Running and owning a small independent business comes with a lot of challenges and troubles. However, there is nothing more rewarding and fulfilling when the business becomes successful. A common problem encountered by small business owners is managing their account payable department. Many choose to stick to the old school paper invoicing and spreadsheet method, but that isn’t the most efficient way to process invoices.
Getting an automated account payable software can make a wonderful and positive impact within your entire business, not just the AP department. If you’re on the fence about going automated, here are some of the best reasons that might finally convince you to make the switch:
1. Save Time
The manual AP process used to take anywhere between 5 to 14 working days to process because it is passed from one department to another for approval. The hand to hand personal exchange takes too long that payments are delayed and vendor get upset. This can all be avoided with the automated system because everyone who needs to approve the invoice can access it via their computer.
There’s no need to wait days before the approval arrives which means all of your vendor and suppliers will be paid on time!
2. Accurate And Streamline Processing
When the AP system is automated up to 80% of all the invoices are matched straight-through from the moment of capture until payment is completed. This effectively reduces human errors when it comes to duplicate payments, fraudulent invoices, and other instances of overpayment. Any invoice that looks suspicious to the software is flagged and the proper people are alerted before it is approved.
All the reports, budgeting, and even auditing made by the automated account payable software are accurate, dependable, and sent regularly without fail.
3. Real-Time Monitoring For Better Control
All CFOs and accountants of a business want to know where the money of the business goes at any time of the day. With an automated software, they can easily track the flow of cash, assets, and finances with a few clicks. If an invoice doesn’t look good to the eyes of the CFO they can easily put a red flag on it to get a closer look, which allows for better fund management.
4. Customized AP System Solutions
When upgrading to an automated AP system it is not a one-software-fits-all-businesses needs type of situation. You company will work with experts to create the best software that your small business needs and can benefit from the most. With customization, you can only include what you need and what your company can afford.
5. Save Money!
What business does not want to cut the cost of processing their invoices? With an automated AP software, the amount needed to process each invoice is significantly cheaper than the manual processing. Plus, businesses get a chance to avail of early and timely payment discounts from their vendors thanks to the automated payment system set in place.
There Are More Reasons
Aside from the five reasons why you should automate your current AP system, there are more good reasons to do so. Speak with an expert software provider to know more about the upgrade and what your company can stand to benefit from the shift.
Don’t get left behind by competition and switch to an account payable software that makes your operations more efficient. Contact Nexus systems today for more info.