For years, paper and accounts payable went hand in hand. But the times they are a changing! Paper invoices are on the way out, and paperless accounts payable is something your company should consider.
If you are wondering what paperless accounts payable looks like, you aren’t alone. Here are four things every business owner needs to know.
The fact is, a paperless accounts payable system is easier to access, store and use. It’s easier to find documents you need, too, because most paperless systems have a search function built in.
You are also less likely to lose invoices in an automated system vs. paper, meaning you can make sure bills go out and are paid in a timely manner.
A paperless system can save your company money. It’s true! While there may be an initial investment cost to transition your organization, by switching to a paperless system, you will save money in the long run because you don’t have to pay for on-site (or off-site) records storage, paper, postage, ink, transportation costs and other incidentals involved in a paper-based system.
No paper means your employees can likely do their jobs more efficiently. How? When a company uses a paper-based system, much of the work is done manually which means you can miss deadlines and your workers can become overwhelmed at billing time.
But a paperless system is automated, meaning anyone in your office can process invoices – and you can even do it remotely!
A paperless system is also easier to keep track of, and you can see everything in one location – which is not possible with a paper system.
A paperless system is good for the environment! No paper means fewer trees are cut down and less waste is generated. And that’s something that we can all appreciate!
If you have questions about whether your business should consider paperless accounts payable, we can help. Contact us today!