Invoice processing software paired with AP automation does more than impact your bottom line. Streamlining your AP process allows you to go greener.
Environmentally-friendly companies have the edge when it comes to attracting workforce members who have a preference for green employers. Staying competitive in the labor market is critical, especially in the current climate where it can be challenging to find qualified accounting prospects.
Here are three ways AP automation positively impacts the environment.
The average office worker will use around 10,000 sheets of paper during a fiscal year (1). If you peek into the cubicles of AP teams who are still using manual processes, you will see literal stacks of paper on desks and in filing cabinets. You may see recycling bins stuffed to the brim too, which is a step in the right direction, but wouldn’t it be better not to generate any paper waste (3)?
AP automation allows vendors to upload invoices electronically, so there is no reason why your AP team needs to receive a paper invoice if it’s already digitized. This results in zero paper waste generated during the processing, reconciling, and approval phases of the invoice life cycle. There is no need to print any documentation, and approvals are routed electronically.
An electronic workflow translates to less toner and power needed to print unnecessary documentation. Optimizing your AP processes via invoice processing software also means that papers don’t disappear if misfiled and need to be reprinted—as everything is stored digitally.
Decreased CO2 Emissions
In the US, more than 40% of greenhouse gas emissions are traced back to business-related activities occurring during normal day-to-day operations (3). However, invoice processing software and AP automation allow AP teams to fully embrace remote work due to a paperless workflow.
Touchless invoice processing means your team can clear exceptions and approve payments from anywhere, including at home. Less driving means reduced CO2 emissions and a happier planet.
This impact is magnified by a decrease in the need for traveling. There is no need to hop on a plane to train staff at multiple locations on new software or to schedule in-person demos when all this can be done remotely (2).
There are two categories of e-waste: waste produced by electronic transmissions, like emails, and actual hardware that has reached the end of its life cycle. AP automation decreases e-waste by moving away from approval emails to a lateral approval approach through invoice processing software.
Allowing staff to work remotely may also reduce the number of workstations your AP team needs on-site. AP automation offers organizations the opportunity to look at other sustainability practices to offset the e-waste that is still necessary to conduct business (2).
AP automation and invoice processing software produce significant changes to both the business and global environment. AI technology can smooth out the kinks in your AP process while maintaining a paperless workflow that can also decrease your organization’s carbon footprint.
Book a demo today to learn how converting to AP automation can transform your AP process.