Automation has transformed the way businesses operate. From meeting large-scale objectives to improving efficiency, automation provides companies a range of benefits. As a result, more companies pursue automation each year. In fact, data from a 2020 McKinsey survey shows that 66 percent of business leaders were testing automated solutions for at least one business process, up 57 percent from 2018. Furthermore, the percentage of companies fully automating at least one function increased to 31 percent in 2020, up two percent from 2018.
Specifically, two automation areas ripe for growth are accounts payable (ap) and tax payments. By shifting to Paypool AP automation and Anybill tax automation software, you’ll be prepared to meet any payment obstacle.
Enhance Operations with Paypool AP Automation
Research states that the AP automation market is expected to grow at a Compound Annual Growth Rate of 11 percent by 2024. Global pressure to increase on-time payments, improve compliance, and reduce fraudulent transactions are major factors driving this growth. Although much of this demand derives from large enterprises, fewer than 10 percent of small and medium-sized enterprises use AP automation tools. Adopting Paypool AP automation can address many challenges AP departments face, including
- Manual data entry
- Misplaced invoices or purchase orders
- Late or duplicative payments
- Low productivity
- Slow audits
- Fraud
- Inaccurate GL coding
From invoice receipt to payment, Paypool provides visibility over the entire AP process. Paypool completely eliminates manual invoices as vendors have the ability to submit them directly to the platform, where they get routed to the proper individuals for approval, coding, and payment. With centralized, secure storage, essential business data is easily accessible from one location. Additionally, Paypool leaves an access trail noting who has viewed or taken action on invoices and payments, which helps minimize fraud.
Increase Efficiency and Manage Tax Compliance with Anybill
Paying taxes is just as vital as paying invoices for the financial health of any business. Unfortunately, many businesses aren’t positioned to manage them appropriately. Like every sector, taxation is becoming increasingly digitized. As a result, those companies without tax automation software expose themselves to heightened risk and additional costs. Transitioning to Anybill can help finance teams effectively manage common tax payment struggles, specifically
- Tracking multiple jurisdiction procedures
- Understanding requirements around numerous tax types
- Managing payment requirements and deadlines
Anybill eliminates the complexities around tax payments, reducing tax compliance issues and ensuring jurisdictions are paid on time and in accordance with their requirements. It also supports both check or EFT payments along with full payment data transparency, including mailing validation and check images.
Turn to Paypool and Anybill Automation
As the world continues to evolve at a digitally rapid pace, companies that refuse to automate face significantly higher risks and costs. Automating with Anybill and Paypool can mitigate pain points that are associated with manual AP and tax payment tasks. Correcting these functions will produce cost-savings in the long run, driving growth for your organization.
Together, Anybill and Paypool have made millions of on-time payments. Learn why thousands of companies trust Anybill and Paypool with their AP and tax payment processes. Request a demo today.