Automate on Winter Break: Level Up Your AP for 2023
“Expect the unexpected” quickly became the mantra in education during 2020. With independent schools now focused on staying afloat, many business offices nationwide are implementing automation to help them succeed.
Business officers play a unique role in education as they oversee finances while working with colleagues whose focus is the classroom. But their job responsibilities don’t stop at managing finances. Employees are also responsible for human resources, board meetings, association activities, and more. Once you realize the scope of their obligations, it’s easy to see how business officers are a bridge between
administration, students, and parents. Unfortunately, many business office staff are spread thin and need help finding time to focus on students. Challenges like fluctuating enrollment rates, high tuition costs, and an unpredictable economy have added to the stress and pressure institutions are experiencing.
Accounts Payable (AP) functions within the business office are also hurting. 84% of the typical AP practitioner’s day is spent on tedious manual tasks1. While it’s true that AP departments are an integral part of any business, manual processes are time-consuming and make it challenging for organizations to become more efficient, secure and recession-resilient without outside help. As a result, more schools are seeing the benefits of leveraging cutting-edge, cloud-based technology to unlock new efficiencies in both payroll and accounts payable.
Economic uncertainty shows no signs of slowing down in 2023, and economists predict the U.S. might soon enter a recession. With that in mind, schools must find new ways to ease financial constraints. Implementing an AP Automation solution is one quick way to reduce operating costs and recession-proof your business office. With students out of school on winter break, it’s the perfect time to implement Invoice and Payment Automation. Best-in-class solutions take five hours or less to implement and require little staff involvement and no additional IT resources.
Why is now the time to implement some form of automation? Invoice Automation and Payment Automation saves 80% of time on invoice and payment processing. With more time back in their schedule, your finance team can focus on strategic initiatives for students, including student retention, diversity, equality, inclusion, and fostering a sense of belonging on campus. Also, you’ll have time to focus on mission-critical tasks that help your school make a difference in the community and students’ lives.
Another great benefit of AP Automation is that it helps organizations mitigate their risk of fraud. According to the Association of Finance Professionals, 71% of organizations were victims of payments fraud in 20212. Unfortunately, AP departments are the most vulnerable to being targeted by fraud, with the education industry being the most affected. Automation providers help remove the burden of fraud mitigation from your desk by using enhanced security measures that help stop hundreds of fraud attacks against schools.
Also, partnering with a leading automation provider that values a fantastic customer service experience gives your finance team access to more than 100 U.S.-based customer representatives who are on standby to answer questions or speak with your vendors for payment follow-up and other inquiries. This guarantees that your staff can avoid burdensome tasks that consume their time.
A manual accounts payable process prevents business departments from focusing on what matters most – students. Implementing AP Automation is so simple you can do it before students return from winter break, ensuring your success for years to come.
To learn more about Paymerang’s AP Automation solution, click here to schedule a demo today.
1Institute of Finance Management (IOFM)
2The Association for Financial Professionals: AFP