In the dynamic world of modern business, staying ahead of the curve is paramount for leaders and accounting teams.
We’ll explore the challenges that come with outdated AP systems, and offer valuable insights to guide your organization towards modernizing your AP processes.
Sluggish Cash Conversion Cycle
Manual processes associated with outdated AP systems can significantly slow down your cash conversion cycle. Delayed payments and lengthy approval processes can hinder your organization’s agility. To combat this, consider automating your invoice approval process. Databank’s AP solution, powered by Esker, harnesses the intelligence of AI and ML, which can help streamline invoice automation and approval, ensuring that cash flow moves efficiently and giving you a competitive edge.
Vendor Communication Hassles
One of the primary challenges associated with outdated AP systems is the cumbersome vendor communication process. The manual back-and-forth through phone calls or emails can be time-consuming and frustrating. Valuable time can often be wanted just by playing phone tag with vendors who have trouble accessing invoices or payment instructions. Databank’s modern AP solution offers a comprehensive vendor portal, making communication streamlined and worry-free.
Lack of Financial Insights
Modern business decisions rely heavily on data-driven insights. Outdated AP systems often fall short in providing the necessary financial metrics and visibility. Esker offers a configurable dashboard, providing your accounting team and leadership with a clear, high-level view of invoice statuses and cash flow. Armed with this information, you can make well-informed decisions and keep your financial data readily accessible.
Time-Consuming Manual Tasks
Still relying on email or even physical mail for invoice receipt and approval? These manual tasks are not only time-consuming but also prone to errors. To boost efficiency, minimize errors, and save precious time, it’s time to digitize your AP processes. Esker’s invoice automation system not only automates your approval and processing systems, but harnesses the power of auto-learning to boost accuracy so long hours of logging and tracking invoices will be a practice of the past.
Move into modernization
Invoice automation has the power to modernize your organization and enable better, data-driven decision making.
Are you ready to take the next step in modernizing your AP system? Reach out to our team today for a free audit. We’re here to provide guidance, answer your questions, and assist you on your journey toward a more streamlined and efficient AP process. Don’t let outdated systems hold you back—empower your organization with the tools it needs for a brighter future.
Connect with a Databank expert today.