The world of Accounts Payable is changing drastically. Much of this has to do with AP automation software. A number of financial professionals, including those in Accounts Payable and Accounts Receivable, are still using manual methods. It’s important to learn about the benefits involved with automation so that you can stay in front of all of the changes and reap the rewards at the same time.
Eliminate the Paper Trail
If you have a lot of paper coming in, things are going to get lost. You might have to dedicate entire filing cabinets to store all of the paper. This takes up valuable space and becomes expensive because of having to invest in all of the office furniture. There are many other things that you can spend that same money on that will have a positive impact on operations.
By investing in accounts payable automation software, you’re able to eliminate the paper trail. You don’t have to send invoices to the various suppliers. A single invoice might sit on someone’s desk for days or even weeks before it gets approved. You can eliminate that by automating a significant amount of the process.
Streamline Your Operations
The employees who work in the finance department, including the ones who handle accounts payable, have a lot of work to deal with. When you give them better tools, you can streamline operations. This allows you to pay invoices faster and also double check to ensure that a vendor billed you the correct amount.
You want to make sure to use AP automation tools that are capable of helping you in all aspects of your financials.
The invoicing process can become more advanced and considerably easier because of automating so much. This allows your employees to be more productive at what they do. You may find that they’re able to take on more work and show you more about your financials because of having the time to do so.
Utilize Electronic Invoicing
Electronic invoicing, otherwise known as e-invoicing, is one of the services that you can take advantage of when you implement Accounts Payable software. This works twofold. The first is that you can send out electronic invoices to your own customers or clients. The second is that you can receive them so that it’s easier to get the necessary approval and get the invoices paid.
Consider the different benefits that are available when you can pay invoices faster. You will be able to establish better relationships with your suppliers because of being able to pay in a timely fashion. You may also be able to take advantage of various early-pay discounts that are available. Many suppliers will discount invoices when you can pay in a short period of time. This allows them to stay financially intact and you can pass many of the savings on to your own customers.
Ultimately, it comes down to finding the right solution for your operations. If you’re still taking the manual approach with too many tasks in the accounting department, it’s time to tap into automation. You can say goodbye to paper and start giving your employees the tools that they have been asking for. Invoice automation has the potential to revolutionize the way that you do business.
Accounts payable automation is easier with the help of iPayables. You can automate a number of tasks and have a business payments solution that can improve client relationships at the same time. Contact us today to learn more about AP automation and what it can do for you. Our competitive pricing will give you the kind of ROI that you have been hoping for.