is yours one of them?
Automate Your AP Department
Automation is going to change the way that your AP department functions, just as it has done for the rest of the business landscape. For the AP department, the best choice is a forward-thinking and customizable payment processing solution that can automate all the details. For example, FastPay’s SitePay technology is designed to auto-fill forms and manage supplier payment portals, which reduces the time and risk of human error in making invoice payments.
When brands automate with the assistance of a dedicated payment processing platform, they will also see a much higher revenue share, thanks to both improved processing and the assistance of third-party solutions. Plus, you can integrate all of this automation with your accounting and media buying platforms while gaining the best security and satisfaction available today.
Remote Access and More
Modern technology solutions should enable you to manage your entire accounts payable department functions remotely. As the nationwide shutdown showed, business continuity is one of the most important features that a company should use as a qualifier for new software vendors. Your solution should add revenue to your bottom line and let you track payments, invoices, and outstanding bills from anywhere.
You Get What You Give
Most brands don’t realize that their company is lagging and no one is answering the call for assistance. Most AP departments are actively looking for solutions to their workflow problems, and more than happy to onboard and integrate technology to ease their workloads.
A good tech stack is about optimizing, automating, and security. If your brand is ready to embrace the future of digital solutions, there’s no better place to start.