3 Signs Your Organization Is Ready for AP Automation
Size Doesn’t Matter – How a Finance and Accounting Partner Can Help Companies of All Sizes Achieve Their Goals
The value propositions around finance and accounting outsourcing are attractive enough for organizations of any size to seriously consider them. Freed from the burden of purchasing and maintaining OCR software, companies enjoy faster close cycles, greater visibility, and improved accuracy and efficiency, with very little change management. Meanwhile, employees can focus on work that is more strategic and valuable for the organizations they work for.
But moving to a partner may feel like a move reserved only for large, multi-site companies. The truth, though, is that a company’s size doesn’t matter. Any organization, regardless of how many employees it has, can enjoy these benefits by leaning on an F&A service partner. A company’s goals matter more than its size.
To illustrate this, let’s consider how two different companies, each with different goals, are able to enjoy the same benefits while still achieving their unique objectives.
Two Companies, Two Goals, One Outcome—Better Business Processes for F&A
Company A owns and operates a series of trendy restaurants across the country. Because these locations are spread out, their accounts payable processes are decentralized. Managers at each location are responsible for receiving invoices, coding them and scanning them to the headquarters for processing. The entire process is slow, expensive, time consuming and sometimes things fall through the cracks.
Company B, on the other hand, is a modest online retailer with one location and a much smaller workforce. They have a dedicated AP team for processing invoices, but as with Company A, those people could be working on other things that would add more value.
Centralize Operations, Reduce Costs and Improve Efficiency with F&A Outsourcing
With the right platform and service partner in place, both Company A and Company B can reap the benefits of an automated, scalable financial management solution that centralizes F&A processes, improves accuracy, increases visibility and shaves time off of close cycles. As for their individual objectives, Company A would enjoy significant cost savings while Company B would be able to redeploy their existing employees in new, and more strategic, ways.
Achieve Your Company’s Goals by Leveraging the Expertise of an Experienced F&A Partner
F&A outsourcing is gaining in popularity thanks to cloud-based applications and the latest advances in automation. Investing in OCR software is expensive. There are many significant reasons for shifting that work to a service partner. The good news is that company size doesn’t have to a factor. As long as business leaders clearly understand what they’re trying to achieve, leveraging the expertise of an experienced finance and accounting service partner will make a difference.