While systems can significantly improve the efficiency and accuracy of the Accounts Payable process, there are still several missing gaps and challenges that companies may face before implementing a solution. In this article, we will explore five common AP challenges and discuss how Esker’s solutions can help companies overcome them.
#1 Manual, time-consuming process: One of the main challenges companies face in AP is the manual, time-consuming nature of the process. From processing invoices to reconciling vendor statements, many steps in the AP process can be prone to errors and delays. This can lead to increased costs, reduced efficiency, and frustrated vendors who may have to wait longer for payment.
Solution: Esker’s Accounts Payable can automatically capture and classify invoices, extract data, and route them for approval, all without the need for manual intervention. This can significantly reduce the time and effort required to process invoices and reduce the risk of errors and delays.
#2 Difficulty tracking and managing vendor relationships: Companies need help to maintain accurate and up-to-date vendor information and keep track of payment terms and other essential details. This can lead to missed discounts, late payments, and other issues impacting vendor relationships.
Solution: Esker’s Accounts Payable solution comes with a vendor portal that provides a comprehensive view of all vendor interactions, including invoices, payments, and disputes, making it easier for companies to track and manage their vendor relationships.
#3 Lack of visibility and control: Without proper visibility of what’s happening from start to end, it can be difficult for companies to identify bottlenecks, optimize their AP workflow, and ensure that payments are made on time.
Solution: Esker’s AP automation solutions provide real-time visibility into the AP process and enable companies to track the status of invoices and payments in real-time. This can help companies identify and address any issues that may be causing delays and ensure that payments are made on time.
#4 Cost and complexity of implementation: Many companies may be hesitant to invest in new accounts payable software, especially if they have an established AP process internally. Some companies do not see the big issues while some companies are very resistant to change
Solution: While implementing an accounts payable system can be challenging initially due to many reasons (eg resistance to change internally), the long-term benefits of improved efficiency and accuracy can be well worth the investment. Esker’s solutions can help companies automate many of the manual tasks involved in the AP process, reducing costs and improving efficiency.
#5 Training staff on new software: While accounts payable systems are designed to be user-friendly, there is still a learning curve involved in implementing a new system. This can be especially true for companies with a large AP team, as training may need to be provided to a large number of staff.
Solution: Esker offers comprehensive training and support to help companies and their staff get up to speed on their accounts payable automation solutions. With the right training and support, companies can ensure that their AP team is fully equipped to use the new software effectively.
While implementing an accounts payable system, such as those offered by Esker, can present some challenges, the long-term benefits of improved efficiency and accuracy can be well worth the investment. Esker’s accounts payable automation solutions can help companies overcome common AP challenges and streamline their AP process, reducing costs and improving vendor relationships.
Enhance Your Business’s Accounts Payable With Esker
Regardless of your technical expertise, geographical presence, or product diversity, Esker is here to deliver game-changing results to your company. Contact us for a demo and find out how we can enhance your business’s Accounts Payable with our Esker today.