When computer systems were first introduced into the American workplace, it was difficult to foresee how much they would change business practices. Prior to computers, all accounting was laboriously recorded on ledger sheets and paper documents and a significant amount of the business day was spent on this chore.
Today, no one would argue with the logic of investing in sound computer systems to streamline the accounting practice. Computers have proven to be a distinct time saver in many professions, also introducing many process innovations that simply weren’t possible in the past. Nevertheless, the tug of war between cash investment and ever-present technological change continues.
Kelly Barner takes a look at attitudes toward new technologies in her article, “Wrong vs. Right: Dealing with Incoming Change.” A certain amount of healthy skepticism toward change is to be expected and may not be a bad thing, if it’s coupled with an environment where new ideas are encouraged.
Pay Attention to The Latest Business Trends
There is a point in business trends where converting to new technologies becomes inevitable, because ignoring them would become too expensive.
For example, businesses across the country that are introducing accounts payable automation into their daily activities are surging ahead of others in profits. E-invoicing gives them a distinct advantage in determining the correct use of available cash for purchases to enhance specific business goals, allowing smoother collaboration between procurement, accounting, and treasury. AP automation standardizes the repetitive tasks of the accounting process so that cash loss from human error can be nearly eliminated.
Through electronic invoicing, organizations can customize vendor relationships to those that will be the most profitable on both ends of the equation. Allowing enterprise an efficient way to evaluate and comply with current business contracts.
Dynamic discounting, just one of the beneficial tools of electronic invoicing, enhances the buyer-supplier relationship by insuring that the supplier gets paid on time while the buyer takes advantage of payment discounts. Discrepancies can be discovered in real-time and dealt with rapidly, before they become a serious problem.