—
Palette Software has published a white paper on how essential roles in an organization experience the direct benefits of AP automation in the context of their day-to-day tasks. Often missing from the conversation around technology solutions is what the experience for employees is, and the difference it makes. The white paper features “before” and “after” comparisons of roles such as CFO, plant manager, controller, maintenance worker, and more.
In one example a plant manager is confident that their plant’s financial performance for the period is profitable, only to find out from the controller (after the fact) that it was operating at a loss. With the right solution, pre-committed spending is highlighted, so there would be no surprises at the end of the month or end of the quarter.
“Controllers have their own unique problems”, said Roxanne Imrick, Director of Business Process Consulting for Palette, “their signature is not required on purchases because it carries no financial authorization. That means they have 100% responsibility and 0% authority where spending is concerned. The software gives them the opportunity to be part of the conversation around each and every purchase.”
Another role examined is the CFO. Problems arise when the reports CFOs receive are “editorial” in nature. Compliance is hard to enforce given that guidelines are buried in policy and procedures binders. After implementing a comprehensive solution, the CFO has hard data at hand, as well as the confidence compliance is being met because the company’s business rules are running in the background behind every transaction.
Palette’s argument in the paper is that, after thousands of iterations and the feedback of over 200,000 users, the outcome of a good AP automation solution is ultimately about job satisfaction. That means an intuitive interface for each role, the advantage of not having to learn “yet another system”, and having robotic process automation do the job it’s supposed to – remove the drudgery and errors inherent in manual paper processes.
PayStream Advisors have found that companies that invest in an AP solution have experienced productivity increases of up to 57%.
Beyond the ROI of an AP automation implementation is the potential for finance staff to do higher value work. Given that complex workflows containing 600 steps can be automated, and purchase orders with over 1,000 lines can be automatically matched to invoices and goods receipts, the opportunity to remove the friction in everyday business processes gives credence to the idea of digital transformation as an empowering force.
Download the Whitepaper: AP Automation Benefits from CFO to Sales
About Palette Software
The AP process affects many roles in an organization. Procedures are complex and unique to every industry. AP software has to be flexible enough to handle all the variables, be intuitive for users, and provide seamless integration.
Palette Software is a leading provider of Purchase to Pay automation, with 3,500 clients worldwide and approval ratings of 95%. Palette is a global solution for companies with multiple ERPs, multiple countries, currencies and tax rules. Customers get unlimited users with no user license costs, bulletproof compliance control and minimal I.T. involvement.
More information visit Palette AP Automation
Release ID: 313705