Managing AP With the Rise of Remote Work
Due to the great resignation, many accounts payable departments are understaffed, and struggling to find new people to properly take on the job. Often times, the staff that already exists are either unable to come into the office or would rather work from home. With manual or partially automated departments, almost all of AP’s essential tasks require in-person efforts. When trying to solve the issue of effectively managing AP with the rise of remote work, accounts payable automation is realistically the only answer. High-level accounts payable automation offers a range of solutions that will bring harmony to even the most chaotic AP departments.
Use of an Online Portal
Enterprise-level accounts payable automation solutions offer online portals for e-invoicing that can be accessed from almost anywhere. Company users and suppliers have their own portals where they can access their own invoices. Company users can receive invoices, manage exceptions, handle supplier inquiries and disputes, create custom reports, and disburse payments. Similarly, suppliers can submit invoices, view invoice status, make inquiries directly on invoices, and receive payment.
Less In-Office Work
With all the abilities of managing the invoice process through use of an online portal, there is almost no need for staff to be in office. An effective solution will make your department paperless from day one, so every AP task can be performed remotely online. When managing AP with the rise of remote work, the diminished need for office space can mean a big break in company budget. Additionally, this adds convenience for staff that can’t or prefer not to come into the office, as well as eliminating the need for potential new-hires.
Scheduling Payments
Through a solution’s online portal, not only can payments be made easily, but also scheduled ahead of time if the department so chooses. With invoice processes streamlined, the instance of late payments is virtually eliminated. By scheduling payments, the department doesn’t have to worry about cutting a check on the day that payment is due, and can also use this feature to take advantage of early-pay discounts.
The Solution
There is no denying that there is a need for an effective way of managing AP with the rise of remote work. In today’s climate, the only way to effectively manage an AP department remotely or with limited staff is by implementing enterprise-level automation. With processes streamlined and remote work becoming a possibility, accounts payable automation can turn a struggling department into a prospering one.