Change can be daunting, especially when you feel that the tools you rely on are changing faster than you can keep up.
With the rise in invoice automation, you might be wondering: What does this mean for me and my work?
Let’s clear this up right away—automation isn’t here to take your place. It’s here to make your work better.
Research has found that digital accounts payable (AP) cut processing times by 50%, saving you 20 hours of AP processes each week.
Instead of spending hours on repetitive, time-consuming tasks like manual data entry or chasing approvals, automation allows you to focus on strategy, growth, and building stronger supplier relationships.
And here’s the reassuring part: A study found that with AP automation, 61% of teams process more invoices without changing the team size. Doesn’t that sound like a relief?
Let’s take a deeper look at the evolution of AP roles and why your expertise will always be valuable in the accounts payable team.
The Evolution of AP Roles
The Evolution of AP Roles
Imagine having the tools to clear your backlog faster, respond to queries quicker, and even leave the office on time more often. Sounds like a dream, right? With accounts payable automation, that dream can be your reality. It handles the repetitive manual processes, so you have more time to plan better, improve AP functions, and make a real impact in your role.
So, what tasks are being taken off your plate? And what new possibilities are opening up for you?
Firstly, say goodbye to squinting at invoices, double-checking numbers, or worrying about errors. Because with AP automation, you can save 80% of manual invoice processing and cut down 90% of your time spent checking for mistakes.
This means you’ll have more time to focus on strategies that grow or expand your business. With accurate, real-time insights from automation, you will improve cash flow and make decisions that will be sharper and more effective. In fact, according to DocuClipper, 88% of professionals agree that improving invoice management can free up finance teams to tackle strategic initiatives.
Another time-consuming task that’s no longer your burden is chasing approvals. Remember the back-and-forth emails you sent trying to track down the right approvals? With automation, that’s a thing of the past. No more waiting for signatures or someone to give you the green light. You can now cut down your approval time to just 1 day!
Faster approval workflows mean timely payments, which means your vendors are happier and more trusting of your company. This can improve negotiations and early payment discounts, should you need it.
Why You Are Still Essential in the AP Department
Why You Are Still Essential in the AP Department
Why You Are Still Essential in the AP Department
Along with strategising and overseeing new implementations, you bring certain irreplaceable qualities to the table that technology simply cannot replicate.
One of these is your critical thinking capability. Automation might handle repetitive tasks and data crunching, but it’s your ability to analyse complex financial reports, weigh options, and make decisions that truly drive your team forward. A survey showed that 29% believe that AI-driven automation will upskill and empower them to make better decisions. Ultimately, you’re the one who spots opportunities, flags risks, and keeps everything optimal.
It’s also your creativity that sets you apart amidst the changing role of the accounts payable department. When asked employees globally, 41% said that AI could free up time for more creative tasks, keeping them engaged and motivated. This shift allows you to focus on innovative solutions, brainstorm ideas, and find new ways to improve processes that give you a competitive edge.
Another key strength is your emotional intelligence. Whether it’s building relationships with vendors, managing team dynamics, ensuring cost savings, or handling sensitive issues, your empathy, communication skills, and ability to read the room make all the difference. These are the moments when people look to you for trust and not a machine.
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Skills You Need To Thrive in an AP Automated Future
Skills You Need To Thrive in an AP Automated Future
Your role in the AP department has always been essential, but now’s the time to step into something even bigger. Thriving in an automated future is about taking on responsibilities that are less about pushing paper and more about driving impact.
One of the first steps? Getting everyone on board. 86% of CFOs are already pushing for automation because they see how it can transform their business. By bringing the right people into the conversation early, you create a team effort that makes incorporating an AP automation solution smoother and more exciting for everyone.
To truly thrive in an automated future, you’ll want to reimagine how things are done. Think about building simpler and more efficient workflows, like integrating automation with your accounting software. Through this, you can monitor everything in one place and gain greater control and insights.
Being proactive is equally important. You need to assess where automation can expand, identify potential bottlenecks before they happen, and always have a plan to optimise. This strategic thinking approach positions you and your department as a key driver of the business.
It’s also wise to plan for the unexpected. Let’s face it: no system is perfect. Having a solid contingency plan in place ensures you can handle technical hiccups without breaking a sweat. With a backup plan, your workflows keep moving, your deadlines stay intact, and your supplier relationships remain strong.
But most of all, you need to remain flexible. As business needs shift and evolve, so should your processes. By staying open to exploring new tools and regularly refining your workflows, you'll keep your operations agile and future-ready.
Remember, you’re not just keeping up with the change but leading it.
The key takeaways
The key takeaways
The short answer to whether invoice automation is the end or evolution of AP roles?
It’s safe to say that your role as a finance professional is evolving, not disappearing.
Automation is here to take the repetitive tasks off your plate and give you more time to focus on driving strategic decisions. Adapting to this changing role in the accounts payable department is the key to being automation-ready.
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