4 Incredible benefits of automating your accounts payable
Managing your company’s payment processes is no easy feat. The sheer number of invoices to sort through on a regular basis can be overwhelming enough, but using a traditional paper-based billing model presents particular logistical challenges.
Think: risk-prone double entry, confusing approval chains, time spent voiding and reissuing checks, and massive piles of paper to organize and store. Luckily, there’s a better solution to this accounting issue. Save time and get better control over your cash flow by outsourcing your bill payments to us.
We use an automated accounts payable system to streamline payments and reduce the risk of fraud, so you can focus on running your business instead of keeping up with administrative tasks.
Ready to save time, money, and sanity? Here are just four benefits of automating your accounts payable.
1. Approve and pay bills in half the time – automating cuts the time you spend on bookkeeping by 50%, eliminating labor-intensive steps in the payment process. You don’t need to sort through piles of papers or enter data line by line—it does the work for you. Using automation technology you can enter, categorize, track, and pay your bills for you, while you stay in control of the approval process. You can review and approve bills with just one click, or set up automated approvals for recurring payments. It’s simple, quick, and easy to do from any device, anywhere. Plus, the platform makes communicating a breeze. You can share notes and answer questions directly in the app, limiting lengthy back-and-forth email exchanges.
2. Reduce paper clutter – We use an automated accounts payable system to handle all your bill pay needs electronically, so you never have to track and store paper documents. Not only does this improve daily work efficiency and save you countless headaches, but it’s also better for the environment. Going digital with your business bills minimizes your carbon footprint and reduces paper waste, which, in turn, prevents paper clutter. That means you can spend less time scanning, filing, and organizing the mountain of bills and invoices on your desk, and more time making headway on important projects.
3. Eliminate error and reduce fraud – Not only do we take the hassle out of paying bills, but we also use an automated accounts payable system to make the payment process that much more secure. Automated accounts payable platforms offer bank-level protection to mitigate fraud, and safely make payments using ACH transfers instead of paper checks. The network also has comprehensive document management and automation systems that allow us to categorize, sort, and store all your files in a secure virtual location, so your information is always organized and audit-ready. Plus, with its help, you don’t have to worry about manual data entry mistakes that negatively impact cash flow. Automated accounts payable systems eliminate the possibility of error by automatically syncing with your accounting software, so your books stay balanced and up-to-date.
4. Focus on the big picture – The major advantage of outsourcing your bill pay is that it frees you up to focus on business strategy. Using an automated accounts payable management system allows us to act as a shrewd financial advisor, helping guide your business to better growth and bigger profits. We take the tedious payment process off your hands, but you decide when you want us to pay your bills to optimize cash flow. Not only does this give you more financial control, but it also gives you a clearer understanding of your business’ financial big picture, so you can devote your time to making smarter business decisions. Outsourcing to us saves you time and energy, reduces the risk of fraud and error, and gives you better insight into your cash flow. That’s because we use automated accounts payable management system—it’s a straightforward, intuitive solution that delivers above and beyond.
Ready to get started?
If you’ve been wanting to automate your accounts payable but aren’t sure how to do it on your own, reach out and lets discuss your needs and see if we can help!