Why Higher Education Institutions Are Automating AP Now

Business offices in higher education institutions are being put to the test.

They’re handling an ever-increasing influx of invoices, payments, and supplier inquiries. Plus, they’re having to ward off increasingly savvy fraud schemes, navigate staffing issues, and contend with budget cuts.

How are they to get a passing grade while juggling all these priorities? In many cases, AP automation software is helping. It offers a way to more efficiently and expertly manage the day-to-day of processing invoices and issuing payments, while also offsetting budgetary constraints. As colleges and universities switch from paper checks to electronic payments, they’re earning cash back rebates on payment types like virtual card and certain forms of ACH.

In fact, some higher education institutions using AP automation software are seeing savings of over $520,000 a year, when factoring in both rebates and cost reductions. These rebates can often offset the costs of the AP automation software itself, and anything leftover can then be reinvested in the institution.

View the infographic to see how else AP automation is helping colleges and universities come out ahead.