If you still haven’t automated your MYOB accounts payable procedures, you could be at a competitive disadvantage.
According to a 2024 survey, after automating AP, 52% of AP professionals now spend less than 10 hours weekly processing invoices, a decrease from 62% in 2023. Automation doesn’t just drive efficiency but also gives you an edge over competitors who still rely on manual methods.
Consider the challenges of manual invoice processing, including time-consuming and error-prone data entry, higher admin costs and an increased risk of fraud.
In addition to this, the average cost to manually process an invoice, according to DocuClipper, is between AU$27 and AU$30, while automation can bring that down to as low as AU$3 per invoice.
So, why work harder when you can gain a competitive advantage by working smarter through automation?
Let’s look at the 3 key advantages of automating your accounts payable processes with MYOB Acumatica and Lightyear.
More focus on strategic tasks
Let’s face it—manual invoice processing drains your time and creates a lot of frustration amongst your team.
That’s where AP automation steps in to save the day. Integrating an invoice automation solution like Lightyear with MYOB Acumatica accounting software allows for a two-way data sync. This means data created in MYOB Acumatica transfers easily to Lightyear and vice versa. As a result, you remove the need for tedious, manual data entry.
Take Synapse, for example, a leading Australian brain injury organisation. By using Lightyear, they’ve saved over 40 hours on AP tasks every month! When they receive an invoice in Lightyear, the system automatically extracts invoice data and routes it for approval. Faster approvals led to quicker supplier payments, which nurtured a positive relationship between the business and its suppliers. Once approved, the invoice data is exported directly into MYOB Acumatica — no manual input required. Overall, the business reduced its AP admin time by 33%.
Imagine what you could achieve with that extra time. Your finance team can focus on strategic tasks like growing the business, strengthening supplier relationships, and optimising cash flow, all without being bogged down by tedious AP administrative tasks. This will improve internal efficiency and position your business ahead of competitors still stuck on time-consuming manual AP tasks.
Optimise budget allocation
Manual data entry isn’t just time-consuming. It’s also error-prone and often requires hiring more staff. This increases your AP admin costs, not to mention the time you need to train the new hires.
Even if you’re using a great tool like MYOB Acumatica, manually managing all those growing invoice volumes can quickly become overwhelming. That’s where automation steps in to lighten your load. It handles the volume effortlessly, cutting labour costs by £12k each year and saving you money.
And here’s the best part: those savings don’t have to sit idle. You can reinvest them into things that really matter, like innovations, expanding your business, or delivering a better experience to your customers. With AP automation, you’re not just saving time and money—you’re freeing up space to focus on what puts your business ahead of its competitors.
The approvals workflow in Lightyear allows invoices to be approved in a timely manner. Duplicate Flagging is also beneficial as this reduces the risk of duplicate payments.
Adapt to growth
According to Gartner, by 2028, most businesses will leverage cloud computing as a business necessity to maintain competitiveness. As your revenue grows due to strategic decision-making, the volume of invoices you manage also increases. Handling this efficiently is part of maintaining that competitiveness, especially when managing multiple cost centres or entities.
Cloud-based invoice automation allows you to streamline your AP processes without adding complexity. Designed to scale with your business, this solution does not need frequent system changes, reducing disruptions, training, and data migration.
When you integrate a compatible AP automation solution like Lightyear with MYOB Acumatica, you get consistent, accurate invoice processing with reduced manual intervention. Whether you’re handling a few invoices a month or managing high volumes, Lightyear’s all-in-one platform allows you to manage it all seamlessly with no added costs for users.
Unlike competitors who are stuck with rigid, outdated systems, Lightyear empowers your business to adapt and grow. With an intuitive platform that’s easy to use, you can click on any part of the Dashboard to jump straight to the relevant section. You can even customise data views and access only what’s relevant to your role.
It’s time to break free from manual AP tasks and embrace automated invoicing. With solutions like Lightyear, seamlessly integrated with MYOB Acumatica, you can increase efficiency, reduce errors, and position your business for long-term success. This automation empowers your team to stay agile and competitive as your business evolves.
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