How AP Automation Protects Businesses in 3 Ways

Being a business owner means that there’s a high possibility that your business has overcome many challenges and disruptions over time. As a business owner, you’ve definitely learned from those adversities. But now, it’s high time to shield your business from potential disruptions in the future. Using Accounts payable and invoice automation protects businesses.

 

 

How you can protect your company from future disruptions

Running a business at a time where there have been significant shifts in the work culture is challenging. These significant changes include the popularization of the work-from-home trend and rising cases of cyber threats and attacks. The digital transformation of companies is also in full swing. In such a time, an effective way to survive as a business and accelerate growth is through Accounts payable (AP) automation.

Here are three fundamental ways in which AP automation protects businesses:

1. Automation of AP processes facilitates the empowerment of a hybrid workforce

The COVID-19 pandemic popularized the work from home culture. The popularity of this work-from-home culture indicates that paying bills and processing invoices securely, accurately, and quickly is possible with remote working tools and automation. With AP automation, businesses can now process invoices and make timely payments accurately and securely to their employees, irrespective of their geographical location.

Remote working increases as more organizations realize the value of automation tools that assist remote working. Organizations are adapting to the automation of accounts payable and invoice management processes for increasing efficiency and productivity.  

2. AP automation is effective for promoting business continuity and increasing visibility.

Finance professionals often struggle to find payment data and invoice information easily or timely if the AP processes are manual by nature. Information visibility and delays in invoice clarifications become a significant issue with manual AP processes. Difficulty accessing the data impacts the efficiency of making essential business decisions and financial decisions.

The visibility issues mentioned above can get resolved with automated AP solutions. Important invoice data such as invoice status or amount, payment date, number of outstanding invoice exceptions, etc., can all be accessed through AP automation software dashboards in real-time. Invoices can get downloaded automatically from various portals that saves time. Mobile apps can scan invoices and send needed data to invoice management systems.

Apart from visibility issues, investing and implementing AP automation software can also increase the accessibility to information pertinent for promoting business continuity. Such valuable information includes working capital, spending analysis, and cash flows. These critical pieces of information play an instrumental role in making insightful short-term and long-term decisions.

3. AP automation maximizes protection against cybersecurity threats.

Cyberattacks can have a significant impact on the financial stability of your company. A survey by the Association for Finance Professionals reported that 65% of finance professionals had reported an increase in payment frauds within the pandemic. Therefore, the adoption of AP automation software can maximize the protection of your business against cybersecurity threats. Some AP automation software features that are instrumental in maximizing the financial security of your business include:

• Security Monitoring: for 24/7 protection of data by automated security operations staff.
• Cloud computing: for secured storage of corporate assets and data.
• AI-powered modern cybersecurity protections: provides maximum fraud protection, malware detection, and intrusion detection.
• Central processes: enables centralization of processes in electronic formats that are safe.
• Data security: for maximum security of different data types such as payment dates, invoice amounts, customer names, etc.
• Identity access management ensures that only the right people can access resources for legitimate reasons only.

Remember that if you can successfully protect your company from future adversities or disruptions, you can focus on accelerating the growth of your business. That is why investing in AP automation software can be beneficial for companies. Explore invoice automation software like GetMyInvoices and see how automation protects businesses.

Discover GetMyInvoices – Automation protects businesses