Are you ready to automate your accounts payable system?
Accounting software has been around for decades, but many Owners and Executives still rely on manual accounting processes.
While a manual accounts payable system may feel familiar and seem more reliable, there is more room for human error than if you were to automate the process–and include human oversight to make sure the system runs smoothly.
Using a high-level automated accounts payable system offers Owners and Executives opportunities to save money, increase efficiency, improve accuracy, and reduce risk.
How do you automate your accounts payable system without turning your operation upside down?
An Outsource Accounting Department.
I’m your local, expert outsourced accounting department for a third of the cost.
With more than 15 years of experience, I deliver spot-on, accurate reports weekly, monthly, quarterly, or whenever you’d like so you know exactly where your business stands.
This is where Local Accounting Services can help you a ton with your accounts payable system and processes.
An Outsourced Accounting Department can help you automate accounts payable for your business or company.
Why Automate Accounts Payable
You may still manually process your accounts payable bills and invoices. However, there’s a better, faster, easier way to do it: automate your accounts payable processes. Here’s why:
#1. Speed and Efficiency
Businesses save money by reducing time spent using or maintaining systems and processes. This means that when you automate your accounts payable system, you’re able to process faster and be more efficient with little-to-no human error. This also reduce payroll hours spent manually processing invoices and payments.
#2. Early Pay Cutoffs Never Missed
In many operations, an early pay discount is given to clients. Some clients miss those deadlines because they forget, don’t look up the deadlines, or simply don’t know they exist. An automated accounts payable system allows you to never miss a discount deadline for your operation. Over time, these discounts can save you a ton and free up cash for other expenses or investments.
#3. Catch Fraudulent Invoices
As an Owner or Executive, you can’t deny fraud exists. It’s a part of business just as much as money is a part of business. In fact, people commit fraud to get more money instead of doing it the right way. In some cases, fraudulent invoices show up on your desk. With a manual accounts payable process, you’re likely to miss these fraudulent invoices and pay them, losing money. An automated accounts payable system catches these invoices before they become a burden on your operation, saving you a ton.
#4. Review and Approval Streamlined
Not every bill that comes into your business needs to be reviewed and approved before paying. However, the bills that do need review and approval cannot be missed. It’s imperative that new or big bills must get an extra pair of trained eyes on it before you pay it. An automated accounts payable system allows you to tag and filter these important invoices to the appropriate people. This can save you tens-of-thousands in fees and expenses with this one feature alone.
#5. Payments On Time
Manual accounts payable process allow for human error. This means that bills can end up getting misplaced or forgotten about, leading to late fees or no payments at all, destroying relationships with vendors or other businesses. Instead of wondering if you paid your bills, an automated accounts payable system keeps your payments on time and on track.
#6. Reduced Costs
From payroll hours to mail fees for paper checks, it all gets reduced with an automated accounts payable system. These fees stack up over time. Reduce them and you add extra cash to your coffers.
#7. Streamlined Reconciliation
Reconciliation is important to your business or company. And while it is important, doing it manually can take time, energy, and attention you or your employees don’t have. That’s why an automated accounts payable system saves you a ton. Because you can reconcile your accounts electronically, quickly and easily. No more document hunting through the office filling cabinets. Click a few buttons with an automated software, and it’s taken care of.
#8. Easier Payment Methods
While mailing a check feels easier and seems better, it’s not as safe or efficient as ACH, credit card, or embedded bank services. Using these types of payment methods can save you cash on processing fees and more. Also, they allow you to pay your bills with a few clicks instead of a few hours, reducing time, energy, attention, and payroll to make it happen.
An Outsourced Accounting Department will help you build and manage an automated accounts payable system for your business or company.
Owners and Executives who want to grow their operations embrace the advantage automation with human oversight offers.
How Do I Hire Virtual, Outsourced Bookkeeping & Local Accounting Services?
Hire me, your Local, Master Outsourced Bookkeeper & Expert Virtual Accountant, today.
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