Accounts Payable Automation is a booming market, with investment expected to increase from $1.9 billion in 2019 to more than $3 billion by 2024, according to PYMNTS.com.
However, before investing in any Accounts Payable Automation solution, every CFO must understand and clarify essential aspects.
Starting with which invoices are they going to manage and how will they be processed and paid? Let’s explore the top 7 questions to evaluate before finalizing an Accounts Payable Automation solution.
7 Questions every CFO should ask before investing in Account Payable Automation Solution
Goldman Sachs recently estimated businesses in North America spend $187 billion per year on payment processing costs, with small businesses sacrificing $22 to pay a single invoice with a paper check. And that financial toll doesn’t take into account data entry errors, security risks and timeline inefficiencies associated with manual systems that rely primarily on paper.
There’s also a good chance that Accounts Payable automation solutions could provide relief to better position your finance team to contribute to the company’s overall success, but you’re not quite sure how to begin evaluating whether automation is right for your business.
Here are seven key questions you should ask as you consider automating your AP processes.
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