Take a Permanent Vacation from Manual AP Processes Before Students Return from Spring Break

While advanced technology has changed how students learn, digital transformation has been much slower to reach back-office business operations in K-12 schools and Higher Education Institutions. As a result, there is still a strong reliance on manual, paper-based processes.

School business officers oversee many areas, including finance, human resources, operations, and even give input on facilities. Manual workloads quickly become too overwhelming for staff juggling all these responsibilities, especially in the Accounts Payable (AP) department.

Typically, 84% of the typical AP practitioner’s day is spent on tedious manual tasks¹ like keying invoice data, pushing paper, fixing typos, chasing down information, and responding to calls and emails about the status of supplier invoices and payments. Consequently, staff cannot focus on other areas critical to the school’s success and student outcomes.

Education finance departments are embracing AP Automation to eliminate the stress and complexities associated with manual processing. Schools quickly reduce operating costs and recession-proof the business office by automating the AP process. Recent survey data shows that 77% of CFOs said digitization investments improved their working capital and credit². With manual tasks eliminated, finance teams can focus more on meaningful projects without limited budget constraints and give students a top-quality education experience.

Is AP Automation right for me?

Are you considering AP Automation or curious about how to get started? With students on spring break, now is the perfect time to implement invoice automation and payment automation. World-class solutions take five hours or less to implement, requiring little staff involvement and little to no additional IT resources. These solutions seamlessly integrate with various ERPs, including Blackbaud, QuickBooks, Veracross, and Senior Systems.

Benefits of AP Automation:

Invoice and payment automation solutions provide several benefits to schools and universities. For starters, automation saves users 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. 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 fraud risk. Currently, the education industry is the highest-targeted industry for payment fraud³, and the FBI predicts ransomware attacks will become an even bigger threat this year⁴. Best-in-class Payment Automation eliminates paper checks and provides greater security through encrypted account data and multi-factor authentication. In 2021, 66% of companies paying by check experienced real or attempted fraud, compared to only 3% when paying with single-use virtual cards⁵.

Staff retention and growth are also other favorable benefits of automation. Severe staffing shortages and heavy turnover still impact the nation and show no signs of slowing down. Automating tedious and repetitive tasks reduces employee burnout and turnover. Having the time and resources to focus on high-value tasks makes staff more fulfilled and allows them to advance their careers.

Finally, partnering with a leading automation provider that values white-glove customer service gives your finance team access to more than 100 U.S.-based customer representatives 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.

Manual, paper-based accounting processes prevent education business departments from focusing on students. Schools can streamline workflows and make sound decisions that positively impact student learning by reducing costs, increasing efficiency, and enhancing security with automation.

Implementing AP Automation is so simple that you can do it before students return from spring break, ensuring your success for years. To learn more about Paymerang’s world-class AP Automation platform, schedule a demo now.

Sources:

¹Institute of Finance Management (IOFM)

²PYMNTS: 9 in 10 CFOs Focused on Payments Automation and Transformation

³Baker Hostetler 2021 Data Security and Incident Response Report

⁴FBI, CISA warn cyberattacks against schools ‘may increase’ as semester begins

⁵The Association for Finance Professionals