Chief Financial Officers understand the need for Accounts Payable Automation well. The benefits for the accounting department are pretty clear, but if your Chief Information Officer is trying to understand the benefits for the IT department, the value AP automation brings to their role might not be so clear. With this in mind we've come up with 5 reasons why AP automation software helps CIOs.
While self-service reporting has grown in the last 20 years, many departments in many organizations continue to rely on IT teams to produce reports they need to do their jobs. For CIOs who are being required to do more with less than ever, self-service reporting is growing more important. An accounts payable automation solution integrated with accounting software allows financial managers to gain deeper insight and pull reports they need without having to take time from already taxed IT teams. Why ERP Integration is Critical to AP Software
Like we said, doing more with less is the name of the game and reducing the number of workhours needed to maintain a system is critical to CIO success. A subscription-based AP automation tool allows you to do just that. Even if you are successfully running AP process through a homegrown workflow or built-in ERP features, the time it takes to run reports, maintain and keep up to date with these types of technologies might be more costly to the IT department. Going cloud through an AP automation vendor takes the workload and the cost burden off your CIO's hands and frees up server space for other mission critical tools.
With easy-to-use, subscription-based software, your IT team can simply turn users on and off as needed. With the right solution, it should be easier than filling out a social media profile to add new users. Plus, no more losing money on licenses as clerks come and go.
With the right solution in place, AP automation can reduce your risk of fraud and other attacks. With deeper traceability and robust security features built in, a best-in-class AP solution will help CIOs increase security without extra work.
AP automation is proven to reduce invoice processing times by as much as 80 percent which pretty much boils down to an 80% decrease in AP processing costs. This is a win-win for CFOs and CIOs, as the IT team gets to take credit for the successful implementation of a major cost-reducing technology. Learn more... What Does it Cost to Process an Invoice?
If you are a CIO or CFO looking to implement robust AP automation that works directly with Microsoft Dynamics GP, Fidesic AP is unrivaled in its ability to deliver functionality and services that make you look like a hero.