In today’s competitive job market with high employee turnover, improving employee retention is more important than ever. So, it’s incredibly important to keep your finance department staff happy.
The accounts payable (AP) department is a vital part of any organization, responsible for a variety of tasks, from processing invoices and approving payments to managing supplier relationships and ensuring accurate financial records.
This high-intensity environment can often lead to significant stress, resulting in job dissatisfaction and burnout amongst staff members. It’s a key area for improved employee retention
Thankfully, technological innovations have presented an effective solution to these challenges. One such advancement that has revolutionized the finance department is AP automation.
In this article, we explore how AP automation fosters a happier, more efficient finance department.
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Reduction of Manual Tasks
AP automation significantly reduces the burden of manual tasks, which improves employee retention.
Traditional data entry and approval processes are tedious, time-consuming, and prone to errors.
With automation, these monotonous and manual duties are eliminated, reducing instances of repetitive strain injuries such as Carpal Tunnel Syndrome, eyestrain, and frustration.
Frustrated finance staff with sore wrists are not only less productive, they can be a contagion of low morale among the finance team.
But with AP automation, staff can shift their focus onto more critical and strategic tasks, leading to greater job satisfaction and overall happiness. Not just for the AP staff, but for the entire AP team!
Increased Accuracy and Reduced Errors
Accuracy is another significant benefit of AP automation.
Even the most attentive individuals can make mistakes, especially when handling high volumes of invoices. This is frustrating for the employee and bad for the organization.
AP automation virtually eliminates the risk of data entry errors, lost invoices, or late payments. In fact, using our Verified Data Capture Service will achieve near-100% accuracy in automated invoice data capture!
This reduction in errors not only mitigates stress, but also boosts the staff’s confidence in their overall work product. No more team meetings with constant reminders to be vigilant against typos and other errors.
Consequently, employees spend less time rectifying errors and more time on productive tasks, which contributes to overall job satisfaction among finance staff, leading to improved employee retention.
Improved Collaboration and Communication
AP automation also enhances collaboration and communication within the finance department and beyond.
Features such as centralized data and real-time updates streamline the tracking of invoices, information sharing, and overall communication.
This transparency reduces friction and misunderstandings, fostering a happier and more cooperative work environment.
Nowhere is this more true than in the invoice approval process. AP automation allows total insight into the current status of an invoice approval. It empowers AP staff to see where an approval is stuck, and then un-stick it. And managers love it because it takes a tedious chore and turns it into a simple task.
Read more about Why Every Manager Loves Invoice Approval Software.
Access to Real-Time Data and Analytics
The integration of data analytics into AP automation systems also empowers employees, providing them with valuable insights into the company’s financial health, vendor performance, cash flow, among other critical areas.
This valuable information equips employees with the tools to make informed, strategic decisions. Understanding their impact on the organization’s success boosts morale and makes their roles feel more rewarding. This feeling directly relates to improved employee retention.
Improved Vendor Relationships
Strong vendor relationships are crucial for any business, and AP automation enhances these relationships.
In manual processes, finance staff dread phone calls from angry vendors wondering when or if they will ever get paid. This puts those staff in an incredibly awkward position. They have to placate the vendor and at the same time chase down a busy executive to find out why an invoice or PO is stuck.
With automation, invoices are processed and paid on time, reducing the likelihood of disputes or disagreements.
This smooth operation not only maintains positive vendor relationships but also lessens stress on the finance team, promoting a more positive work atmosphere.
Improved Work-Life Balance and Professional Development Opportunities
AP automation also contributes to an improved work-life balance for your finance team.
By significantly reducing the time taken to complete tasks, automation eliminates the need for overtime, fostering better work-life integration. This balance is a key factor in overall job satisfaction, happiness, and improved employee retention.
Implementing AP automation also provides your finance team opportunities for professional development. With the automation taking care of tedious tasks, finance department staff can focus on their professional growth.
They can learn more about financial analysis, strategy, and other valuable areas, leading to increased opportunities and job satisfaction. And in turn, this will make those staff even more valuable to your bottom line.
Read more about how AP Automation Frees Your AP Staff to Do More Productive Work.
Bottom Line: How AP Automation Improves Employee Retention
AP automation is not just about optimizing operations and reducing costs.
It’s about creating a happier, more efficient work environment, which are only some of the factors that influence the ROI of AP Automation.
A happier workforce is more likely to be productive, engaged, and committed to their work.
In an increasingly digitizing world, embracing AP automation is not just a sound financial decision, but also a strategic move towards prioritizing employee well-being.
So if you want to make your finance team happier to improve employee retention, reach out for a personal demo and we’ll show you how easy and affordable it is!