Efficiency, time saving, accuracy, cost saving, and reputational enhancement have always been amongst the benefits of automating your accounts payable process. We at Core Vision have recognised this for years and our solutions to facilitate streamlined invoice processing have evolved accordingly.
With the advent of COVID-19we now see further benefits. These include business continuity for companies that have sent their accounts payable team home and a safer less manual process all round.
Surprisingly when talking to prospects we find that many companies have still not automated their account payment process. Some still scan and email invoices. So it is understandably a concern for these companies when they have to send staff home.
We have seen a significant uptake of accounts payable automation and for the last couple of years this module of the myBuildingsTM system has been widely adopted by our clients. Many of our clients process $100m+ of invoices through our AP Automation module annually.
Kane Bullen, Head of Technology at Core Vision says “Our solution literally flips the accounts payable process around. We have taken invoice processing from a delayed, back-office function to a real time situation where contractors can upload their invoices and receive instant feedback on any issues. Our clients are then able to easily approve invoices with the click of a button – but more importantly, there is no such thing as random invoices being received – it’s simply not possible for invoices to be received without being linked to an approved purchase order”.
In many cases COVID-19 has led to the adoption of technology in order to reduce human contact. Accounts Payable Automation is a really good example of this. However, as Core Vision has seen and proven with their myBuildingsTM system, the benefits were there long before COVID-19.