In response to an onslaught of unpredictable challenges over the past few years, businesses are looking for innovative ways to improve efficiency. Payment automation is a digital solution an increasing number of companies in St. Louis and Kansas City are adopting. Here, we explore three key trends driving this shift towards accounts payable (AP) automation.
As businesses continue to face economic pressures, there is a growing need to streamline processes and reduce overall costs. Automating AP functions can help organizations achieve these goals by minimizing manual tasks, reducing the potential for errors, and speeding up payment processes.
"Automation has become crucial in maintaining our competitive edge," says John Anderson, CFO at ABC Manufacturing Inc., based in St. Louis. "By automating our accounts payable process, we've been able to cut processing time by 50%, which translates into significant cost savings."
The COVID-19 pandemic has forced many businesses to adapt quickly to remote work environments - making it increasingly challenging for employees working on finance teams or those responsible for managing invoices and payments manually.
"With employees now working from home due to COVID-19 restrictions, we found that relying on paper-based systems was no longer efficient," explains Sarah Thompson, Controller at XYZ Logistics LLC., headquartered in Kansas City. "Implementing AP automation helped us maintain seamless operations while ensuring the safety of our staff."
Data security continues to be a top priority as cyber threats evolve rapidly; financial data is especially vulnerable with sensitive information like bank account numbers often targeted by hackers.
"Protecting our clients' data remains paramount," states Michael Brown Jr., Director of Information Security at LMN Services Corp., situated in St. Louis vicinity_. "By automating accounts payable, we can ensure that sensitive financial information is encrypted and securely stored in the cloud. This not only reduces the risk of data breaches but also helps us stay compliant with industry regulations."
In conclusion, businesses in St. Louis and Kansas City are increasingly adopting AP automation due to its ability to increase efficiency, support remote work environments, and enhance data security compliance. As these trends continue to gain momentum, it is likely that more organizations will embrace this digital solution for their accounts payable needs.