Ardent’s FinTech Influencer Series highlights innovative voices in the world of Accounts Payable (“AP”) automation. This series is the go-to spot for progressive thoughts on how technology, transformational thinking, and revolutionary ideas are changing how AP work gets done. Today we are speaking with Michael Medipor, CEO and President, SignUp Software North America.
Ardent Partners: Welcome Michael and thank you for spending some time with me today to discuss SignUp Software and the next round of innovations in AP automation. Let’s get started. In case our readers aren’t fully familiar with SignUp Software, can you give us an overview of your company?
Michael Medipor: SignUp Software is global organization operating in seven regions, with over 1,400 customers in over 60 countries. We were founded in founded in 1999. Since then, and throughout our IPO in 2021, the company has focused on helping organizations automate and gain efficiencies in their Finance Operations Teams. Specifically, SignUp’s Software’s ExFlow platform automates the entire Accounts Payable workload across teams saving customers, significant time and money. ExFlow is designed to work in the Microsoft Dynamics ERP platforms. We process over 60 million AP and related transactions on our platform.
Ardent: When you speak with accounts payable professionals, what are the major challenges they’re facing and where does automation reside as a solution to those challenges?
MM: The biggest challenges I hear today are related to increased complexities, the volume of transactions in AP workloads, difficulties with the global supply chain. AP and Finance teams are asked to do more with less resources. They are mandated to have scalable, compliant, nimble and efficient systems and processes that lower department costs. They are also required to have proper security measures to reduce fraud and an ability to pass internal and external audits.
Ardent: What is driving today’s AP Automation market?
MM: The need for automation is key. The old approach was to process AP workflows with simpler designs. Today, the workflow based solutions that continue to require users to intervene at various stages of the workflow with ‘keyboard entry’ inputs are no longer viable and efficient. ExFlow with its’ robust workflow and AI based automation is the new standard for innovation in AP automation.
Ardent: Are there any market misconceptions around AP automation?
MM: Yes. Many misinterpret AP automation to be simply a way of capturing the data off physical invoices and documents. That is certainly a part of automation but not all of the automation that is needed for great efficiency. Functions such as intelligent coding, nimble workflows that allow deep approval workloads, and touchless automation for invoices are critical to a full AP automation solution. Today, ExFlow delivers all of this and more, and, we are constantly innovating to improve and increase this further.
Ardent: What are three or four critical considerations when selecting and implementing an AP automation solution?
MM: When selecting a new solution for AP, organizations need to consider the four ‘C’s’ – those being capability, cost, control, and compliance. Let’s take a quick look at each one.
- CAPABILITY: Can the solution increase and scale automation throughout the AP process, extend native capabilities, and increase efficiency in the process over time? Will it remove significant administrative burden from AP, logistics, purchasing, and finance? Will the solution eliminate manual processing of invoices and allow staff to focus on other value-adding tasks and initiatives?
- COST: Will the solution significantly reduce costs per transaction, reduce manual errors and mishandling costs, as well as improve employee morale/job satisfaction? Can it increase the speed with which invoices are processed to help eliminate late payment fees and enable the capture early payment discounts?
- CONTROL: Can the solution act as a single source of the truth and enable everything to be done in real-time? Will it provide a central document repository for all invoices? Does it provide greater control and visibility on the purchasing and accounts payable process for finance, project management purchasing, and managerial staff?
- COMPLIANCE: Can the solution easily track, trace, and audit the purchasing and accounts payable process from end-to-end to enable governance and transparency around the AP process?
Ardent: Why is it critical for enterprises to plan for the future of accounts payable as well as the next innovations in AP automation?
MM: Most organizations who are still processing accounts payable transactions manually or semi-manually, are incurring delays in their processing, inaccuracies in the transaction amounts, and, ultimately, inefficiencies for a non-customer facing workload and process.
The result is that cost per transaction for these organizations are usually between $18 to $30. Coupled with frustrated approvers and vendors whose payments are delayed due to the manual, paper-pushing of AP invoices, the negative impacts to the overall business and operations are significant. Enterprises who are forward-looking and want to eliminate the above and set themselves to scale without the need of additional headcount, will benefit greatly and have the opportunity to outpace the growth of their competitors.
Ardent: Where should companies focus their attention and how can SignUp Software help them today, as well as in the future?
MM: Any company that leverages Microsoft Dynamics ERP platforms will benefit from SignUp’s ExFlow solution immediately. Those companies will be able to scale their growth without new technology additions or addition AP staff in the future.
Ardent: Thank you Michael for your time and sharing your insights on the AP market.
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