Accounts payable software can streamline and automate your accounts processes while reducing man hours and human error.
Business owners know all too well the demands of accurate accounts management.
The data entry never ends. You often need a team of full-time employees to manage the accounts department of your business. There is no end to the number of bills that need to be processed and married up with purchase orders, delivery dockets and countless other bits of paperwork.
The cost involved in paying staff is significant, but you can’t afford to get behind either. Even if your staff are highly competent, it’s inevitable that errors will occur. Errors often cause business interruption and require substantial man hours to find and fix.
Invoices can get lost or forgotten. The sheer amount of time it takes to process each invoice can cause suppliers to be paid late. It’s important that you have a system in place that ensures your accounts are paid on time, so that you can maintain good relationships with your suppliers.
Utilise Accounts Payable software to streamline and automate your accounts.
Many Accounts Payable processes can be streamlined and automated using new technologies. The right software can dramatically decrease the need for manual data entry.
Save hours a day for your staff by speeding up and automating Accounts Payable tasks, approvals, and processes.
Your accounts data can be handled by powerful software with a high degree of accuracy. Manual data entry will be dramatically reduced.
Accounts Payable software can also assist in the flow of accounts information. Invoices won’t be forgotten in people’s email inboxes. Our software will automatically route them to the correct place.
Streamline the entire process of Accounts Payable from Purchase Order through to delivery. At every step of the process, the relevant invoices, orders, delivery dockets and related paperwork will be linked seamlessly. All accounts payable data will be matched, organised and easily searchable.
Always pay your suppliers on time
Reduce typing and staff man-hours
Eliminate human error
Supplier invoice visibility
Automatic invoice reminders
Difficult to lose an invoice
Integrates seamlessly with your accounting software
Manual invoice processing takes a huge amount of time. In contrast, automation makes average invoices processed per Accounts Payable employee increase by roughly 5 times.
In other words, if an AP department can manually process 1,000 invoices per employee each month, automation can bring that number up to 5,000 per employee.
Manually entering data from invoices into the computer is time-consuming and mistake-prone
Time delays in hours or days
Business process slows down or stops
Staff not doing jobs consistently due to manual process
Manual filing and paper storage take up huge amounts of space
Searching for the information you want in a manual filing system is extremely time consuming
If a document is mis-filed, it may become impossible to find
Cash flow issues
Suppliers placing the business on stop credit
Accounts payable not receiving invoices to process
Incoming invoices lost permanently or misplaced
Time wasted following up suppliers to reissue the invoice
Staff don’t realise the invoice is missing; suppliers are having to follow up for payment
Inconsistent paper trails when it comes to audits
Inefficient invoice processing puts you at risk for losing money
The longer it takes to process an invoice the higher your cost-per-invoice is going to be
Labour costs account for a large percentage of how much it costs to process an invoice
Missing out on supplier discounts
Paying invoices too early
Difficulty answering supplier queries
Purchasing unnecessary items
If you fall behind on invoice processing that will also mean missing payment deadlines, this will result in late fees, which are one of the most common accounts payable problems.
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