Independent Banker - November 2022 - 74

FINTECHFINTECH
FOCUS
How Automation Helps Accounts Payable
Departments Manage Labor Shortages,
Attract New Hires, and Retain Workers
Hiring difficulties are a big problem for Accounts Payable (AP) departments. Higher
wages, fat signing bonuses, staff training and other enticements only go so far
with job seekers and employees. The key to attracting and retaining top talent is to
digitally transform the AP function into a more rewarding and strategic role, where
staff has the automated, personalized tools needed to be productive anywhere.
John Zaudtke
Vice President of Sales
jzaudtke@paymerang.com
804-592-7025
paymerang.com
It's no secret that a massive labor shortage is gripping Corporate America. Workers
are quitting their jobs to find better working conditions, more fulfilling work, or
higher pay.
AP leaders are left grappling with how to do more with less, forcing staff to work
longer hours - all while managing unrelenting pressure to reduce overhead and
providing the business with insights to navigate an uncertain economy. AP leaders
need to act fast and address the situation head-on. Staff turnover can contribute
to a drop in productivity, more errors, late payments, and missed early payment
discounts. Suppliers may become frustrated by slower responses to their inquiries about the status of payments. And
there is a greater risk of fraudulent transactions slipping through without seasoned employees to catch them.
Most of the typical AP practitioner's day is wasted on manual, repetitive tasks such as keying invoice data, pushing
paper, fixing typos and other mistakes, chasing down information, and responding to calls and emails from suppliers and
stakeholders about the status of invoices and payments. All the while, AP professionals must manage dozens of business
rules, best practices, auditor guidelines and corporate standards for processing invoices and making payments to
suppliers. In fact, the typical AP manager spends more of their workday on transaction processing than on the managerial
tasks they were hired to perform. All the time AP teams spend on manual, repetitive tasks is time they can't spend on
fulfilling higher-value tasks such as analyzing data and collaborating with stakeholders.
Automation eliminates the manual, repetitive tasks that bog AP staff down. Automating rules-based work can reduce
employee burnout and turnover. And automation enables AP departments to efficiently scale their operations without
hiring and training additional staff.
One of the biggest misperceptions about AP automation is that many workers will be left behind by the technology, but
that couldn't be further from the truth. Modern AP automation solutions include online training, intuitive interfaces,
configurable workflows, and automated work queues. By providing employees with digital tools that make it easier
for them to do their jobs, AP departments are better positioned to retain staff and cultivate a greater breadth of job
candidates.
Employee turnover is inevitable. Making AP a " better job " through automation can stem the tide of productive, loyal
employees heading for the door, solidifying your workforce from within.

http://www.paymerang.com

Independent Banker - November 2022

Table of Contents for the Digital Edition of Independent Banker - November 2022