Preventing Payment Fraud with AP Automation for Auto Dealerships
It may seem hard to believe, but incidents of business payment fraud have been on the rise in recent years, and the statistics are alarming: A2024...
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Where there’s a will there’s a way!
While this might be a simplistic truism that’s bandied about, there is an elemental truth to it that merits some exploration. However that being said, no wise builder ever goes to construct an edifice without having counted the cost so as to ascertain the resources and time required to bring it to fruition. Sometimes it makes sense to build and sometimes it doesn’t. The key there is the evaluation of value derived from the building once completed. Similarly, AP automation is something that will cost to build, but the question is what is the worth to you? That is a subjective question that only you can answer with some analysis and introspection.
From our perspective there are a few things you need to address in order to come to a conclusion on that question.
Long story short, in order to get the executives on board, you better have done your due diligence to make your business case compelling so that whatever automation method you are choosing to pursue makes sense operationally and financially. If you can get those spheres to align, then in most cases you can get AP automation fly. The only obstacle to it that sometimes rears its ugly head is the competing interests and internal political pressures that occur with significant projects. In most cases though, the ROI of a positive project is enough justify it. If you juice your business case with some ideas on how to monetize your process from an ongoing base, the effect is akin to throwing gas on a fire.
Boom!
We hope this helps you assess whether you can justify and execute your AP automation project. If you’re still undecided on what approach is best for you we invite you to check out the eBook below!
It may seem hard to believe, but incidents of business payment fraud have been on the rise in recent years, and the statistics are alarming: A2024...
A 2023 report by PYMNTS and Finexio revealed that 64% of SMBs face delayed payments, with vendors waiting an average of 43 days to receive funds. For...
Auto dealerships, like all businesses, are subject to regular audits that evaluate their financial operations and work to ensure compliance with...