Make Your Accounts Payable Processes More Efficient Now
Make Your Accounts Payable Processes More Efficient Now
Are your accounts payable processes as efficient as they could be? If not they could be speeded up using accounts payable automation software.
This type of software is far less labour-intensive and more efficient than paper-based systems. It centralises your documentation so that you can access it from anywhere. Files are not duplicated so you control distribution and you have a clear audit of the full version history and all the changes that have been made.
There are options for installing an accounts payable software system in-house, or alternatively using a hosted system or outsourcing the full services. Studies in this area (e.g. by Zona) show that most businesses who use accounts payable software recoup their investment in half a year or less.
Options
To improve your accounts payable processes you could:
Install a solution on-site at your business
Get a hosted system
Have the full service performed externally
Whichever option you choose, the benefits will be:
Dramatically reduced errors
Lower processing costs
Better ability to take advantage of early payment discounts
Avoid late payment fines
Meet legislative and reporting requirements easily
Minimise costs of stationery for paper-based documents, as well as the costs of processing and storing them
Improve your customer service and therefore your relationships with customers and your reputation
The evidence
Studies have shown that so far almost half (48%) of firms are not using accounts payable process automation. They could be seriously missing out because research shows they could realistically make savings of up to 80%.
Further figures from the Institute of Management and Administration (IOMA) show that businesses which don't automate their processes pay around 7 per invoice processed. Once automation is implemented, this falls to 4.20 a saving of 60%!
Because of these savings, many businesses that implement automation find anything they have spent is recouped within the year.
These cost savings really do add up, too. Say your business spends 7 to process every invoice. If you process 50,000 invoices each year a 60% saving could reduce your costs by at least 210,000 every year, if not more.
The benefits
At a glance, the benefits of using accounts payable automation software include:
A good overview of your purchase to pay process
The ability to track transactions quickly and easily
A significant reduction in errors
Much more accurate systems
The ability to create financial reports that are up to date and accurate quickly and easily
You'll find it easier to meet legislation requirements and British Standards
Queries will be able to be dealt with faster and your customer service and reputation will improve.
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