Palette’s whitepaper explores the various business models for AP software companies and how their specific approach works. It includes in-house and offshore methods for creating approval workflows, software platforms that offer a toolkit, and SaaS solutions like Palette that are a hybrid SaaS solution.
According to Gartner, extra work caused by human error in finance departments could be reduced by up to 30% annually by deploying robotic process automation (RPA). Only 30% of finance departments have taken advantage of this technology, according to the report.
Many Organizations Stuck with Paper Processes
Despite a plethora of accounts payable (AP) automation tools, email and paper still dominate the North American market, with 80% to 90% of invoices received via one of those two mediums. Many companies are still committed to paper processes, a practice that results in wasted time, lost invoices, inefficient approval processes and an inability to work virtually.
Fragmented finance systems, deeply entrenched error-prone manual processes, and high employee turnover results in increasing the cost, complexity, and audit concerns for already overwhelmed AP departments.
The challenge is exacerbated by globalization. Global companies require the normalization of core business operations across borders, while remaining flexible enough to meet local requirements. Any new business solutions must include currency, language, and tax regulation functionality that contributes to seamless purchase and payment operations.