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Finance Automation and Digital Payments: The Unstoppable Rise

It’s no secret that 2020 forced companies everywhere to reassess the ways they operate. Employees are leaving their jobs in record numbers. In the US alone, four million workers quit their jobs in April. There are several reasons why professionals across the globe are seeking a change, in what experts have dubbed the ‘Great Resignation. For some, that meant learning how to cope with an overnight shift to working remotely while simultaneously tackling acute economic strain.

No matter what your business experienced, one thing is definitely clear: the changes brought on by COVID-19 exposed weaknesses that many companies had previously been able to leave unaddressed. Now, in order to survive in this post-pandemic world and in order to guarantee sustained prosperity if another crisis comes along – CFOs have to bet on one thing going forward: automation.

Let’s take a closer look at what this means. While the past year has ushered in a digital-first transformation across financial organizations, there are still very few options available for automating Accounts Receivable (AR) tasks. Yet, AP automation is more than just wishful thinking. It’s absolutely imperative for ensuring that operations can continue to occur in remote environments.

How Sage AP Automation Can Impact Your Team:

Radisson Blue was struggling with paper-based accounts payable. Approvers needed to physically sign off on invoices, causing delays especially at the start of the pandemic. AP staff manually entered data into the system, taking up 30-40% of their time.

Does this sound like your business?  Small improvements in your financial organization can lead to significant transformations. That’s why making the shift to automating your AR can be a powerful tool for boosting revenue and increasing ROI. Sage AP Automation can make this change for you!

Why Do You Need Sage AP Automation?

centralize ap online for multiple locations

7-year secure storage in the cloud for all our ap docs.

save time matching purchase orders to invoices and receivables

“Sage AP Automation by Beanworks has completely enhanced our accounts payable processes here. The impact it’s had over the COVID-19 pandemic – where you are so separated, as before we were in meetings sitting across the table from each other – now we are able to facilitate these processes easily from our own individual offices.”

Spending less time on manual data entry and chasing approvals has meant the finance team is now free to focus on more valuable tasks. This has also saved money as the staff is deployed elsewhere, instead of in-office. It is the increased visibility over the whole AR process which Dean Olevson really loves about Beanworks.

“Everything is right there,” Olevson explains. “Everything a controller need is visible on the same screen. The approval process is also excellent as it is so efficient.”

Interested In Learning More About How You Can Automate Your Finances
And Digital Payments?

Join our upcoming webinar on October 14th to learn about everything you need to know to automate your company!

During this webinar, you will learn how Sage AP Automation can help your team by:

Strategies to Avoid the "Great Resignation" in Your AP Team

The big question for CFOs is how to adapt to this new normal in a way that attracts and retains the right talent. In a climate where the employee can call the shots, how do you make sure your valued workers do not leave for pastures new? The good news is, it is not just a question of money. There are a variety of ways you can keep your team happy and avert the danger of them looking elsewhere without increasing salaries: take advantage of accounts payable (AP) automation, embrace flexible schedules, encourage peer-to-peer recognition, and prioritize employee wellbeing.

A study of 31,000 workers found that 41% are considering quitting their job this year. The statistics reflect the workforces’ discomfort and discontent about going back to the office. Experts are calling it: the Great Resignation.

The sentiment is shared across multiple industries including accounting where 82% of respondents reported lower levels of stress when working from home. It’s why an overwhelming majority (93%) of employees in finance want to continue working remotely.

But what can organizations do to retain existing talent and lure the best finance professionals to the company?

Download this white paper to learn:

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